Masters of Money


Series 1 - Episode 2 Hayek



It’s a terrific series, this – full of properly chewy ideas, made easy to digest by the superb Stephanie Flanders. The idea is to look at our financial crisis through the horn-rimmed spectacles of three great economists.

In this episode it’s the turn of the Austrian Friedrich Hayek, free-est of all free marketeers. His belief was: set capitalism free and let unbridled markets run their course, because any attempt to meddle by government will lead to disaster.

No government has quite dared implement Hayek’s laissez faire in purest form, but as Chris Patten recalls, Margaret Thatcher would pull quotations from the great man out of her handbag.


Stephanie Flanders profiles Friedrich Hayek, one of the leading advocates of free-market economics, who proposed allowing capitalism to govern itself without state controls. She talks to bankers, politicians and academics to discover why the Austrian's theories have become increasingly popular with influential thinkers since the start of the global financial crisis, and asks how relevant his work is today.
Documentary Current Affairs