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Category: Friedman, Milton

The Financialization of the American Elite

On October 1, 2018, the newly christened Klarman Hall opened to much acclaim on the campus of Harvard Business School. The stunning $120 million building houses a conference center as well as a gleaming auditorium built around a 32-million-pixel, 1,250-square-foot video wall and a state-of-the-art, modular design that seats up to a thousand attendees. To mark the opening, the school held a daylong series of speeches and lectures, headlined by the building’s namesake and one of the school’s wealthiest living gradu­ates, billion­aire investor Seth Klarman…

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Does America Need Global Savings to Finance Its Fiscal and Trade Deficits?

It is frequently argued that America’s twin deficits—the government budget deficit and the trade deficit—result from profligate spending by the government and private sectors. This excess domestic spending, moreover, must be financed by global savings, putting America on an unsustainable debt path. Problems are compounded as the U.S. demand for savings can push up interest…

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Liberty versus Monopoly

Over the last half-century, business interests and philosophical libertarians have formed a powerful alliance. Business leaders frequently claim to be libertarians and draw on the rhetoric of the free market to criticize government regulation. In turn, libertarians frequently defend businesses against what both groups see as an overbearing regulatory state. The connection is best represented…

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Conservative Critiques of Capitalism

The 1984 Republican Party platform lauded what it called “democratic capitalism” for having produced, “in the United States and elsewhere, an unparalleled ability to achieve political and civil rights and long-term prosperity for ever-growing numbers of people.” In 2016, the GOP platform continued…

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Radical Markets versus Sensible Politics

Market-based reforms were used in the 1980s—really invented as a concept in the run-up to the 1980s—to counteract the excesses and failures of post–World War II social policy. At the time, marginal income tax rates in excess of 70 percent had shifteind income into unproductive tax-optimization vehicles instead of savings and investment. Excessive urban rent controls were a disincentive…

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Neoliberalism: The Movement That Dare Not Speak Its Name

Reactions against the use of the term neoliberalism have usually taken one of two forms: first, that “neoliberalism” is nothing more than a fevered delusion or a mirage perhaps shared with a few other addled persons, and thus best ignored; and second, that if such a thing does indeed exist, it is far too uneven and inconsistent to count as a serious analytical…

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