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1 results

  • 13 - A Return to Laissez Faire?

  • from Part III - The Period after the 1970s
  • Vito Tanzi, International Institute of Public Finance (IIPF), Germany
  • Book:
    Monitoring the State or the Market
    Published online:
    07 December 2023
    Print publication:
    21 December 2023, pp 95-104

  • Summary

    This chapter covers: the growing importance of Chicago School of Economics and of School of Public Choice; the work of F. Hayek; individual rights and individual freedom are seen as being more important than community rights and goals; privatization of Public Private Partnerships and of pensions; laziness is associated with unemployment, and social assistance is discouraged; marginal tax rates begin to be reduced; differentiations in compensations for work increases; Gini coefficients begin to rise; welfare beneficiaries are seen as lazy individuals who wish to live at the expense of hard-working and tax paying individuals; free markets are seen as a miracle drug; many conservative economists receive Nobel Prizes; the social landscape experiences a dramatic change in the 1980s in a rightward direction; fiscal stabilization policy loses influence; monetary policy becomes more important; and there is a return to pre-Keynesian times.