Commanding Heights video notes 12/01/2010
๎John Maynard Keynes โ Felt the market economy needed government
intervention
๎
๎Friedrich von Hayek โ Thought government interference was a threat
to the economy, rejected macroeconomics
๎
๎The General Theory of Employment, Interest, and Money โ Keynesโ
idea to spend when in economic trouble and save & build surplus in good
economic times
๎
๎The Road to Serfdom โ Book written by Hayek, idea of too much
government planning = too much government power, which destroys
freedom and is the first step to totalitarianism
๎
๎Commanding Heights of the Economy โ major resources ex. coal,
electricity, etc.
๎
๎Hyperinflation โ Extremely high inflation rates, ex. Germany after WWI
๎
๎Black Thursday โ Oct. 24th 1929, stock market crash
๎
๎Franklin Delano Roosevelt โ President during the Depression and WWII,
created the New Deal
๎
๎The New Deal โ Relief programs for the unemployed and the hungry,
instituted programs of regulating capitalism to prevent another crash,
regulatory agencies created to regulate the market
๎
๎John Kenneth Galbraith โ One of Keynesโ supporters
๎
๎Harvard University -
๎
๎Bretton Woods Conference โ Delegates gathered from all around the
world to organize the world economy. Established World Bank and the
Monetary Fund
๎
