The second credits Alan Greenspan with possibly averting panics by making Friedmanite
liquidity injections, whereas it blames the severity of the financial crises of 2007-2008 at least in part on Bernanke's consistent failure to do so.
, which is my own tribe, believe that we could be in it if we would only stop to think.
Unfortunately, the compatibility of the classical Friedmanite
position with obedience to law and morality is undercut by some of Friedman's most well-known followers.
Klein never clearly explains how this could possibly be Friedmanite
. In the real world, Friedman "had always emphasized waste in defense spending and the danger to political freedom posed by militarism" in the words of his biographer Lanny Ebenstein.
Even though some of these recommendations are Friedmanite
in nature and somewhat extreme, emphasising (excessive) exchange rate depreciation and restriction of money supply, yet their broad thrust is essentially in the right direction.
Now it is Friedmanite
and the left has been performing somersaults.
From a theoretical point of view, this approach is highly controversial and is, in fact, against the spirit of the Friedmanite
demand theory model.
At Chicago he was not only a teacher but a prime intellectual mentor to generations of young economists who tended to approach both economics and politics in a Friedmanite
manner, making the "Chicago school" America's most influential brand of pro-market economic thought.
The institute was a furtive center of independent economic thinking set up in 1971 by Valtr Komarek, the economic architect of 'socialism with a human face.' There were some divisions: Klaus was considered a Friedmanite
; another institute member, Tomas Jezek, leaned more toward Hayek.
It was a monetarist profession of faith, admittedly a la Tcheque, with warnings against zeal and social blindness, but Friedmanite
babble has had a clear run in the past decade and has left us with insider traders, junk-bond merchants and politicians who would pay for the pleasure of selling themselves, to say nothing of the most casual polluters and poisoners.
No ordering hand had settled upon the Reaganite bestiary, which Cantor conveniently lists as "the Friedmanite
market economists; neoDarwinian sociobiologists; neo-1920s modernists; traditional believers in inequality and hierarchy (who never found an effective theoretical spokesman); traditional Roman Catholics; evangelical and Pentecostal (born-again) Protestants; Zionists; exponents of Victorian 'liberal' humanism, and the Bork-Meese constitutional fundamentalists."