MGMT 1030 Lecture : Commanding Heights.docx
14 Jan 2013
School
Department
Course
Professor
Document Summary
Hayek market will take care of itself thought government planning a threat to freedom. Keynes government has to interfere, planned allied countries" wartime economies. His ideas more accepted by western countries. Steamship, railways made the world a smaller place more fragile (von hayek) Start of wwi (1914) would be 80 years before there was a truly global economy. Russian revolution aimed to deliver better world . Lenin urged workers of the world to unite against the global economy smash capitalism. Keynes (hayek"s great intellectual rival) was against reparation payments for. Rise of socialists and communists in germany and austria in 1919 socialism seemed to promise a more just society. Great flaw of socialism doesn"t have a functional price system (government controlled economy, wages and prices were fixed) Economic disaster soviet russia was grim suffered from cold, hunger, famine, death. Lenin died in 1924 within 30 years, more than 1/3rd of humanity would live according to marxist-leninist principles.
