The Great Depression thoroughly discredited laissez-faire economics. But over the postwar decades, with the help of generous business funding and political connections, figures like Milton Friedman led a remarkable revival of nineteenth-century economic ideas. They did it by adopting a pseudo-populist rhetoric that celebrated individual choice and autonomy.
Marshall Steinbaum is Assistant Professor of Economics at the University of Utah and Senior Fellow in Higher Education Finance at the Jain Family Institute.
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