What led to the rise in acceptance of the views of Friedrich Hayek and the Chicago School?

An economy is ultimately built on trust. If society trusts the system, then the system will remain. In the latter half of the 20th century, after a Golden Age of economic prosperity, the system of many capitalist countries began to collapse[1]. The economic policy of these nations was termed the ‘Keynesian Consensus’ (KC) – a […]

The Rise and Fall of Keynesianism

By the end of the Great Depression, faith in the laissez-faire market had fallen. Politicians and policy makers were looking for a new system to not only fix the economy but to secure their place against the rise of Communism and Fascism. John Maynard Keynes (1883-1946), with his penchant for practical economics and policy, was […]