This is interestign article, but sadly I must say that I have some very large problmes with it. The article is to large to go threw all the historical details.

This is interestign article, but sadly I must say that I have some very large problmes with it. The article is to large to go threw all the historical details. I would argue the article is very nice example of what is sometimes called history as popular myth. Many historical periods or events have many different interpretations and one is favored depending on politics. This piece nicely collects all of these and makes a nice overall story out of it that then perfectly leads into the politcal system favored by all non-communist modern leftist, scandinavian capitalism. How could anybody disagree with this logical chain? On thing that bugs me is that recessions are only blamed at those in power during the recession, while ignoring structural problems that existed before. It all only went bad in 1973, before that it was awesome, nothing happened before is responsable for the problems. Also calling the economy of the 60s 'Keynsian' is just a slightly strange leftists phrase that is not really used by econnomists. Keynsianism has perticular technical defnition, it does not mean big government with regulation. Many this about this version of the 60s and how the left loves to call it 'Golden Age Capitalism' and then follows it up with 'but it was actually Socialism, look at the marginal tax rate'. This is a highly stylised version of events works thanks to selective selection of metrics. Most economist agree that the Great Depression was caused by central bank mismangment. We know know this quite well, and people like R. G. Hawtrey (worlds most well known economsit back then) prediced the Great Deflation pretty exactly, with the correct explaition that we still use today. It had nothing to do with free markets, or the evil small government polices of the 20s. Much the same argument could be made about 2008. Again, one can not take account of the whole article in single comment, but I would just point out that there are many different interpretations of these events. One could easly turn it around and tell a equally convincing story with the opposite point.