Guided Questions for Commanding Heights

  1. What was the “first age of globalization?”  When was it and what was happening?
  2. Explain how the Bolshevik revolution was a repudiation of Classic Liberal ideas.
  3. It appears that initially, Fredrich von Hayek was leaning towards socialist ideas when he was separated from the military after World War I and enrolled at the University of Vienna.  Who was his mentor and what were some of his views about economics that shaped von Hayek’s thinking? 
  4. In the early 1920s, Lenin’s Russia was floundering.  What steps did he take to “jumpstart” the economy and what were these measures called? Who built on Lenin’s efforts after his death?
  5. Von Hayek was living in Austria in the 1920s.  What was happening in his home country and Germany during this time?  These developments deeply influenced him about his ideas about inflation.  What were they?
  6. Meanwhile, the United States was experiencing an economic boom.  What particular good is creating a “bull market” in New York which will eventually “bust” in October, 1929? What is the role of the government when “Black Thursday” hits?
  7. Keynes, observing British workers petitioning the government for the “right to work” and the rise of Fascism in Germany, begins to articulate what we now call “Macroeconomics.”  What are some of its features that we all now tend to take for granted today?
  8. Roosevelt, in 1933, implemented many of Keynesian principles with his New Deal.  Describe a few of them.
  9. What were some of Keynes’s views about government in good times?  Bad times?  Specifically, what about deficit spending and employment?
  10. 10.According to Galbraith, one of Keynes’s protégées at Harvard, World War II was a classic example of Keynesian economics.  How so?
  11. Meanwhile, Hayek, teaching at the London School of Economics, has what to say about Keynesian principles during this time period?
  12. As World War II is coming to a close, Keynes is invited to Bretton Woods, New Hampshire.  What happens at this conference?
  13. In Potsdam, Great Britain, the United States, and Russia gather to discuss the future of things after the war.  Churchill will run as a conservative and Atlay will run as a Labour candidiate.  What are the basic economic platforms of these two candidates?  Who will win the election?  (I would think this section will be of particular interest to the Great Britain group as you begin your work)

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