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from Part II - From Laissez Faire to Welfare States: 1930 to 1970
Published online by Cambridge University Press: 07 December 2023
The slow or negative growth rates combined with high rates of inflation in the 1970s led to strong reactions. These reactions would give more power to the market while reducing that of governments. Various economic theories, some new and some rediscovered old ones, were advanced, to call for a reduced government role. Some of these were the Ricardian equivalence, rational expectations, Laffer Curve, efficient markets, effects of high compensations on some individuals, impact of globalization, etc. The new environment made some very conservative politicians win elections, in the United Kingdom, the United States, New Zealand, and some other countries. The era of welfare states was over and that of market fundamentalism had arrived. Future years would be different from past ones. To some exient it would be a return to laissez faire.
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