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New Thinking and a Strategic Policy Agenda

In: Economic Reform Now

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  • James K. Galbraith

Abstract

It has been rightly stated that the financial crisis of 2008 exposed a deep flaw in the way economics had approached the problems of prosperity, marketplace stability, and growth. The widely accepted conventional view before the crisis held that the ideal policy would impose minimal frictions and interventions, leaving markets to establish and maintain “equilibrium” relationships between all players, with each receiving a return proportionate to their contribution. This applied in national policies to the preference for privatization, deregulation, and flat taxes, and internationally to a preference for free trade, free capital flows, and continental economic unions. In finance, the “efficient-markets hypothesis” held that capital asset prices would reflect the best information available to economic agents—a doctrine implying that major crises were, at best, inherently unpredictable.

Suggested Citation

  • James K. Galbraith, 2013. "New Thinking and a Strategic Policy Agenda," Palgrave Macmillan Books, in: Economic Reform Now, chapter 0, pages 23-53, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-36407-4_2
    DOI: 10.1057/9781137364074_2
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