Book contents
- Monitoring the State or the Market
- Monitoring the State or the Market
- Copyright page
- Contents
- Preface
- Acknowledgments
- Part I The Period until the Great Depression
- Part II From Laissez Faire to Welfare States: 1930 to 1970
- Part III The Period after the 1970s
- 13 A Return to Laissez Faire?
- 14 The Policies of Market Fundamentalism
- 15 The Growing Importance of Monetary Policy
- 16 Equity Aspects of Market Fundamentalism
- 17 Other Aspects of Market Fundamentalism
- 18 Cultural Aspects of Market Fundamentalism
- 19 Growing Conflict between Efficiency and Equity
- 20 Intellectual Property and Venture Capitalists
- 21 The World in the Twenty-First Century
- 22 The Impact of New Economic Developments on the Market and Democracy
- 23 More on Economy and Culture in the Present Time
- 24 Some Summing Up and Concluding Observations
- References
- Index
13 - A Return to Laissez Faire?
from Part III - The Period after the 1970s
Published online by Cambridge University Press: 07 December 2023
- Monitoring the State or the Market
- Monitoring the State or the Market
- Copyright page
- Contents
- Preface
- Acknowledgments
- Part I The Period until the Great Depression
- Part II From Laissez Faire to Welfare States: 1930 to 1970
- Part III The Period after the 1970s
- 13 A Return to Laissez Faire?
- 14 The Policies of Market Fundamentalism
- 15 The Growing Importance of Monetary Policy
- 16 Equity Aspects of Market Fundamentalism
- 17 Other Aspects of Market Fundamentalism
- 18 Cultural Aspects of Market Fundamentalism
- 19 Growing Conflict between Efficiency and Equity
- 20 Intellectual Property and Venture Capitalists
- 21 The World in the Twenty-First Century
- 22 The Impact of New Economic Developments on the Market and Democracy
- 23 More on Economy and Culture in the Present Time
- 24 Some Summing Up and Concluding Observations
- References
- Index
Summary
This chapter covers: the growing importance of Chicago School of Economics and of School of Public Choice; the work of F. Hayek; individual rights and individual freedom are seen as being more important than community rights and goals; privatization of Public Private Partnerships and of pensions; laziness is associated with unemployment, and social assistance is discouraged; marginal tax rates begin to be reduced; differentiations in compensations for work increases; Gini coefficients begin to rise; welfare beneficiaries are seen as lazy individuals who wish to live at the expense of hard-working and tax paying individuals; free markets are seen as a miracle drug; many conservative economists receive Nobel Prizes; the social landscape experiences a dramatic change in the 1980s in a rightward direction; fiscal stabilization policy loses influence; monetary policy becomes more important; and there is a return to pre-Keynesian times.
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- Monitoring the State or the MarketFrom Laissez Faire to Market Fundamentalism, pp. 95 - 104Publisher: Cambridge University PressPrint publication year: 2023