Mark Atwood (fallenpegasus) wrote,
Mark Atwood

RIP, Milton Friedman

I was reading Milton Friedman's entry in Wikipedia, and came across what is probably the most straightforward, honest, and to-the-point description and admission of the cause of the Great Depression, ever.

Or, as a representative of the Federal Reserve (one Ben Bernanke) pithily expressed it on the occasion of Friedman's 90th birthday in 2002: Regarding the Great Depression. You're right, we did it. We're very sorry.

So much for the theory of it being a result of the "fundamental contradictions of capitalism". The Great Depression wasn't caused by an uncontrolled economy. It was caused by the one-two punch of slamming down protectionist tariffs, and by trying to use the central bank to "plan" and "control" the economy. Which is very foreboding, given the recent election of a lot of pols in the US who are all for protectionist-ism and economic planning. "It failed miserably before, let's TRY IT AGAIN!"

Goodbye, Professor Friedman. You will be missed.

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