Skip to content

Roots of the occupation- Gipper edition

October 13, 2011

Interesting essay on how Reaganism of the 80s lead to the Wall St occupiers of today.

There is no question that Reagan has had a profound and lasting impact on economic thought over the 25-30 years. Basically his view of economics has won.

Three decades later, the triumph of Reaganism is remarkable. In the United States and Britain taxes shrank, regulation, especially of the financial sector, was pruned back, and state companies were sold off. Even Brussels was nudged toward liberalization.

The impact on the rest of the world was even more profound. Soviet Communism collapsed, China converted to capitalism and entered the world economy, India dismantled its protectionist License Raj, and many emerging market economies in Latin America and Africa embraced liberalization as the path to growth.

But all systems, Reagan’s or others’, are in some ways self destructive and with a stagnating economy, high unemployment, and seemingly no way out, we may be seeing the self destruction of Reagan’s ideals.

But what is interesting is that this destruction doesn’t necessarily mean an end to Reaganism… indeed there are forces that would advocate a double-down on his low tax, low regulation mantra:

But the left shouldn’t declare victory quite yet. That’s because the anger of the United States’ squeezed middle class is also being harnessed by the right, and, at least so far, with greater and more focused political effect

 

‘Occupy’ Protests Standing Up to Reaganism – NYTimes.com.

Advertisements

Comments are closed.

%d bloggers like this: