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Political Paternalism, Not Free Markets, Cause Economic Shocks

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One of the political paternalist tricks is to insist that any economic policy failure is more “proof” of the bankruptcy of the market economy. Once again, this worn-out device is employed by Columbia University professor and Nobel Prize-winning economist Joseph E. Stiglitz. Any and all such presumed market “failures” are placed by Stiglitz under the umbrella term, “neoliberalism.” Neoliberalism has ...