The Turbulence and the Paradox

“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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