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Capitalism and its Discontents

Michael J. Boskin
Business Economics
Vol. 34, No. 1 (January 1999), pp. 7-13
Stable URL: http://www.jstor.org/stable/23487706
Page Count: 7
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Capitalism and its Discontents
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Abstract

A review of episodes in economic and intellectual history indicates the superiority of a limited government market economy over the alternative models of economic organization. The siren calls of pundits, politicians and even some economists in favor of: Communist central planning during the Great Depression; market socialism after World War II; and, more recently, massive welfare states and/or extensive government micromanagement of markets each ran afoul of their own problems and comparisons to the limited government (based on sound criteria) capitalist model. The limited government capitalist model, once again under attack from those who would greatly expand the role of government, needs its defenders, as the alternative models have proven historically, intellectually and practically bankrupt.

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