History has a lesson for today's worldIt is said that you can line up all the world's economists end-to-end and still never reach a conclusion. However, one crucial consensus seems to be emerging in recent years among market watchers: the Reagan era of deregulation is coming to an end.
This enduring push for deregulation among the world's advanced economies, triggered initially by Ronald Reagan and Britain's Margaret Thatcher in the early 1980s, has fueled globalization's rapid advance around our planet ever since. Globalization is --first and foremost -- the worldwide flow of investment capital.
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Comments (2)
1636-1637 Tulip Mania. 1776 Start of American Revolution after Brits bug us to benefit East India Company. AND 1776 Adam Smith publishes book recommending free markets and competitive smaller businesses as better (not perfect) alternative to big business - big government alliances.
Posted by Louis Heberlein | August 3, 2008 2:20 PM
Actually it wasn't really quite deregulation. Instead it was socialization of the costs of business failures while allowing the benefits to be retained by the failed business leadership. After all President Reagan grounding was in union politics and the cocoon of studio politics. Just wanted to make sure his friends were beneficiaries of whatever system he led or managed or interested in. Very very smart man. We are just now learning some of the impacts of his major decisions. The Laffer Curve was just a cover for diversion of the wealth of the nation to maintaining the military-industrial-academic complex that were the real welfare queens of the 80's. Grenada? Wow. What a test of the system? Won by an AT&T calling card? Did we win the cold war or did the Soviet Union lose? Give it a longer period of record before we shut down the books as to his real impacts.
Posted by William R. Cumming. | August 5, 2008 5:20 PM