What remains to be tried is helicopter money, a half-serious Milton Friedman recipe for stimulating a sluggish economy with sure-fire monetary means: throw money from helicopters, so people can pick it up and go shopping, and all will be fine.
The collapse of ‘privatized Keynesianism’ in 2008 was far from ending the sequence of crises of postwar capitalism that began in the 1970s.
While the verdicts of ‘the market’ can present themselves as ‘just’ – in the sense of objective – having come about sine ira ac studio according to universal, non-particularistic, impersonal rules, political intervention in the ‘free play of market forces’ tends to be perceived as exploitation of the general public by powerful special interests.
the premise that growth of the ‘economy’, and with it of state revenue, can be obtained only by tax concessions big enough to attract investment: more taxes through lower taxes – the Laffer illusion as the last hope of economic policy
Instead of reifying this process as an expression of eternal standard-economic laws, I treat it as the outcome of distributional conflict between classes.
on the neoliberal revolution
