The Great Depression and the expansion of government in the Second World War led to the discrediting of free enterprise ideas, eventually turning Britain into the ‘sick man of Europe’. This was only in part reversed by the counter-revolution of the 1980s and 1990s. Today, the aftermath of the financial crisis threatens a repeat of this anti-enterprise mistake. Many worry that future challenges such as inequality, globalisation, ageing and climate change can only be met by bigger government, but this isn’t the case.
KeywordsIndustrial Policy Great Depression Great Recession Free Enterprise User Reputation
Unable to display preview. Download preview PDF.
- Eric Hobsbawm, The Age of Extremes (Harmondsworth: Penguin, 1994), p. 94.Google Scholar
- 9.The Economy Report (15 August 1931), John Maynard Keynes, Essays in Persuasion (New York: W.W.Norton, 2009 ), p. 90.Google Scholar
- 11.George Trefgarne, Metroboom: Lessons from Britaina’s Recovery in the 1930s (London: CPS, 2012), p. 23.Google Scholar
- 12.Barry Eichengreen, The British Economy between the Wars, in Roderick Floud and Paul Johnson (eds), The Cambridge Economic History of Modern Britain, Vol II: Economic Maturity, 1860–1939 (Cambridge: Cambridge University Press, 2004), p. 35.Google Scholar
- 17.Matt Ridley, The Rational Optimist (New York: HarperCollins, 2010).Google Scholar
- 18.Jonathan Haidt, The Righteous Mind: Why Good People Are Divided by Politics and Religion (New York: Vintage, 2012).Google Scholar
- 19.Paul H. Rubin, Folk Economics (New York: Routledge, 2002).Google Scholar
- 20.Megan McArdle, The Up Side of Down: Why Failing Well Is the Key to Success (New York: Penguin, 2014), Kindle location 585.Google Scholar
- 26.Jim Manzi, Uncontrolled: The Surprising Payoff of Trial-and-Error for Business, Politics, and Society (New York: Basic Books, 2012); Arnold Kling, Macroeconometrics: The Science of Hubris, Critical Review, Vol. 23, No. 1–2 (2011).Google Scholar
- 32.Steven Pinker, The Better Angels of Our Nature (New York: Viking, 2011), p. 63.Google Scholar