Text

Globalisation and Governance in the Pacific Islands

---

In the autumn of 1950, a young man, the son of refugees from Nazi Germany, enrolled in the economics program at the University of Chicago. Chicago’s department of economics was an unusual place in those days. Ever since the publication of John Maynard Keynes’ General Theory in 1936, Keynesian
economics — with its stress on the use of state intervention to manage economic
development — had become more or less orthodoxy. Chicago stood against this trend, becoming something of a refuge for neoclassical economists. Neoclassical economics, with its faith in free markets, minimalist government and the ability
of mathematical models to explain human behaviour, ran against the
then-dominant consensus in Western economics, which believed that state
management could ensure an economic growth rate that benefited owners and
workers alike. Neoclassical theory tended to take a less sunny view of economic
management, believing that there were costs in economic efficiency to
redistribution. Among its most famous exponents, a fierce critic of Keynes who
would go on to win the Nobel Prize in economics, was Milton Friedman.

---

Availability

No copy data

Detail Information

Series Title

-

Call Number

320.995 GLO g

Publisher

Canberra : ANU Press., 2006

Collation

vii, 472p. : ill

Language

English

ISBN/ISSN

192094298X

Classification

320.995

Content Type

-

Media Type

-

Carrier Type

-

Edition

-

Subject(s)

Politics and government
Globalization
Australia

Specific Detail Info

-

Statement of Responsibility

-

Other version/related

File Attachment

Comments

---

You must be logged in to post a comment