The rise of electoral democracies has been accompanied by enhancement of the role of myths and stories in economics and politics, in which “truth”, even if it could be found, has rarely ever played much of a role
ABSTRACT Neoclassical economics dominates modern economics .It fails to take sufficient account either of technological change or of marketing activities, both of which are central features of modern capitalism. Neoliberals believe that the state should be confined to safeguarding individual and commercial liberty and strong property rights. But in practice, corporations’ dependence on states has..
I have been publishing evaluations of various aspects of modern capitalism and neoliberalism over the last thirty years, starting in 1981 with a critique of one of Milton Friedman’s central ideas: Milton Friedman had suggested that faster inflation and higher unemployment have been mutually reinforcing in advanced countries since 1973. But he admitted that the..
1. Neoliberalism embraces beliefs that the only legitimate purpose of the state is to safeguard individual liberty , especially commercial liberty, as well as strong private property rights; and that the state should be drastically reduced in strength and size. These beliefs apply internationally: there should be free markets and free trade. 2. The political..
ABSTRACT Over the last 250 years, capitalism has been responsible for rapid economic growth and technological change in many countries. As Schumpeter suggested, the capitalist process progressively raised the standard of life of the masses. The consequent increase in production of an ever-changing and expanding range of products and services lifted hundreds of millions of..