hca 240

Topics: John Maynard Keynes, Great Depression, Ludwig von Mises Pages: 3 (944 words) Published: November 10, 2013
SOCI 220: The Sociology of Rich and Poor Nations
Commanding Heights: The Battle of Ideas
DUE: In class, Thursday, Feb 21

Answer the questions while watching the FIRST 55 MINUTES of the documentary. 1. What were the main ideas put forward by John Maynard Keynes and Friedrich Von Hayek regarding the government’s role in economic and social development? In what way did their ideas differ?
John Maynard Keynes helped the allied government defend freedom by planning their wartime economies. Friedrich Von Hayek thought government interference in the economy was a threat to freedom. Keynes thought the market economy would go to excesses and when things got difficult the market wouldn’t work and the government would have to fix it. Hayek disagreed because he believed the market would take care of itself.

2. Why did World War I trigger a movement towards an acceptance of socialism (or communism)? What did socialism promise (especially in countries such as Russia, Austria, etc.)? World War I triggered a movement towards an acceptance of socialism because the people wanted a better world and realized that socialism was the promise of the better world that was wanted. Socialism promised trade comers and private properties criminal acts. It also promised a more justice society.

3. What was the main argument of the Austrian School? What were Ludwig von Mises’ ideas (who influenced Hayek) regarding markets, prices, and governments? Why did he think communism would not work? The main argument of the Austrian School was that markets work and governments don’t. Ludwig von Mises believed that markets needed to be free from government meddling. He thought the new soviet socialist economy would not work because the government controlled the wages and prices. He thought communism wouldn’t work because it doesn’t have a functioning price system.

4. What are the “commanding...
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