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free market, and the rise of Milton Friedman, who is most known today for discounting the
using of inflationary monetary policies to set economic growth. His theory on how changing
prices relay information that helps people determine their plans is widely regarded as an
important milestone achievement in economics. This theory is what led him to the Nobel Prize.
The ideas of Hayek, and new political and economic policies begin to transform the world.In his
book Commanding Heights, Daniel Yergin called Hayek the “preeminent” economist of the last
half of the twentieth century.
John Maynard Keynes is the elegant Englishman who advocated government intervention to
control the booms and busts of capitalist economies, best known for his contribution economic
theories (Keynesian economics) on the causes of prolonged unemployment.Keynes advocated
for increased government expenditures and lower taxes to stimulate demand and pull the global
economy out of the depression.
Margaret Thatcher was a British stateswoman who is often called “Iron Lady” due to her
uncompromising politics and leadership style. Thatcher's leadership style was strong, decisive
and sometimes so uncompromising that it would undermine her objectives. Thatcher made a
major contribution to economic policies, especially with her emphasis on enhancing
competitiveness and the flexibility of labour and product markets. The focus on the deregulation
of these markets underpins much of the work carried out by the Organisation for Economic Co-
operation and Development and other international organizations today.
Ronald Wilson Reagan began implementing sweeping new political and economic initiatives. His
supply-side economic policies, dubbed "Reaganomics", advocated tax rate reduction to spur
economic growth, economic deregulation, and reduction in government spending. Reagan
enacted cuts in domestic discretionary spending, cut taxes, and increased military spending,
which contributed to increased federal outlays overall, even after adjustment for inflation.
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Margaret Thatcher was a British stateswoman who is often called “Iron Lady” due to her
uncompromising politics and leadership style. Thatcher's leadership style was strong,
decisive and sometimes so uncompromising that it would undermine her objectives.
Thatcher made a major contribution to economic policies, especially with her emphasis
on enhancing competitiveness and the flexibility of labour and product markets. The
focus on the deregulation of these markets underpins much of the work carried out by the
Organisation for Economic Co-operation and Development and other international
organizations today.
Ronald Wilson Reagan began implementing sweeping new political and economic
initiatives. His supply-side economic policies, dubbed "Reaganomics", advocated tax rate
reduction to spur economic growth, economic deregulation, and reduction in government
spending. Reagan enacted cuts in domestic discretionary spending, cut taxes, and
increased military spending, which contributed to increased federal outlays overall, even
after adjustment for inflation.