WHY FREE MARKETS SHOULD NOT BE BLAMED FOR THE CURRENT RECESSION

Ángel Martín Oro

Economic Affairs, 2010, vol. 30, issue 3, 86-89

Abstract: Interventionist thinkers are now claiming intellectual victory, blaming the free‐market system and its ideology for the current economic collapse. We find this thesis untenable, drawing on the Austrian Business Cycle Theory. Instead, we argue that the roots of our present downturn lie in the monetary system, whose institutional structure is far from any free‐market ideal. Moreover, several government policies have contributed to the problems.

Date: 2010
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