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Counterfeit capitalism is a nice term. I think neoliberalism will be labeled as such by historians in the future. The collapse of Bretton Woods and the subseque
by braindead_in 7y ago
Counterfeit capitalism is a nice term. I think neoliberalism will be labeled as such by historians in the future. The collapse of Bretton Woods and the subsequent neoliberal laissez faire economics set off a chain reaction which led to the 2008 sub prime crisis and the current climate crisis. The world will eventually move away from that. Friedman was wrong. Society is not built on greed.
- IanDrake 7y agoCan you connect the collapse of Bretton Woods and laissez faire economics for me? It seemed like you were implying a connection, but I don't see it.
- braindead_in 7y agoBretton Woods system collapsed due the stagflation crisis of the 70's. Economists started re-thinking Keynesian economics and the gold standard was abandoned. That precipitated the collapse. [1] The Chicago School economists were successful in pushing through the neoliberal agenda. They were so successful that both democrats and republicans adopted it en masse. Even Singapore adopted neoliberalism. There is direct correlation between increase in income inequality with the switch to neoliberal policies. [2] [1] https://www.imf.org/external/about/histend.htm https://www.imf.org/external/about/histend.htm [2] https://www.theguardian.com/news/2017/aug/18/neoliberalism-the-idea-that-changed-the-world https://www.theguardian.com/news/2017/aug/18/neoliberalism-t...