Essay on Battle of Ideas - 893 Words

â€Å"Battle of Ideas† The Battle of Ideas starts in 1914 showing a world with a global economy that is then torn apart by World War I. This created the economic development, world trade, and globalization all the way up to the 1980’s. The documentary explains how the world first moved toward more government control and then began to move away for most of the 20th century. During this time two young economists emerge in hope to solve the world’s economic troubles, John Meynard Keynes and Friederich Von Hayek. The story then focuses on the struggles that occur between the ideas of the two economists. Keynes, whose ideas on government intervention dominated much of the 20th century, and Hayek, whose free-market ideas were largely ignored†¦show more content†¦The U.S. stock market was in a classic bubble in the 1920’s that led up to the crash in 1929. Prices started plunging and it left people with no ability to earn pay or spend money. During the gr eat depression of 1930, Keynes theory began to dominate. Keynes solution to the depression was for the government to spend more money to restore the full employment. By the late 1940’s, socialism was beginning to spread and the free market was fading away all over the world. John Maynard Keynes was a British Economist that developed an economic theory that was based on state planning and regulation in the economy of a nation. He believed that the market system wasn’t very efficient and that in difficult times it would fail without government intervention. He didn’t like the instability of the market system where firms went through cycles of making profits and going bankrupt. The government would determine the prices of the products that were produced and sold in its economy and then enforce these regulations. The government would also set the wages of employees and regulate the production of the employers. According to his theory, governments would spend huge amounts of money during times of recession in order to fight unemployment and stabilize the economy. Keynes ideas would dominate for decades, until the economic crises of the 1970s that led to the elections of Margaret Thatcher and Ronald Reagan. Both of them agreed and acceptedShow Mo reRelatedEssay about Beowulf Battles: The Death of Comitatus1101 Words   |  5 Pagesdisplayed as a slowly dying aspect of life. Comitatus is the basic idea that everyone protects the king at all costs even if it means a warrior giving up his own life, and if a king is killed, the warriors must avenge the death of the king or they can no longer serve as warriors for the next king. This value of comitatus is displayed mostly through the three battles that Beowulf encounters during the epic poem. 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