Noah Smith is a regular economics blogger of the mainstream Keynesian persuasion and writes regularly for Bloomberg now. A recent piece by him was headlined “free markets improved more lives than anything ever”. And he delivered the now usual argument that capitalism has actually been a great success in delivering better lives for billions compared to any previous mode of production and social organisation and, as far as he can see, it will remain the ‘market leader’ for human beings.
Smith is keen to refute the ‘mixed economy’, anti free trade ideas that have been sneaking into mainstream economics since the Great Recession, namely that ‘neo-liberalism’ and free markets are bad for living standards. Instead, a little dose of protectionism on trade (Rodrik) and state intervention and regulation (Kwak) helps capitalism to work better.
But no, says Smith. Neoliberalism works better. He cites…
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