- published: 16 Sep 2010
- views: 19627
James Buchanan, Jr. (April 23, 1791 – June 1, 1868, English pronunciation: /bjuːˈkænən/) was the 15th President of the United States (1857–1861). He is the only president from Pennsylvania and the only president who remained a lifelong bachelor. His niece Harriet Lane played the role as lady of the house.
Buchanan (often called Buck-anan by his contemporaries) was a popular and experienced state politician and a successful attorney before his presidency. He represented Pennsylvania in the U.S. House of Representatives and later the Senate, and served as Minister to Russia under President Andrew Jackson. He was also Secretary of State under President James K. Polk. After he turned down an offer for an appointment to the Supreme Court, President Franklin Pierce appointed him Minister to the United Kingdom, in which capacity he helped draft the controversial Ostend Manifesto.
Buchanan was nominated in the 1856 election. Throughout most of Franklin Pierce's term he was stationed in London as a Minister to the Court of St. James's and therefore was not caught up in the crossfire of sectional politics that dominated the country. Buchanan was viewed by many as a compromise between the two sides of the slavery question. His subsequent election victory took place in a three-man race with John C. Frémont and Millard Fillmore. As President, he was often called a "doughface", a Northerner with Southern sympathies, who battled with Stephen A. Douglas for the control of the Democratic Party. Buchanan's efforts to maintain peace between the North and the South alienated both sides, and the Southern states declared their secession in the prologue to the American Civil War. Buchanan's view of record was that secession was illegal, but that going to war to stop it was also illegal. Buchanan, first and foremost an attorney, was noted for his mantra, "I acknowledge no master but the law."
Friedrich August Hayek CH (German pronunciation: [ˈfʁiːdʁɪç ˈaʊ̯ɡʊst ˈhaɪ̯ɛk]; 8 May 1899 – 23 March 1992), born in Austria-Hungary as Friedrich August von Hayek, was an economist and philosopher best known for his defense of classical liberalism. In 1974, Hayek shared the Nobel Memorial Prize in Economic Sciences (with his political rival, Gunnar Myrdal) for his "pioneering work in the theory of money and economic fluctuations and... penetrating analysis of the interdependence of economic, social and institutional phenomena." He considered the efficient allocation of capital to be the most important factor leading to sustainable and optimal GDP growth, and warned of harms from monetary authority manipulation of interest rates. Interest rates should be set naturally by equilibrium between consumption of goods or capital stock.
Hayek is considered to be a major economist and political philosopher of the twentieth century. Along with his mentor Ludwig von Mises, he was an important contributor to the Austrian school of economic thought. Hayek's account of how changing prices communicate information which enable individuals to coordinate their plans is widely regarded as an important achievement in economics. He also contributed to the fields of systems thinking, jurisprudence, neuroscience and the history of ideas.