OU on the BBC: Masters of Money
Stephanie Flanders explores the theories of three Economic giants - and asks...
Stephanie Flanders explores the theories of three Economic giants - and asks if their ideas might offer the world a way out of the ongoing crisis.
- Duration: 5 mins
- Published on: Thursday 2nd August 2012
- Introductory Level
- Posted under: TV
As the world continues to feel the shakes and aftershakes of financial collapse, can the great economics thinkers who shaped the 20th century offer any way ahead for the 21st?
BBC Economics editor Stephanie Flanders wants to find out. Across three episodes, she introduces us to some of the primary thinkers in the field. She'll explain the world which shaped their ideas, the controverseys around some of their conclusions, and ask how well their prescriptions might be suited to the world in which we now find ourselves.
There are some surprises along the way - we'll discover why Karl Marx admired capitalism; how Keynes' view of German reparations after Versailles echo worries about Greek debt repayment in 2012; and why following Hayek's logic led to an American being labelled a "domestic terrorist".
John Maynard Keynes - who believed that in a crisis, the government should spend money, even if it had to borrow to do so.
Friedrich Hayek - who felt that a recession should be allowed to run its course to correct the financial system
Karl Marx - like the others, Marx saw that capitalism was unstable, but unlike Keynes and Hayek, didn't think we had to live with it
Masters Of Money will be shown on BBC Two from Monday, 17th September at 9:00pm. For further broadcast details, and to watch online where available, please visit bbc.co.uk.