Milton Friedman: Architect of Neoliberalism RIP
1st December, 2006
Death is rarely something to be celebrated, but I can’t say I shed a tear last week when I heard that Milton Friedman, the father of neoliberal economics, had gone to the great free market in the sky.
Some of the obituaries were glowing, some less so. Some mentioned his less savoury moments – his keenness to advise General Pinochet in Chile, at the height of his oppressive regime, for example – some didn’t. But few of them took much of a step back to examine his real global legacy.
Not that Milton can be blamed for all of this, of course. He just developed the ideas – others, from Reagan to Thatcher, via a clutch of unsavoury US-supported dictators (not including Tony Blair, though he’s one of Milton’s cronies too) actually put them into practice. But the model he helped to create – that of unfettered markets, corporate power and a one-size-fits-all economic model in which price trumps value every time – is now so dominant that it can seem unstoppable.
It is Milton’s model which is responsible for the... To view the rest of this article - you must be a paying subscriber and Login
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