As the stock market crash of 1929 plunged the world into turmoil,
two men emerged with competing claims on how to restore balance to
economies gone awry. John Maynard Keynes, the mercurial Cambridge
economist, believed that government had a duty to spend when others
would not. He met his opposite in a little-known Austrian economics
professor, Freidrich Hayek, who considered attempts to intervene
both pointless and potentially dangerous. The battle lines thus
drawn, Keynesian economics would dominate for decades and coincide
with an era of unprecedented prosperity, but conservative
economists and political leaders would eventually embrace and
execute Hayek's contrary vision. From their first face-to-face
encounter to the heated arguments between their ardent disciples,
Nicholas Wapshott here unearths the contemporary relevance of
Keynes and Hayek, as present-day arguments over the virtues of the
free market and government intervention rage with the same ferocity
as they did in the 1930s.
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