Episode One: The Battle of Ideas
A global economy, energized by technological change and unprecedented
flows of people and money, collapses in the wake of a terrorist attack
…. The year is 1914.
Worldwide war results, exhausting the resources of the great powers
and convincing many that the economic system itself is to blame. From
the ashes of the catastrophe, an intellectual and political struggle
ignites between the powers of government and the forces of the
marketplace, each determined to reinvent the world’s economic order.
Two individuals emerge whose ideas, shaped by very different
experiences, will inform this debate and carry it forward. One is a
brilliant, unconventional Englishman named John Maynard Keynes. The
other is an outspoken émigré from ravaged Austria, Friedrich von
But a worldwide depression holds the capitalist nations in its grip.
In opposition to both Keynes and Hayek stand not only Hitler’s Third
Reich but Stalin’s Soviet Union, schooled in the communist ideologies
of Marx and Lenin and bent on obliterating the capitalist system
For more than half a century the battle of ideas will rage. From the
totalitarian socialist systems to the fascist states, from the
independent nations of the developing world to the mixed economies of
Europe, and the regulated capitalism of the United States, government
planning will gradually take over the commanding heights.
But in the 1970s, with Keynesian theory at its height and communism
fully entrenched, economic stagnation sets in on all sides. When a
British grocer’s daughter and a former Hollywood actor become heads of
state, they join forces around the ideas of Hayek, and new political
and economic policies begin to transform the world.