LYCOS RETRIEVER 
Friedrich A. Hayek: United States
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Hayek stated that discretionary monetary policies to maintain "full employment" had produced nothing but dangerous inflationary tendencies throughout the Western world. It was understandable, therefore, that many now looked back wistfully to the earlier era of monetary stability under the gold standard and advocated its return. But, he declared, "It is important to be clear at the outset that this is not only politically impracticable today but would probably be undesirable if it were possible."
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Hayek came over to the States on a ship in 1945 to do a publicity tour. He thought he was going to be mostly speaking at academic departments, but he ended up having big audiences.
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Marxists and other supporters of pervasive state intervention such as Galbraith have done well to ignore the work of Menger, Mises and Hayek because they refuted the intellectual core of Marxism, leaving an empty ideological husk. Marxist principles cannot survive the confrontation with historical evidence and Austrian analysis.
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