500:, (1978) by Buchanan and John Burton, further attacked Keynes for his alleged naivete in believing that politicians and bureaucrats are largely motivated by benevolence. This is not to say the public as a whole became positive about the free market. During the seventies those advocating its principles would still sometimes be pelted with eggs and flour bombs by hostile student audiences. However public opinion in the English-speaking world was slowly won over. By the eighties free market institutions were once again widely respected if not widely admired, despite the occasional popular work that tried to bring their dark side to the public's attention, such as
488:, at the expense of Keynes's standing both in public opinion and among academics. Journalists, Elliot and Atkinson, write that by the late sixties the younger generation had grown up with no experience of life before the managed economy, and therefore had no reason to be grateful to it. Instead they were skeptical about the Establishment's pretensions of altruism, in some cases hostile to what was perceived as its materialism and in other cases passionate for much more progressive causes. A notable worldwide eruption of these feelings caused the
398:
385:
financial liberation would be a good peaceful way of promoting continued US hegemony as US banks were far more advanced than their competitors in the rival economies of Europe and Japan. Another reason given is that the financial sector vigorously lobbied government to allow financial liberalization because it stood to gain hugely from it whereas the negative impact would be dispersed among all other sectors, with no one sector suffering greatly. So without a champion such as Keynes to stand up for the common good, a classic
146:– although that branch of economics is usually regarded as distinct from Keynesianism, it is also a mixed economy model with many of its principles based on Keynes's work. In the early years after WWII, the US was highly supportive of development economics as they believed it would help accelerate the rollback of imperialism, inhibit the spread of communism and swiftly help underdeveloped nations to become prosperous capitalist economies; so it heavily funded its promotion by
199:
541:
late 1960s onwards, large wage increases had contributed significantly to inflation in the U.S., U.K. and Europe. By about the mid-1970s, British workers had achieved a record share of industrial output to be paid as wages rather than being returned to capital – but this contributed to capital flight from Great
Britain. By 1980, the disruption caused to British society by the previous decade's frequent striking, especially in the
280:. Drawing on extensive empirical data, it further strengthened the case for his restated quantity theory of money, arguing that inflation was "always and everywhere a monetary phenomenon", while conceding that it could take one or two years for an increase in the money supply to lead to inflation. This ran counter to the then orthodox Keynesian interpretation that inflation was linked to employment, as modelled by the
28:
626:. There had been some US government support, as it appeared there was a risk that the developmentalist policies could encourage socialism . However, despite success in setting up franchises in Latin American universities and educating passionate individual free market economists, the efforts had little political effect. However, later events such as the 1973 coup by
642:
adverse movements of private finance. But again commitment to development economics largely faded away and by the mid 1980s the free market agenda was broadly accepted. Exceptions were countries large enough to retain independence and continue to employ mixed economy policies, such as India and China. China employed a
540:
in 1943, this resulted from the very success of
Keynesian policy in reducing unemployment: an increasingly large proportion of workers had no fear of joblessness as they were too young to remember the pre-war years. Workers were initially successful in improving their pay and conditions. But from the
368:
Nevertheless, power slowly began to shift back from public to private interests. The 1970s were a key decade for this process, but financial innovation had begun to erode the effectiveness of capital controls as early as the late 1950s, an example being the
Eurodollar market which the US authorities
118:
of the 1950s and 1960s, governments of the United States, Great
Britain and many other countries adopted Keynesian principles; moderate intervention by governments in their domestic economies was believed by Keynesians to deliver higher levels of employment and prosperity than would be possible from
1966:
384:
A common popular view was that the rise of financial power resulted from unplanned trends towards globalisation and technical innovation. Reasons given include a calculation by the US that with the erosion of the hugely favorable trade balance they had enjoyed for the first few years after the war,
364:
were installed in all major countries. In Great
Britain for example, at one point families were not allowed to take more than £50 abroad for their foreign holidays. Even before the controls were put in place, international transactions were at historically low levels, as financiers and speculators
570:
position was improving. Eric
Helleiner cites a number of sources to suggest the speculation related to the growing influence of Monetarism and opposition to Keynesian policy by the increasing powerful market players. After suffering a currency crises, Britain needed to turn to the IMF. The IMF was
372:
Elliot and
