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Capitalism: a six-part series
Episode 5: Keynes vs Hayek: A Fake Debate?
By Ilan Ziv
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"The idea of freedom is great for those who have large reserves of credit... Contracts between equals are rare things in capitalism."Economist Robert Boyer

For nearly a century, most economic debate in capitalist societies has come down to a battle royal between two camps: those following John Maynard Keynes and those whose allegiance lies with Friedrich Hayek. Or, in other words, the ideological divide between those who see the need for economic policy to serve social cohesion and stability, and those for whom price - as set by the free market - is the only guide to rational economic decisions.

KEYNES VS HAYEK: A FAKE DEBATE? Delves deeply into the origins of both schools of thought, and how they were shaped by post-WWI German reparations, the Depression, and the need to rebuild industrial economies after World War II.

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Keynesians ruled the day in the post-war economic expansion, but the soaring crime rates and economic stagnation of the 1970s rekindled interest in the idea that the government could not successfully guide the economy. This was the moment at which uber-Hayekian economist Milton Friedman emerged from obscurity, influencing the neo-conservative governments of Ronald Reagan and Margaret Thatcher, and leading to an economic revolution whose hallmarks - privatization and deregulation - continue to be felt today.

Is it time for the pendulum to swing back to Keynes? Or do we need a whole new approach that goes beyond the dualism of Keynes vs Hayek?

Featuring Keynes biographer Robert Skidelsky, Hayek biographer Alan Ebenstein, and economist James Kenneth Galbraith, among others. View the complete list of storytellers.

  

53 minutes / color
Closed Captioned
Release: 2015
Copyright: 2014
Sale: $498

The CAPITALISM series consists of six (6) episodes on three (3) DVDs that are packaged and sold together as one unit.

Subject areas:
Business, Business Ethics, Business and Economics, Economics, Economic Sociology, Europe (West), Globalization, Historiography, History (World), Labor Studies, Philosophy, Political Science, Political Theory, Politics, Sociology

Related Links:
The Storytellers of Capitalism
The Films of Ilan Ziv


Capitalism / Episode 5 / Clip

Related Titles:
Capitalism: An ambitious but accessible six-part series that looks at both the history of ideas and the social forces that have shaped the capitalist world.

Episode 1: Capitalism is much more complex than the vision Adam Smith laid out in The Wealth of Nations. Indeed, it predates Smith by centuries and is rooted in practices of colonialism and the slave trade.

Episode 2: Adam Smith was both economist and moral philosopher. But his work on morality is largely forgotten, leading to tragic distortions that have shaped our global economic system.

Episode 3: The roots of today's global trade agreements lie in the work of stockbroker David Ricardo and demographer Thomas Malthus. Together, they would restructure society in the image of the market.

Episode 4: Have we gotten Marx wrong by focusing on the Communist Manifesto instead of on his critique of how capitalism works - a critique that is relevant and as penetrating as ever?

Episode 6: An exploration of the life and work of Karl Polanyi, who sought to reintegrate society and economy. Could the commodification of labour and money ultimately be as disastrous as floods, drought and earthquakes?

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Last Updated September 25, 2015
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