Should a state control the means of production?

by Nicholas Woode-SmithPoliticsPosted on No Comments

The state should not control the means of production due to the innovation and efficiency that arises from private ownership (Shleifer, 1998:135), the necessity for non-regulated prices creating proper indicatators  (Friedman & Friedman, 1980:14) and the dangers of central planning (Hayek, 2007:124). People are more likely to work hard if they are given proper incentives. …

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

by Nicholas Woode-SmithHistoryPosted on No Comments

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 …

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