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Milton Friedman: A concise guide to the ideas and influence of the free-market economist by Eamonn Butler

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Chapter 2. How to End Financial Crises

“The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy.”

– Milton Friedman, Capitalism and Freedom, Chapter 3

The great financial crisis that emerged in 2007 shook governments, bankers and the world’s public to their core. It saw the collapse of major international financial institutions, widespread panics as people rushed to withdraw their savings, and government bailouts of some of the largest financial institutions on the planet. House prices tumbled, particularly in the United States; stock markets plummeted; commodity prices fell; unemployment rose; economic growth slowed or went ...

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