Atkinson state that 1968 was a pivotal year when power shifted in favour of private agents such as currency speculators. They pick out a key 1968 event as being when America suspended the conversion of the dollar into gold except on request of foreign governments, which they identify as
300:
was clearly an inflationary shock to the global economy, Friedman was able to argue persuasively that inflation was much higher than it would have been due to the rapid expansion of the money supply by governments in 1971. By the late 1970s, empirical data was also present to suggest that
Friedman
641:
In the developing countries of Africa and Asia, the mid seventies saw a backlash against the trend towards liberalism by the west, with a group of some 77 developing nations making determined efforts to lobby for a revived
Bretton Woods system with strengthened capital controls to protect against
553:
For the Anglo-American economies, Keynesian economics typically was not officially rejected until the late 1970s or early 1980s. Formal rejection was generally preceded by several years of the adoption of monetarist policies aiming to reduce inflation, which tended to counteract any expansionary
237:
came to take a central role within a network of over 100 pro-free market think tanks located all over the world. The think tanks typically enjoyed financial support from commercial interests. Collectively the think tanks won increased acceptance for free market thinking within academia, within
288:
as part of their models to calculate the expected cost in terms of inflation for a stimulus designed to restore full employment. In 1968 Milton
Friedman published a paper arguing that the fixed relationship implied by the Philips curve did not exist, and that it would be possible to have both
606:
had begun to adopt monetarist anti-inflationary measures as early as 1975. Likewise for most of continental Europe except for France, the transition away from Keynesian economics was less distinct, partly as Keynes had not been as important there, since European states had generally pursued
86:
and related schools; or in some cases a belief that their individual interests were best served by promoting a limited role for government. Efforts against Keynesianism took place on three fronts – in the academic world, in politics, and in the wider world of business and public opinion.
273:
can vary, rather than being a constant as assumed by classical economists. However, Friedman's restatement was otherwise closer to the classical view in reducing the scope for beneficial government intervention in the economy. An even more influential work was his 1963 publication of
741:
from stimulus, and due to said elasticity along with money dualism (many preferring land or commodities like gold to the legal tender, especially when they wish to save) increases in the money supply tend to translate to price rises in the classical fashion as predicted by the
650:
began in 1978 taking them closer to a mixed economy model, though one based more on pragmatic principles rather than specifically on Lord Keynes's ideas. India persisted with heavily interventionist policies until the early 1990s, when it began to liberalize after its
233:. Initially the society had little impact on the wider world - Hayek was to say it was as if Keynes had been raised to sainthood after his death with economists refusing to allow his work to be questioned. Yet, in the decades following its establishment, the
289:
inflation and unemployment rise at once. Friedman had also argued that workers' expectations of future high inflation could lead to an inflationary spiral as they would push for increased wages in advance to try to compensate for expected future inflation.
217:. They were mostly economists but also included journalists, historians and philosophers. Their explicit intention was to nurture intellectual currents that would one day displace Keynesianism and other collectivist influences. Prominent members included
462:
in mainstream academia, who to varying degrees were cynical of the Establishment's claims to want the best for folk, arguing that their true motivation was to advance their private interests or simply the thrill of exerting control. In the United States,
430:
won by Attlee, despite the voters' great esteem for Churchill. The public was generally in favour of government efforts to enforce tight controls on private capital as public opinion was strongly against private speculators and financiers. Journalists
126:, the system of thought which Keynes launched his revolution against, had never been firmly established beyond the English-speaking nations in the first place, where instead there was often a tradition of using mixed-economy models such as the French
316:
So prominent was Friedman in overturning the Keynesian consensus that the efforts to do so are sometimes referred to as "Milton Friedman's counter revolution." However, there were several other key influences. Professor Roger E Backhouse lists the
823:- Curtis covers additional aspects such as the increased power that markets gained after they were flooded with oil money following the 1973 price rise; and how in the 1960s the British government initially tolerated emergent phenomena such as
531:
and aggressive wage bargaining was a significant cause of the displacement especially in Britain but also in the United States. For about the first 15 years of the Keynesian age, labour relations were generally peaceful. But by the late 1960s,
257:
Hayek himself dropped out of mainstream economics in 1950 to work chiefly in political philosophy. Friedman and other allies continued to work as economists, though initially they only had marginal influence on the discipline as a whole.
