11 the market revolution and its aftermath

11 the market revolution and its aftermath - The Washington...

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The Washington Consensus and its aftermath
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The power of markets: Adam Smith and the Wealth of Nations “The invisible Hand” distributes goods and resources where they are most productive and demanded
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The market revolution: background 1930s-1960s: heroic period of state intervention John Maynard Keynes and counter-cyclical state action state ownership--”national champions”, regulation
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1970s--the party ending, views changing over-extended states, slow growth inefficiencies apparent in Communist world, and state enterprises everywhere Hayek and Milton Freidman win Nobel prizes, becomes mainstream
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1980s--the revolution arrives: “British American Capitalism” Thatcher privatizes national industries-- airlines, telecom, utilities, transport, etc. Reagan follows--tax cuts, deregulation airlines (‘78), banks, telecom, etc.
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Chilean “miracle” 1973 After Allende coup, Pinochet imposes free market model Workers thrown out of work Then Chilean economy booms, still . . .
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This note was uploaded on 03/18/2010 for the course PLSC 130 taught by Professor Diamond during the Spring '10 term at Skyline College.

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11 the market revolution and its aftermath - The Washington...

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