The Clash of Economic Ideas: The Great Policy Debates and Experiments of the Last Hundred YearsThe Clash of Economic Ideas interweaves the economic history of the last hundred years with the history of economic doctrines to understand how contrasting economic ideas have originated and developed over time to take their present forms. It traces the connections running from historical events to debates among economists, and from the ideas of academic writers to major experiments in economic policy. The treatment offers fresh perspectives on laissez faire, socialism and fascism; the Roaring Twenties, business cycle theories and the Great Depression; Institutionalism and the New Deal; the Keynesian Revolution; and war, nationalization and central planning. After 1945, the work explores the postwar revival of invisible-hand ideas; economic development and growth, with special attention to contrasting policies and thought in Germany and India; the gold standard, the interwar gold-exchange standard, the postwar Bretton Woods system and the Great Inflation; public goods and public choice; free trade versus protectionism; and finally fiscal policy and public debt. |
Contents
| 1 | |
| 12 | |
2 The Bolshevik Revolution and the Socialist Calculation Debate | 32 |
3 The Roaring Twenties and Austrian Business Cycle Theory | 68 |
4 The New Deal and Institutionalist Economics | 99 |
5 The Great Depression and Keyness General Theory | 126 |
6 The Second World War and Hayeks Road to Serfdom | 155 |
7 Postwar British Socialism and the Fabian Society | 174 |
9 The Postwar German Wonder Economy and Ordoliberalism | 231 |
10 Indian Planning and Development Economics | 246 |
11 Bretton Woods and International Monetary Thought | 275 |
12 The Great Inflation and Monetarism | 306 |
13 The Growth of Government | 332 |
14 Free Trade Protectionism and Trade Deficits | 360 |
15 From Pleasant Deficit Spending to Unpleasant Sovereign Debt Crisis | 382 |
| 413 | |
Common terms and phrases
Adam Smith argued argument available online British budget business cycle Cambridge capital central bank central planning Chapter classical liberal Coase coins competition consumer consumption cost currency debt deficit demand Depression dollar economic policy economists economy’s employment equilibrium Erhard Essays Eucken exchange F. A. Hayek Fabian Fed’s Federal Reserve finance fiscal Fisher German gold standard government spending government’s growth History Ibid ideas income increase Indian industry inflation Institute intellectual interest rate investment John Maynard Keynes Journal Keynes’s Keynesian labor laissez-faire Lange later London ment Milton Friedman Mises Mises’s monetarist monetary policy money stock Mont Pelerin Society ofEconomics ofthe Ordoliberals output percent Political Economy price level problem production purchasing quoted real bills doctrine Review Ricardo Road to Serfdom Röpke silver social socialist society Soviet supply tion Tugwell United University Press Walter Eucken Wealth ofNations wrote York