In the 1930's a great debate broke out among economists that is said to have defined 20th Century economic theory. On the left was John Maynard Keynes who proposed a government with centrally planned socialism. On the right was F. A. Hayek proposing government with a free market and democracy. In today's terms Keynes would be a liberal with at least two socialistic demands. <br />
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First, government must control the means of production and distribution; and second, all wealth must be redistributed and equalized through taxation and welfare programs. In today's terms Hayek would be the conservative believing the best economic route is to let free people decide how to spend their own money, and that government should provide a level playing field that allows each individual to be as successful as they can. <br />
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After World War II President Kennedy (surprise) leaned toward Hayek. Remember "ask not what your country can do for you; ask instead what you can do for your country." LBJ took us drastically back to the left. President Reagan back to the right with Hayek conservatism. Bill Clinton tried to take America back to the left, but Newt Gingrich was Speaker of the House and succeeded in going to the right, even balancing the federal budget. And now we have President Obama who is Keynes on steroids
