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John Maynard Keynes

Inventor of Macroeconomics. Keynsian Economics. Advised Britain on how to manage money during the war.

Fredrich von Hayek

best known for his defense of classical liberalism and free-market capitalism against socialist and collectivist thought

The General Theory of Employment, Interest, and Money.

By Keynes. The solution to unemployment was for the government to spend money to get things on track. In bad times spend money, in good times do not.

The road to serfdom

too much government planning means too much government power which leads to repression of freedom. makes free men slaves.

Commanding heights of the economy

large industrial plants, banking and foreign trade


Vienna 1923. It took a basket full of money just to go shopping.

Black Thursday

October 24, 1929. Prices plunged, downward spiral proved unstoppable.

Franklin Delano Roosevelt

The guy who really helped to end the Great Depression with his reforms.

The New Deal

Relief programs, Regulation, Work programs

John Kenneth Galbraith

brought Keynsiaisn economics to the U.S. It took a world war for this kind of economics to become prevelant in America.

Harvard University

Where John Kenneth Galbraith first brought Keynsian econ in U.S.

Bretton Woods Conference

Delegates came from all over the world to create a post-war economy. They created the world bank.

Milton Friedman

political philosophy that extolled the virtues of a free market economic system with little intervention by government. "Chicago School Economics"

Mixed Economy

an economy that includes a variety of private and government control, that is, a mixture of capitalism and socialism

Black Markets

Stuff like cigarettes sold on in Germany after the war.

Ludwig Erhardt

Decided to give up all price controls in Germany- his reasoning was that it ended the black markets because everything was able to be sold on the free market again.

University of Chicago

"Chicago School economics"

"Chicago School Economics"

This included minimal government and an emphasis on individualism and freedom<- Milton Friedman was into this.


Unemployment and inflation rising at the same time

Lawrence Summers'

early papers concluded that corporate and capital gains taxes are an inefficient form of taxation

Sir Keith Joseph

Started to rethink conservative policy, started to preech the virtues of free market. went on a crusade to convice the country to his way of thinking.

Margaret Thatcher

Her political philosophy and economic policies emphasised deregulation, particularly of the financial sector, flexible labour markets, and the selling off and closing down of state owned companies and withdrawing subsidy to others. First woman Prime Minister of Britain.

Alfred Kahn

an expert in regulation and deregulation, and an important influence in the deregulation of the airline and energy industries.

Civil Aeronautics Board

s a government agency of the Philippines tasked to regulate, promote and develop the economic aspect of air transportation in the Philippines

Paul Volcker

Thought inflation was terrible


Sound money, deregulation, modest tax rates, limited government spending. Uneleased basic constructive forces of the free market.

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