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Commanding Heights Part 1 and 2 Q/a

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Commanding Heights - Part 1 - 2 Hours
The Battle of Ideas Isiah Bullock

Note: The City of London is the place in London where the stock market functions. The phrase
“the City of London” or just “the City” very often means the stock market.

1. The question is: which would control the commanding heights of the world’s economies: governments or markets.

2. In the 1940's, the two most important economists of the age are:
John Maynard Keynes and Friedrich von Hayek.

3. WWI ended the first global conflict and it would be 21 years before it returned.

4. Friedrich Von Hayek served in the Austrian artillery during WWI, and he sensed the problems of political organization.

5. In 1917, the Russian revolution was based on the economic theories of
Karl and Lenin sought to smash capitalism.

6. Keynes was a delegate to the Versailles peace negotiations and when he saw the level of crippling social, political, and economic reparations demanded by the victors he resigned and predicted the final war would destroy the civilization and progress of their generation.

7. After the study of economics, Hayek described himself as a socialist but as a ____________________________.

8. Much of Vienna’s intellectual life took place outside the university, in the coffee houses across the Ringstrasse.

9. Hayek joined the circle of a passionate libertarian Ludwig von Mises,who thought that markets should be free from government meddling. And the distinguishing hallmark of the Austrian school that markets work and governments don’t.

10. Von Mises said that the great flaw of socialism was it doesn't have a functioning price system

to send all the signals to consumers and producers as to what something is worth; that these prices are at the very heart of what makes a functioning economy work. That they were like traffic signals. And if you don't have

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