ECON 2106 Study Guide - Quiz Guide: Friedrich Hayek, John Maynard Keynes, Allies Of World War Ii
Document Summary
John maynard keynes helped the allied governments defend freedom by planning their wartime economies. Friedrich von hayek thought government interference in the economy was a threat to freedom. Keynes felt that the market economy would go to excesses and when things were in difficulty the market wouldn"t work and therefore the government had to step in. Hayek felt that the market would eventually take care of itself. In the 20 th century hayek and keynes had witnessed the first age of globalization (technology telephones, steam ships, railways). 80 years after world war we got another truly global economy. Keynes described this global market in which trade flowed free. Ww1 destroyed 20m lives, laid a whole continent to waste. During ww1 people were looking for something better; socialism and communism. Friedrich von hayek served in the austrian artillery. seemed to promise that better world. Russian revolution aimed to provide a better world.
