May 16 2009
Economics thought of the day – 05/16/09
Stefan Collignon in the journal Social Europe.
Since World War II, three paradigms have dominated political and economic thinking in the world. In the East, Marxism rejected markets and democracy; in the West, Keynesianism laid the foundations for social democracy and political liberalism, while Friedman’s counter-revolution developed a neoliberal ideology from the theories of monetarism.
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