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Today's episodes on the philosopher Frederick von Hayek and his influence will work the road to surf them. I hope you love the show today

So all the way back in the late 19th century

Shortly after the work of Marx shortly after the economic changes associated with the Industrial Revolution

There were several groups of thinkers that began to create what would eventually become an all-out movement

towards centralization the central planning of economies

Let me explain what central planning is by explaining why the thinkers felt compelled to start a movement in the first place

So in the late 19th century the Western world was primarily made up by market economies

People like Marx and several others come along and start throwing around critiques of capitalist market economies

They create enormous inequality. They lead to the alienation of the worker

They fragment economic efforts and create waste because people can be engaged in so many different incompatible tasks at once

But not the least of these criticisms was the claim that these market economies based on a flaw in design

Innexerably lead to massive ebbs and flows within the market

Booms and crashes crashes and end up negatively impacting the lives of potential billions

The late 19th century was rife with thinkers looking for replacements for market economies and waiting for their inevitable demise

Well time went by and along came August of 1929 the beginning of the Great Depression global economic collapse

And it seemed to many of these thinkers that this was the day of reckoning for capitalist market-based systems

This was Marx's prophecy finally coming true

When trying to figure out what caused this global meltdown there were many theories

...