Milton Friedman: A Fresh Look at the Apostle of Free MarketsBreaking News
The modern-day godfather of that credo was Milton Friedman, who attributed the worst economic unraveling in American history to regulators, declaring in a 1976 essay that “the Great Depression was produced by government mismanagement.”
Five years later, Ronald Reagan entered the White House, elevating Mr. Friedman’s laissez-faire ideals into a veritable set of commandments. Taxes were cut, regulations slashed and public industries sold into private hands, all in the name of clearing government from the path to riches. As the economy expanded and inflation abated, Mr. Friedman played the role of chief evangelist in the mission to let loose the animal instincts of the market.
But with market forces now seemingly gone feral, disenchantment with regulation has given way to demands for fresh oversight, placing Mr. Friedman’s intellectual legacy under fresh scrutiny.
comments powered by Disqus
Norman C Lyle - 4/14/2008
On the contrary, we are still a long way off from what Mr. Friedman advocated - a truly laissez-faire capitalist system. To the extent that the federal government regulates our economy, underwrites corporate failure, and then tries to "fix" the system with ever more regulations, is the extent to which the economy has "sunk." Nevertheless, unemployment is still quite low, we have not had the necessary two quarters of negative growth to properly define a recession, despite what we are being told, and new jobs are being created. When we look at the 20+ years of economic growth stimulated by what small gains in economic freedom were achieved under Reagan, we can only wonder what amazing things might happen were the government to remove the chains entirely. My statements should not be misconstrued to imply an apology for fraud or criminal behavior. Government has a proper role in advocating against this kind of activity.
- Previously untouched 600BC palace discovered under shrine demolished by Isil in Mosul
- Slate reveals that despite our apology, nothing’s been done to help Guatemalans infected in an experiment worse than Tuskegee
- Russian government website notes that game maker has sent “Secret Hitler” to every US senator
- Scholars debate the future of NATO
- Trump, Putin, and the New Cold War
- James Oliver Horton remembered as a pioneer for African American research
- Theodore Lowi, Zealous Scholar of Presidents and Liberalism, Dies at 85
- What LT. Gen. H.R. McMaster will offer as new national security adviser
- Fareed Zakaria hails historian Nigel Hamilton’s series as the memoir FDR never had the opportunity to write
- French Historian Says He Was Threatened With Deportation at Houston Airport