• Episode 1: The Battle of Ideas begs a comparing between socialism and capitalist economy.

• It traces the world’s economic history from the early 1900’s to the events following 9/11.

• Asks the inquiry which is a better and more unfailing economic system authorities control or free markets?

• It delves into how the First World War impacted two superb economic experts. Keynes and Hayek. And so follows both Keynes and Hayek through their several calling waies ( Keynes function as an adviser to the British Government on wartime economic system and Hayek as an Austrian soldier ) .

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• Keynes predicted that the consequence of the pact of Versailles and demanding reparations from an already belly-up Germany and Austria would do another war. The Second World War.

• Meanwhile Hayek and his adherent Zlabinger fought against hyper rising prices and encouraged free markets.

• Simultaneously the American Economy was dining. till October 24th. 1930 when the great depression hit and unemployment soared and industry stopped and half of the US Bankss were closed down.

• During this clip Keynes’s theory of authorities intercession helped take the manner out of the job ( Keynes wrote about Macroeconomics ) .

• Meanwhile Lenin had introduced the New Economic Policy which consisted of grass root degree capitalist economy but the dominating highs would still be under the authorities. The reform was met with examination from the left. shortly after Stalin took power and employed centralised planning of every economic facet.

• Owing to the recovery from the Great Depression and Keynes’ cardinal function in the Breton Woods Conference. in America Keynesianism took control and Hayek faded into the background.

• In Britain a public assistance province and socialism built the state back from the underside up.

• Newly independent states like India besides employed Keynesian methods. leting for State led industry.

• One tierce of the universe followed facets of socialism until Churchill and Margaret Thatcher and Keith Joseph were influenced by Hayek’s book. ‘Road to Serfdom. ’

• In Germany. Ludwig Erhard stopped monetary value control and re-started the free market economic system to battle hyperinflation. The success of his hazardous determination led to the German Economic Miracle.

• While Keynes’ still had a strong clasp over Washington. a Chicago School of Economics was created and it emphasised Hayek’s theory as a step to conflict stagflation.

• Finally Thatcher’s election and assurance in Hayek’s theory allowed for free markets to be established once more. Thus. after a period of a century came back to where it was at the beginning of the century. back to free markets.

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