77:
which require a significant role for government intervention. Their motivations included a dislike of large governments which they saw as prone to interfere excessively in the lives of their citizens; an intellectual preference for
492:. In the US, disenchantment at the Vietnam War and what was seen as the failure of Keynesian responses against inflation further contributed to the public's loss of faith in government. Buchanan and James Wanger's 1977 book
105:
in economic thinking had by the end of the 1940s elevated John Maynard Keynes's ideas to an ascendant position in mainstream economics. The new post-WWII international monetary and trading system, reflected by
818:
for more on how the US government was persuaded to support financial liberalisation. For a useful video documentary covering this topic, especially with relation to Britain but also the US see Adam Curtis's
161:
these can be divided into practical and intellectual dimensions; they are interrelated but in a complex and indirect way. The failure of what was at the time perceived to be Keynesian economics to halt the
571:
now much less Keynesian than it had been in previous years, and only agreed to provide the required financing if Britain agreed to implement an austerity package. Shortly after, the then Prime Minister,
166:
lent credibility both to academic and popular attacks on Keynes's ideas. Some even argued that the poor economic performance was due to Keynesian economics. The latter view has been roundly rejected by
634:
brought in governments who strongly favoured free market policies. In other Latin American countries pivotal individual events are much harder to pin down, but a gradual process described by author
381:
of 1971 when conversion to gold was suspended even for governments, the collapse of the fixed exchange rate system in 1973, and the United States official abandonment of capital controls in 1974.
575:, stated that "spending our way out of recession" is no longer an option. According to Skidelsky, Callaghan's statement is widely seen as marking the end of the Keynesian age. In the US it was
615:
came to power in 1981 with a commitment to expansionary Keynesian policy, to help reduce unemployment caused by the worldwide recession underway at the time. Similar to what had happened after
1652:
122:
In the academic sphere, Keynes's position as the principal authority was largely confined to the Anglo-Saxon world; elsewhere Keynes was influential but not as central. This is partly because
404:. Governments were generally viewed positively for the first two decades after World War II, but later, especially in English-speaking nations, the public began to take a more cynical view.
182:
due to its relatively high average global growth, low unemployment, reduction of inequality, lowering of public debt and very low incidence of financial crises - based on these criteria,
408:
For most of the first two decades after World War II there was considerable enthusiasm among the public for Keynesian policy, which was seen as a way to avoid the economic chaos of the
186:
judged the Keynesian age to be the most successful era of capitalism so far. After the transition period of the 1970s, the period that spanned from about 1980–2009 has been labelled the
333:
along with the influence of the Austrian School and especially Hayek, who enjoyed a resurgence in the 1970s; Anatole Kaletsky again gives the same influences as Backhouse, saying the
2008:
768:
Hayek had previously been involved in international resistance to Keynesianism and other forms of collectivist economic arrangements throughout the 1930s, attending for example the
689:
96:
138:
Keynes has conquered the present Anglo-American academic world, and the present Western political world, almost as completely as Marx has conquered Russia and China.
269:, and obtained the attention of several Keynesian economists partly because he admitted Keynes was right to state that the velocity of circulation of money in the
345:
and other ideas arising from the Cold War provided additional support for the theories Hayek had articulated in the 1940s, and helped them gain wider acceptance.
798:
Friedman had earlier made similar arguments verbally in his 1967 speech to the American Economic Association, where he had also first proposed his theory of the
1282:
309:
has argued that part of the reason for Friedman's intellectual victory was that Keynes' ideas were misunderstood by the mainstream academics of the time (the
619:'s election back in 1936, many of the wealthy moved their money out of France, and by 1983 Mitterrand had been forced to largely abandon Keynesian policy.
