Daniel Yergin and Joseph Stanislaw
The twentieth century was defined by a global intellectual and political war between two opposing forces: the heavy hand of government control and the invisible hand of the free market.
The central narrative follows the battle between Keynes's advocacy for government intervention and Hayek's belief that state planning inevitably leads to a loss of freedom.
Global faith in markets collapsed after the Great Depression and World War II, leading most nations to adopt mixed economies or strict central planning.
Economic crises in the 1970s allowed leaders like Margaret Thatcher and Ronald Reagan to implement free-market reforms that dismantled state control.