Showing results by author "Nicholas Wapshott" in All Categories

As the stock market crash of 1929 plunged the world into turmoil, two men emerged with competing claims on how to restore the balance to economies gone awry. John Maynard Keynes, the mercurial Cambridge economist, believed that government had a duty to spend when others would not. He met his opposite in a little-known Austrian economics professor, Friedrich Hayek, who considered attempts to intervene both pointless and potentially dangerous.

It is well known that Ronald Reagan and Margaret Thatcher were close allies and kindred political spirits. During their eight overlapping years in office, the U.S. president and the U.K. prime minister worked together to promote lower taxes, deregulation, free trade, and an aggressive stance against the Soviet Union. But according to Nicholas Wapshott, the Reagan/Thatcher relationship was much deeper than an alliance of mutual interests.

In 1966, two columnists joined Newsweek magazine. Their assignment: Debate the world of business and economics. Paul Samuelson was a towering figure in Keynesian economics. Milton Friedman championed "monetarism" and insisted the Federal Reserve maintain tight control over the amount of money circulating in the economy.

Before Pearl Harbor, before the Nazi invasion of Poland, America teetered between the desire for isolation and the threat of world war. May 1938. Franklin Delano Roosevelt - recently reelected to a second term as president - sat in the Oval Office and contemplated two possibilities: the rule of fascism overseas, and a third term.