932:
836:
For more on the collective action problem and how after WWII it led to the decline of many institutions and laws set up to promote the common good, see
329: ; Professor Gordon Fletcher identifies the same influences as Backhouse while also adding S H Frankel's attack which was based on the work of
554:
fiscal policies that continued to be employed until Keynesianism was formally discarded. In Britain Keynesian economics was officially rejected by
713:
Keynes more commonly used the term 'classical economics' in his attacks, but it is widely accepted (e.g., Hayes,2008, Edward Elgar publishing,
412:. In Great Britain for example, the post-war election was fought largely on the grounds of the two main party's conflicting economic policies.
276:
1414:
171:, who suggest the inflation following the Vietnam war was due to the decision not to pay for the war with tax rises, against Keynesian advice.
110:, was partly a creation of Lord Keynes, and not just theoretically. Keynes had personally negotiated many of the practical details at the 1944
755:
Though while war efforts were being escalated, the extent of war spending was hidden from President Johnson's Keynesian Economic Council, see
1980:
1927:
1662:
1607:
1424:
1354:
1120:
1087:
1054:
909:
721:
427:
446:
Various events began to erode the public's faith in the goodness of government, gathering force from the mid-fifties. For Britain and her
261:
According to Professor Keith Shaw an important early milestone in Friedman's campaign against Keynesianism was the 1956 publication of
694:
301:
was right to emphasise the role of expectations on inflation, further increasing the acceptance of his ideas by mainstream economists.
1952:
334:
737:
p39 - 43) that the economy behaves closer to the classical model than to Keynes's - as output tends to be very inelastic there is no
1899:
1875:
1840:
1813:
1747:
1714:
1689:
1632:
1576:
1519:
1397:
1207:
1011:
579:
that fully displaced Keynesianism in 1981, again this had been preceded by a significant movement in the direction of monetarism by
239:
150:
programs. The only significant parts of the world that had rejected Keynesian principles were the communist nations which used the
874:
Paul Davidson argues that the failing responses were not really Keynesian at all, but based on a misunderstanding of Keynes' ideas.
50:
was a series of events which from mostly unobserved beginnings in the late 1940s, had by the early 1980s led to the replacement of
562:. There had been initial unsuccessful attempts to establish free market favouring policies as early as 1970 by the government of
684:
588:
1475:
477:
capitalism—opinion polls have ranked her work as being the second most influential book on Americans after the Holy Bible.
566:. In 1976, market participants began speculating against the pound, even though at the time both inflation and Britain's
247:
622:
In South America, efforts were made to displace development economics as early as the mid fifties, by Milton Friedman's
2032:
799:
296:- the simultaneous increase in both inflation and unemployment - became prominent, just as he had predicted. While the
2003:
1454:
1148:
674:
516:
638:
as a "silent revolution" had largely displaced development economics with free market influences by the mid 1980s
157:
In the 1960s forces emerged that by the mid-80s would end the ascendency of Keynes's ideas. For Keynes's biographer
1972:
1944:
1919:
1568:
901:
652:
623:
360:
When the Bretton Woods regime was established in the 1940s, free-roaming international capitalists were "caged".
326:
844:. This book also briefly covers the other ways in which Keynesian economics had lost influence by the early 1980s.
1648:
1540:
1075:
647:
635:
386:
306:
1996:
1144:
599:(1984) respectively, though in both cases Keynesian economics had already to some extent fallen out of favour.
2037:
1867:
1767:
1599:
1511:
1243:
769:
743:
591:. In Australia and New Zealand the era of Keynesianism was ended by the election victories of prime ministers
397:
266:
238:
public opinion and among governments. In the U.S., two of the most influential free market think tanks are the
179:
168:
115:
111:
942:
679:
506:
310:
243:
669:
664:
612:
83:
1968:
The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White, and the Making of a New World Order
1260:
The Keynesian Revolution and Its Critics: Issues of Theory and Policy for the Monetary Production Economy
284:
which predicted an inverse relationship between the two variables. Governments at the time would use the
163:
855:
401:
322:
59:
655:, though still retaining aspects of the mixed economy model such as extensive use of capital controls.
