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13 - A Return to Laissez Faire?

from Part III - The Period after the 1970s

Published online by Cambridge University Press:  07 December 2023

Vito Tanzi
Affiliation:
International Institute of Public Finance (IIPF), Germany
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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.

Type
Chapter
Information
Monitoring the State or the Market
From Laissez Faire to Market Fundamentalism
, pp. 95 - 104
Publisher: Cambridge University Press
Print publication year: 2023

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  • A Return to Laissez Faire?
  • Vito Tanzi, International Institute of Public Finance (IIPF), Germany
  • Book: Monitoring the State or the Market
  • Online publication: 07 December 2023
  • Chapter DOI: https://doi.org/10.1017/9781009434430.017
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  • A Return to Laissez Faire?
  • Vito Tanzi, International Institute of Public Finance (IIPF), Germany
  • Book: Monitoring the State or the Market
  • Online publication: 07 December 2023
  • Chapter DOI: https://doi.org/10.1017/9781009434430.017
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • A Return to Laissez Faire?
  • Vito Tanzi, International Institute of Public Finance (IIPF), Germany
  • Book: Monitoring the State or the Market
  • Online publication: 07 December 2023
  • Chapter DOI: https://doi.org/10.1017/9781009434430.017
Available formats
×