socialmedian: The Bankruptcy of Militant Free Market Ideology

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The Bankruptcy of Militant Free Market Ideology

Source: History News Network

Oct 06, 2008

Summary

Now that many economists and political leaders are denouncing free market extremism and calling for greater regulation, pundits have been trying to identify the people who were most influential in taking Americans down a mistaken path towards de-regulation and lax regulation of the economy. Lots of leaders are worthy candidates for this dubious honor roll of leaders who led the country astray by serving as militant champions of laissez faire, but five individuals are especially noteworthy: Milton Friedman, Alan Greenspan, Ronald Reagan, William E. Simon, and Phil Gramm.

Friedman was the chief ideologist for de-regulation. Greenspan was its protector at the Fed, and Reagan served as the major political critic of regulation. Simon was the cause's leading strategist, and Gramm served as its most influential legislator.

The biggest intellectual contributor to American enthusiasm for extremely "free" markets was a petite economics professor at the University of Chicago, Milton Friedman. He was a brilliant and original thinker who garnered a Nobel Prize in economics,

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