611:
measures even before Keynes, never having embraced classical economics in the first place. In France,
545:, had contributed to public support for the anti-Keynesian programme of the Thatcher administration.
542:
481:
374:
270:
251:
214:
187:
102:
39:
2012:
1346:
1340:
870:
567:
422:
210:
203:
107:
79:
51:
31:
1784:
559:
63:
35:
1739:
1046:
439:
say that it is hard for us today to imagine how dimly they were viewed. The disparaging label
420:'s Conservative party drew considerable inspiration from Hayek and his then recently published
1976:
1948:
1923:
1895:
1871:
1836:
1809:
1763:
1743:
1710:
1685:
1658:
1628:
1603:
1572:
1515:
1420:
1393:
1350:
1203:
1116:
1083:
1050:
1007:
905:
738:
717:
555:
537:
496:
was one of the more effective attacks against remaining pro-Keynes opinion. A follow-up book,
485:
349:
1450:
2016:
1140:
1108:
1034:
733:
For very undeveloped countries it has been argued (e.g., by Subrata Ghutah, 2003, Routledge
627:
489:
440:
409:
226:
183:
158:
17:
1887:
1479:
1168:
820:
643:
572:
361:
297:
230:
222:
198:
151:
55:
365:
had been weakened or at least made wary by the long depression of the 1930s and the war.
1916:
Great Transformations: Economic ideas and institutional change in the twentieth century
1859:
1802:
1732:
1679:
1039:
928:
895:
824:
603:
469:
413:
318:
302:
285:
281:
147:
142:
Similarly, the economic policies adopted in the developing world were largely based on
1536:
2026:
1830:
1136:
963:
536:
became increasingly militant in pushing for wage increases. As had been predicted by
533:
528:
474:
459:
432:
377:
Keynes had helped to design, first began to break down. Further key events were the
292:
Friedman's work began to gain increasing acceptance among academics after 1973, when
131:
74:
1892:
Thinking the unthinkable: think-tanks and the economic counter-revolution, 1931-1983
1306:
1200:
Thinking the unthinkable: think-tanks and the economic counter-revolution, 1931-1983
213:
had gathered together some 40 intellectuals with free market sympathies to form the
69:
The displacement of Keynesian thinking was driven by those who leaned towards purer
1302:
967:
937:
841:
584:
580:
563:
501:
436:
330:
616:
480:
Concerns over the true motivations of public officials were further encouraged by
1593:
1278:
596:
576:
451:
378:
342:
338:
293:
218:
70:
337:
was an especially significant statement of anti-Keynesian thinking. Journalist
62:
was largely displaced as the guiding influence on economic policies adopted by
1962:
1941:
Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics
1911:
815:
455:
1864:
States and the Reemergence of Global Finance: From Bretton Woods to the 1990s
1508:
States and the Reemergence of Global Finance: From Bretton Woods to the 1990s
608:
592:
511:
426:. The public's desire for Keynesian policy has been widely credited for the
417:
127:
27:
1804:
Silent Revolution: The Rise and Crisis of Market Economics in Latin America
724:
p 2) that he generally meant what we would now call neoclassical economics.
352:
was saying economists would often take offence if described as Keynesians.
484:. A rudimentary form of this theory was promoted from the early 1960s by
464:
447:
313:) who therefore didn't have a consistent framework to rebut the attacks.
174:
Economic historians have labelled the period from about 1951–1973 as the
810:
In addition to Helleiner (1995) and the numerous sources he cites, see
1342:
The Gods That Failed: How Blind Faith in Markets Has Cost Us Our Future
1681:
The Theory of Economic Breakdown: An Institutional-Analytical Approach
1592:
Bateman, Bradley; Toshiaki, Hirai; Marcuzzo, Maria Cristina (2010).
