Part 7/9:
Hayek’s influence reached beyond academic circles through the founding of the Mont Pelerin Society, which sought to revive and promote classical liberal ideas. This organization became a gathering place for intellectuals and economists who shared a commitment to liberty and market principles, fostering discussions that have persisted into the modern era.
Lessons from Stagflation and Economic Realities
The economic landscape of the late 20th century saw significant upheaval, particularly during the period of stagflation when high inflation coincided with high unemployment. This crisis cast doubt on Keynesian economics and reignited interest in alternative approaches, especially those aligning with Hayekian thought.