This video covers Friedrich Hayek's essay, "A Commodity Reserve Currency" which was published in 1943. Most of the world left the gold standard during World War II, culminating in a debate at the Bretton Woods Conference over what would replace it. In this essay, Hayek takes a look at monetary policy at the time. He discusses both the advantages and disadvantages of the gold standard, and looks at the possibility of a bundle of commodities as a replacement. This essay also demonstrates Hayek's thorough understanding of and response to John Maynard Keynes' argument against the gold standard. Great Economists: Classical Economics and its Forerunners course: http://mruniversity.com/courses/great-economists-classical-economics-and-its-forerunners Ask a question about the video: http://mruniversity.com/courses/great-economists-classical-economics-and-its-forerunners/hayek-keynes-debate-gold-standard-monetary-policy#QandA Next video: http://mruniversity.com/courses/great-economists-classical-economics-and-its-forerunners/hayek-ricardo-effect Help us caption & translate this video! ... https://www.youtube.com/watch?v=V1Sek0iP8Qo

This case has been one linchpin of the anti-privatization, anti-globalization movement. But what are the real lessons? Corresponding lesson: http://mruniversity.com/Cochabamba-water-privatization Help us caption & translate this video! http://amara.org/v/FKb1/ ... https://www.youtube.com/watch?v=5fFKn_npfb8

What are the broader implications for international cooperation? The Eurozone Crisis course: http://mruniversity.com/courses/eurozone-crisis Ask a question about the video: http://mruniversity.com/courses/eurozone-crisis/effects-other-multilateral-agreements#QandA Next video: http://mruniversity.com/courses/eurozone-crisis/optimum-currency-areas ... https://www.youtube.com/watch?v=x6WjVpAdq5c

http://mruniversity.com/courses/economic-history-soviet-union/stages-central-planning-and-marxism-soviet-union Help us caption & translate this video! http://amara.org/v/FK61/ ... https://www.youtube.com/watch?v=ZKsMUF2M-FU