897:
The Political Power of Economic Ideas: Keynesianism across Nations
631:
396:
197:
26:
853:
Though others have rated the book joint second in influence with
1172:
1832:
Structural Conflict: The third world against global liberalism
1451:"Silent Revolution: The International Monetary Fund 1979–1989"
1288:
1241:
Friedman, Milton (March 1968). "The Role of Monetary Policy".
1173:"interview: Friedrich Hayek on John Maynard Keynes - Part II"
54:
as the leading theoretical influence on economic life in the
1565:
The Cambridge history of twentieth-century political thought
1654:
The Keynes Solution: The Path to Global Economic Prosperity
1080:
The Keynes Solution: The Path to Global Economic Prosperity
443:
was typical of how they were described during this period.
602:
In Canada the transition was less clearly marked, though
130:
system. While a critic of Keynes, the economic journalist
1145:"transcript of Commanding Heights documentary, episode 1"
968:"The Failure of the New Economics - complete book on PDF"
494:
Democracy in Deficit: the Political Legacy of Lord Keynes
785:
A few of the free market think tanks pre-dated even the
1082:. Palgrave Macmillan. pp. 1–3, 161–169, 175–177.
389:
prevented meaningful counter lobbying from occurring.
2019:- a moderate view from an anti Keynesian economist.
1707:
Remaking New Zealand and Australian Economic Policy
1506:Helleiner, Eric (1995). "Introduction, Chapter 6".
454:along with strands of thought, such as the work of
416:'s Labour party espoused Keynesian policies, while
1801:
1731:
1038:
827:as a possible solution to industrial inefficiency.
789:, most of them were founded in the 1970s or later.
473:helped generate public enthusiasm for a return to
1563:Parsons, Wayne (2002). "Keynes and his critics".
1734:Social policy and practice in Canada: a history
1444:
1442:
136:
1392:(3rd ed.). Prentice Hall. pp. 2–12.
1230:. Edward Elgar Publishing Ltd. pp. 52–56.
1193:
1191:
1189:
933:"Keynes: Two studies of his economic theories"
348:These attacks were so successful that by 1980
246:. In the UK, the two most influential are the
1416:The Eurodollar market and the years of crisis
1334:
1332:
1330:
1328:
1326:
1228:Keynesian Economics: The Permanent Revolution
772:, which can be viewed as a forerunner of the
95:Starting in 1936 with the publication of his
8:
1738:. Wilfrid Laurier University Press. p.
1558:
1556:
356:The ascendancy of financial-sector interests
58:. Similarly, the allied discipline known as
1113:Capitalism 4.0: The Birth of a New Economy
1070:
1068:
1066:
458:in the counterculture and the thinking of
1997:Economists and the rise of neo-liberalism
1284:The Trap part 1, see also parts 2 & 3
1273:
1271:
1269:
997:
995:
993:
991:
989:
987:
321:which led to the increasing influence of
1115:. Bloomsbury. pp. 52–53, 173, 262.
1029:
1027:
1025:
1023:
1501:
1499:
1497:
1495:
1368:
1366:
1262:. Palgrave MacMillan. pp. xix–xxi.
1221:
1219:
1103:
1101:
1099:
886:
706:
646:model throughout the 1950s and 60s but
277:A Monetary History of the United States
265:. In this work Friedman restated the
263:Studies in the Quantity Theory of Money
558:'s new government in 1979, ending the
1377:. Yale University Press. pp. xi.
923:
921:
735:Introduction to development economics
48:post-war displacement of Keynesianism
7:
2009:The Retreat from Keynesian economics
1339:Larry Elliott, Dan Atkinson (2008).
1537:"'Atlas Shrugged' – 50 years later"
1835:. University of California Press.
1657:. Palgrave Macmillan. p. 81.
1006:. Penguin. pp. 236, 294–297.
335:Policy Ineffectiveness Proposition
202:Keynes' friend and leading critic
25:
240:Foundation for Economic Education
1345:. The Bodley Head Ltd. pp.
