“I was pretty much out of step with the times,” writes Alan Greenspan in The Age of Turbulence, referring to his political convictions in 1965, employing his fed-speak predilection for understatement. His advocacy of capitalism was indeed “out of step with the times”. Capitalism was such a dirty word in those days that its advocates had to employ redundancies such as “laissez-faire capitalism”, or euphemisms such as “free enterprise”, to even get a hearing. As the economist Ludwig von Mises had described the situation: “Nothing is more unpopular today than the free market economy, i.e., capitalism. Everything that is considered…
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