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Chapter 11: Austrians vs. Keynesians

territory, has defaulted on billions of dollars of loans
and declared bankruptcy in May of 2017. When these
international events occur, the solutions are tricky
because international bankruptcy laws are non-existent.
Loan defaults hurt both the debtors and creditors. Loan
defaults by a few countries can quickly spread, making
bailouts impossible.

NEW AGE OF INDUSTRIALIZATION?
President Obama earmarked billions of dollars
supporting favored industries, such as renewable
energy, while it amassed roadblocks to other sectors,
such as coal. The Trump Administration wasted no time
dismantling Obama’s policies.
Under the Obama Administration, the National
Labor Relations Board, the Equal Employment
Opportunity Commission, the Occupational Safety and
Health Administration and the Office of Federal
Contract Compliance Programs teamed up to rewrite
employment, labor and workplace law. Also, the Fed
reshaped credit markets moving us away from a free
market system. It will take time for the Trump
Administration to change these laws to reflect
principles instead of rules.

RULES and PRINCIPLES

Austrians support principles and Keynesians favor
rules. Rules affect every aspect of our lives and
businesses have to perform numerous studies before
they can build anything. The No Child Left Behind Law

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