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View Diary: Book Review: Naomi Klein's "The Shock Doctrine" (208 comments)

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  •  Chicago Eco. theory responsible for Seven Sins? (9+ / 0-)

    Hmm...might be a bit of reach to claim the Friedman's economic theory, which won a Nobel Prize for economics, is responsible for greed, lust, pride, envy, gluttony, anger and sloth. I think they fall under the category of "pre-existing conditions".

    Interesting that extravagance was one of the originals and became lust. Extravagance seems to be a much better fit as a sin.

    Freidman believed, thought it was not in his economic theory, that capitalism lead to democracy but every dictatorship from the Roman Empire to the new Chinese Empire seems to contradict that.  Also the fact that tightly regulated market systems that produce income equality tend to produce more wealth (post WWII US) and more democracy seems to under cut Friedman's theory.

    If Reagan/Bush are examples of Friedman's economics and FDR to LBJ are examples of Keynesian, then Keynesian outproduced Friedman by close to 2:1 looking at GDP growth rates.

    •  Nobel prize for ecnomics (0+ / 0-)

      Is different from the normal Nobel prize.  You could consider it trademark infringment.  Only recently, they reformed their selection process and ironically chose economist Joseph Stiglitz's theory that completely  backflips on everything Friedman said.

      The Economics Prize is awarded by the Bank of Sweden.

      Just so you know.

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