Analysis of the Battle of Ideas
As the world advances forward into the global economy, every country ought to equip itself to the requirements of the new era and implement the important economic strategies for survival in the new age. The economic evolution dates back to influential figures in the school of thought who had significant influence on the economy of the western countries. The figures are discussed in the video Battle of Ideas. The two figures in the video are Friedrich Hayek and John Maynard, the economists with clashing economic views and had massive effect on the economy of most western countries in the 20th century.
Friedrich advocated for a free market economy model. It is also referred to as capitalism and it is where people are allowed to own property and other material goods. This type of model gives way for competition in the market share. The government in this kind of model is not restrictive compared to other models. On the other hand, Lenin advocated for communism. This is the scenario where people are not permitted to own property or any other material products; everything is owned and managed by the government. Keynes, on the other hand, supported a more socialistic economical model. This system permits people to own some property but the biggest stakeholder of the economy is the government.
One of the biggest problems in most countries in the 20th century was the social and economic catastrophe. The battle of ideas was the battle that ensued between the forces of the marketplace and the power of the government of the day. Many countries’ economies were moving from the communist economy to the mixed market economy. With the old economic polices failing, the two economists took to the ground to battle out the thought that would work best for the geopolitical landscape.
