 The contemporary concept of "the economy" wasn't popularly known until the American Great Depression in the 1930s.After the chaos of two World Wars and the devastating Great Depression, policymakers searched for new ways of controlling the course of the economy.This was explored and discussed by Friedrich August von Hayek (1899–1992) and Milton Friedman (1912–2006) who pleaded for a global free trade and are supposed to be the fathers of the so-called neoliberalism.