The dramatic redefinition of state and marketplace over the last two decades demonstrates anew the truth of Keynes' axiom about the overwhelming power of ideas. For concepts and notions that were decidedly outside the mainstream have now moved, with some rapidity, to center stage and are reshaping economies in every corner of the world. Even Keynes himself has been done in by his own dictum. During the bombing of London in World War II, he arranged for a transplanted Austrian economist, Friedrich von Hayek, to be temporarily housed in a college at Cambridge University. It was a generous gesture; after all, Keynes was the leading economist of his time, and Hayek, his rather obscure critic. In the postwar years, Keynes' theories of government management of the economy appeared unassailable. But a half century later, it is Keynes who has been toppled and Hayek, the fierce advocate of free markets, who is preeminent.
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Daniel Yergin and Joseph Stanislaw, "The Commanding Heights: The Battle Between Government and the Marketplace that Is Remaking the Modern World (1998) p. 14Friedrich Hayek
» Friedrich Hayek - all quotes »
The inspiring theory for Bretton Woods was suggested by a well known economist, beyond any suspect, John M. Keynes. Lord Keynes - as in the meanwhile he has been appointed by the English Crown - appeared worried about possible troubles in the international system of payments, like those occurred after World War One, which contributed to the new conflict. He has published an article on this subject in 1946. Consequently he gave the blessing of his authority to the agreements. Lord Keynes, as chief of the British delegation, was appointed chairman of the Commission II, charged for the institution of an International Bank for Reconstruction and Development - IBRD (World Bank). The Bretton Woods agreements represented a sort of solemn will for Lord Keynes, since he died out two years later the signature.
Nico Perrone
Friedrich Hayek, who died on March 23, 1992 at age 92, was arguably the greatest social scientist of the twentieth century. By the time of his death, his fundamental way of thought had supplanted the system of John Maynard Keynes — his chief intellectual rival of the century — in the battle since the 1930s for the minds of economists and the policies of governments."
Friedrich Hayek
Keynes never sought to change the world out of any sense of personal dissatisfaction or discontent. Marx swore that the bourgeoisie would suffer for his poverty and his carbuncles. Keynes experienced neither poverty or boils. For him the world was excellent.
John Maynard Keynes
[Hayek's The Fatal Conceit] fully supports the recent characterization of Hayek by the Economist that he is our time's preeminent social philosopher.
Friedrich Hayek
Keynes’s design was in favour of the liberalization of the economy and the capital’s transfers, for the main purpose of monetary stability. To avoid devaluation of currencies - a practice followed by governments in order to sustain their export - Lord Keynes planned to introduce “Bancor”, a money of account to be accepted by all countries in international exchanges. The international body to be organized would get interests both from debtor and creditor countries, in order to finance the balance of payments system.
Nico Perrone
Hayek, Friedrich
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