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View Diary: The end of neoliberalism from General Electric (23 comments)

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  •  it was or is the theory that "markets" make (2+ / 0-)
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    hestal, virginislandsguy

    decisions and that governments should not try to do things like protect local industries.

    Part of the theory is that if the market decides solar power panels are best made in malaysia and not indiana, the government should not attempt to interfere, but should reduce taxes, duties, and other limitations on the free flow of capital that will lead, magically, to the most efficient allocation of resources.

    As immelt points out that things don't work like that. This seems obvious and James Madison said the same thing, but in the 1970s-1990s, people in the top ranks found it convenient to believe otherwise - and some still do.

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