September 2007
Intermediate to advanced
544 pages
18h 48m
English
Content preview from The Origin of Wealth
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CHAPTER EIGHTEEN
Politics and Policy
THE END OF LEFT VERSUS RIGHT
THE WORLD of economic ideas has always been linked to the world of politics, and historically, paradigm shifts in economic theory have led to reconfigurations of the political landscape. Adam Smith’s ideas helped inspire a dramatic expansion in free trade in the nineteenth century. Karl Marx’s theories provided the impetus for cataclysmic changes in the twentieth century. The Neoclassical paradigm laid the intellectual foundations of Western capitalist orthodoxy, while Keynesianism tempered that orthodoxy with a role for the state. In the period after World War II, state activism ...
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