Nobel-winning economist Joseph Stiglitz's new book argues the road to tyranny is paved not by too much, but by too little government.In the early 1930s, Austrian economist Friedrich Hayek, then based at the London School of Economics, jotted off a memo to the school's director, William Beveridge. At the time, the Great Depression was wreaking havoc around the world. And the ideals of classical liberalism, like democracy and free-market capitalism, were under assault.
For a long time, conservative politicians sold lower taxes, fewer regulations, and smaller government as integral to enhancing freedom. But, Stiglitz argues, this conception of freedom is all wrong and, even worse, it has paved the way to a dangerous political era that threatens our real freedom.
As a member and then president of the Council of Economic Advisors in the Clinton White House, Stiglitz had a prominent seat at the table when neoliberal ideas spread beyond their traditional stronghold in the Republican Party and began being pushed by Democrats. President Bill Clinton promoted a range of free-market policies, includingStiglitz says that, behind closed doors, he fought tooth and nail against many of these policies.
Of course, there are many who disagree with Stiglitz's take on neoliberalism and the need for strong government involvement in the economy. They may believe the government is too dumb or corrupt to do a good job regulating the market and engineering a more prosperous and freer society.
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