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The History of Economics and the Development of Free-market Ideology

December 8, 2010

Today I’m posting a link to some casual reading by economist Michael Hudson on the development of Free-market ideology:

NeoLiberalism and the Counter-Enlightenment

It’s a bit long but if you read the two sections:

Classical political economy as a program of fiscal and financial reform


Post-classical economics as a reassertion of special rentier interests – by ignoring them

you will get a portrayal of the development of neo-classical economics (the type taught in modern economics departments that focuses on the justification of prices set in the free market) as a response to classical economics’ criticism of rent-seeking behavior (payments for non-productive economic activity).

The rest of the article is mainly historical context and arguments related to the current direction of “Left” political parties.

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