1041:Keynes: The Return of the Master
1004:The Penguin History of Economics
1709:. Georgetown University Press.
1390:International Financial Markets
838:The Rise and Decline of Nations
685:International political economy
589:Chairman of the Federal Reserve
1939:Stedman Jones, Daniel (2012).
1627:. Edinburgh University Press.
695:2008–2009 Keynesian resurgence
1:
1808:. New York University Press.
1625:American culture in the 1980s
1307:"Keeping the Keynesian Faith"
776:. (see Cockett 1995, chpt 1)
498:The Consequences of Mr Keynes
402:The Houses of Parliament (UK)
248:Institute of Economic Affairs
194:The anti-Keynesian revolution
1535:Shousen, Mark (2007-03-06).
1476:"Technology and Sovereignty"
973:. Ludwig von Mises Institute
800:Natural rate of unemployment
18:Displacement of Keynesianism
1474:Wriston, Walter B. (1988).
1455:International Monetary Fund
1413:Daniel R. Kane (Mar 1982).
675:History of economic thought
549:Shifts in government policy
517:The Bonfire of the Vanities
2054:
1973:Princeton University Press
1945:Princeton University Press
1920:Cambridge University Press
1789:. Penguin. pp. 50–78.
1569:Cambridge University Press
902:Princeton University Press
327:Real Business Cycle Theory
229:along with the then young
73:policies, rather than the
1829:Krasner, Stephen (2003).
1705:Goldfinch, Shaun (2000).
1623:Thompson, Graham (2006).
1541:Christian Science Monitor
1258:Fletcher, Gordon (1989).
1198:Cockett, Richard (1995).
1002:Backhouse, Roger (2002).
648:Economic reforms in China
450:a key event was the 1956
393:Changes in public opinion
387:collective action problem
369:decided not to regulate.
119:the unaided free market.
1868:Cornell University Press
1769:The Worldly Philosophers
1600:Harvard University Press
1512:Cornell University Press
1244:American Economic Review
770:Colloque Walter Lippmann
744:Quantity theory of money
581:President Jimmy Carter's
267:quantity theory of money
180:Golden Age of Capitalism
164:stagflation of the 1970s
116:Golden Age of Capitalism
112:Bretton Woods Conference
40:Bretton Woods Conference
1678:Cornwall, John (1990).
1602:. pp. 15, 20, 29.
1045:. Allen Lane. pp.
715:The Economics of Keynes
680:Global financial system
244:The Heritage Foundation
134:was to write in 1959:
1971:. Princeton, NJ:
1800:Green, Duncan (2003).
1730:Finkel, Alvin (2006).
1388:Orlin, Crabbe (1996).
1312:. Princeton University
1287:(TV documentary). UK:
670:Neoclassical economics
665:Neoclassical synthesis
405:
206:
140:
124:neoclassical economics
84:Neoclassical economics
43:
1783:Klein, Naomi (2007).
1375:Fixing Global Finance
1373:Wolf, Martin (2009).
856:To Kill a Mockingbird
812:Great Transformations
400:
323:Rational Expectations
201:
178:or more commonly the
144:Development economics
60:development economics
30:
1595:The Return to Keynes
1226:Shaw, Keith (1988).
894:Hall, Peter (1989).
787:Mont Pelerin Society
774:Mont Pelerin Society
757:The return to Keynes
583:1979 appointment of
543:Winter of Discontent
482:Public choice theory
375:Bretton Woods system
271:equation of exchange
252:Adam Smith Institute
235:Mont Pelerin Society
215:Mont Pelerin Society
188:Washington consensus
103:Keynesian revolution
2033:Keynesian economics
2013:The Public Interest
1449:Boughton, James M.
871:The Keynes Solution
613:François Mitterrand
568:Balance of payments
423:The Road to Serfdom
211:Friedrich von Hayek
204:Friedrich von Hayek
108:embedded liberalism
52:Keynesian economics
32:John Maynard Keynes
1786:The Shock Doctrine
1764:Heilbroner, Robert
1571:. pp. 65–66.
