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In the 1960s, a handful of economists held what were thought by many to be peculiar and outmoded views. Over time, several charismatic figures in economics and in politics changed the opinions of many Americans. A new ethos was born in economics that supported a political ideal perfectly.
With the maturity and return to prosperity in Europe and Asia, and the end of Colonialism, global markets began to be more competitive. Jobs were lost in domestic manufacturing to the sale of cheaper imports on the U.S. market. People began to ask if the old Keynesian economics was still applicable.
Then came Ronald Reagan. His mentors at General Electric had long sought a reduction in income taxes, not only for their businesses but for the top echelons in industry. At the same time, Dr. Milton Friedman was teaching a version of Neoliberalism, a return to an economic policy of austerity, deregulation, smaller government, free trade and privatization of government services. The time was right. The charismatic leaders were in place. It was the intersection of economics and politics.
We have now had conservative economics for over 30 years. Has it worked or has it failed? This short book provides some answers that you will find enlightening.
$4.00 121 pages Click to download.