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Nov 18

Money in a Free Society: Keynes, Friedman, and the New Crisis In Capitalism

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In the 15 years up to mid-2007, the world economy enjoyed unparalleled stability – the so-called “Great Moderation” – with steady growth and low inflation. But the period since mid-2007 – “the Great Recession” – has witnessed the worst macroeconomic turmoil since the 1930s. A dramatic plunge in trade, output and employment in late 2008 and 2009 has been followed by an unconvincing recovery. How is the lurch from stability to instability to be explained? What are the intellectual origins of the policy mistakes that led to the Great Recession? What theories motivated policies in the United States and other leading nations? Which ideas about economic policy have proved right? And which have been wrong? Money in a Free Society compiles eighteen essays on these questions from Tim Congdon, a former economic adviser to the Thatcher government in the United Kingdom and one of the world’s leading monetary commentators. He calls for a return to stable money growth and sound public finances, and posits that these remain the best answers to the problems facing modern capitalism.

Tim Congdon is an economist and businessman, who has for over thirty years been a strong advocate of sound money and free markets. He is often regarded as the United Kingdom’s leading “monetarist” economist. From 1992 to 1997 he was a member of the U.K.’s Treasury Panel of Independent Forecasters – the so-called “wise men” – which advised the Chancellor of the Exchequer in a successful period for British economic policy. In his most recent venture, he has set up a new economics consultancy business, International Monetary Research Ltd. (www.imr-ltd.com) and serves as its Chief Executive.

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Tim G. Congdon
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Nile Gardiner, Ph.D. Nile Gardiner, Ph.D.

Director, Margaret Thatcher Center for Freedom Read More