690:Commanding Heights
560:Post-war consensus
406:
209:As early as 1947,
207:
64:developing nations
44:
36:Harry Dexter White
1982:978-0-691-14909-7
1929:978-0-521-01052-8
1894:. Fontana Press.
1772:. pp. 278–8.
1684:. Blackwell Pub.
1664:978-0-230-61920-3
1609:978-0-674-03538-6
1426:978-0-7099-1522-5
1356:978-1-84792-030-0
1291:and google video.
1202:. Fontana Press.
1175:. HayekCenter.org
1122:978-1-4088-0973-0
1109:Kaletsky, Anatole
1089:978-0-230-61920-3
1056:978-1-84614-258-1
1035:Skidelsky, Robert
911:978-0-691-02302-1
868:In his 2009 book
825:corporate raiding
739:multiplier effect
722:978-1-84844-056-2
556:Margaret Thatcher
467:'s popular novel
16:(Redirected from
2045:
2017:Martin Feldstein
1986:
1958:
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1888:Cockett, Richard
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628:Augusto Pinochet
524:Labour militancy
490:Protests of 1968
441:Gnomes of Zurich
428:landside victory
410:Great Depression
362:Capital controls
227:Ludwig von Mises
184:Anatole Kaletsky
21:
2053:
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2038:Post-war period
2023:
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661:
644:command economy
573:James Callaghan
551:
526:
395:
358:
298:1973 oil crisis
231:Milton Friedman
223:Austrian School
196:
169:post keynesians
152:command economy
93:
56:developed world
23:
22:
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12:
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486:James Buchanan
470:Atlas Shrugged
414:Clement Attlee
394:
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341:describes how
319:Lucas critique
311:Neo-Keynesians
303:Post Keynesian
286:Phillips curve
282:Phillips curve
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159:Lord Skidelsky
148:United Nations
114:. During the
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1544:. Retrieved
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1314:. Retrieved
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1177:. Retrieved
1163:
1152:. Retrieved
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1003:
975:. Retrieved
958:
947:. Retrieved
943:the original
938:The Guardian
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842:Mancur Olson
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621:
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564:Edward Heath
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45:
34:(right) and
2015:(1981) by
2002:(2009) by
1963:Steil, Benn
1912:Blyth, Mark
1347:6–15, 72–81
1279:Adam Curtis
759:(2010), p29
653:1991 crisis
597:David Lange
595:(1983) and
577:Reaganomics
512:Tom Wolfe's
507:Wall Street
452:Suez Crisis
379:Nixon Shock
343:game theory
339:Adam Curtis
294:stagflation
219:Karl Popper
71:free market
2027:Categories
1546:2011-07-08
1485:2010-12-27
1460:2009-09-07
1432:2009-09-07
1316:2009-06-27
1179:2009-07-03
1154:2009-07-03
977:2009-09-08
949:2009-09-08
882:References
840:(1984) by
816:Mark Blyth
814:(2002) by
456:R.D. Laing
305:economist
91:Background
617:Léon Blum
609:Dirigiste
593:Bob Hawke
448:dominions
418:Churchill
373:when the
128:dirigiste
80:Classical
1965:(2013).
1914:(2002).
1890:(1995).
1862:(1995).
1766:(2000).
1651:(2009).
1281:(2007).
1111:(2011).
1078:(2009).
1037:(2009).
659:See also
465:Ayn Rand
250:and the
225:founder
2000:Renewal
154:model.
101:, the
42:in 1944
38:at the
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971:(PDF)
701:Notes
632:Chile
504:film
190:era.
1977:ISBN
1949:ISBN
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1837:ISBN
1810:ISBN
1744:ISBN
1711:ISBN
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1659:ISBN
1629:ISBN
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1139:and
1117:ISBN
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906:ISBN
718:ISBN
510:and
435:and
325:and
242:and
46:The
1740:286
1289:BBC
1149:PBS
1047:101
630:in
587:as
82:or
2029::
1975:.
1947:.
1943:.
1922:.
1918:.
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1555:^
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20:)
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