{"resolved":true,"match_type":"uuid","source_type":"original_book","book_id":"bd6aae02-10ad-4c93-8cfd-ed3ca405bfac","title":"Capitalism-and-Its-Critics-A-History-From-the","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9780374601096","requested_by":"printed_page","book":{"source_type":"original_book","book_id":"bd6aae02-10ad-4c93-8cfd-ed3ca405bfac","id":"bd6aae02-10ad-4c93-8cfd-ed3ca405bfac","uuid":"bd6aae02-10ad-4c93-8cfd-ed3ca405bfac","title":"Capitalism-and-Its-Critics-A-History-From-the","normalized_title":"capitalismanditscriticsahistoryfromthe","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9780374601096","isbns":["9780374601096"],"parsed":true,"ai_readable":true,"document_type":"book","page_count":681,"navigation_url":"https://workshop.closeclaw.top/ai/book/bd6aae02-10ad-4c93-8cfd-ed3ca405bfac","title_url":"https://workshop.closeclaw.top/ai/title/Capitalism-and-Its-Critics-A-History-From-the","fixed_page_url_template":"https://workshop.closeclaw.top/ai/book/bd6aae02-10ad-4c93-8cfd-ed3ca405bfac/page/{printed_page}","path_api_url_template":"https://workshop.closeclaw.top/api/ai/book/bd6aae02-10ad-4c93-8cfd-ed3ca405bfac/page/{printed_page}","read_url":"https://workshop.closeclaw.top/api/ai/read/bd6aae02-10ad-4c93-8cfd-ed3ca405bfac","page_url":"https://workshop.closeclaw.top/api/ai/books/bd6aae02-10ad-4c93-8cfd-ed3ca405bfac/page","search_url":"https://workshop.closeclaw.top/api/ai/books/bd6aae02-10ad-4c93-8cfd-ed3ca405bfac/search"},"page":{"printed_page":22,"pdf_page":418,"physical_index":418,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"4783dfef8f8167e64ca8c17cf8a1be8fba645f47811781ec3792259b9911fb29"},"chapter":"CAPITALISM AND ITS CRITICS","content":"“Shock treatment”\n\nMilton Friedman and the Rise of Neoliberalism\n\nOn April 23, 1964, Karl Polanyi died in Toronto. He was anything but a household name. The New York Times published a single-column obituary that described him as a “former Hungarian political leader” who taught at Columbia University.1 Polanyi’s death came at a moment when history appeared to have moved on from the free market version of industrial capitalism he had warned about in his 1944 book The Great Transformation. Despite some incipient signs of inflation in Britain and a few other parts of the West, the Keynesian model of managed capitalism was still ascendant in Western countries. Since the end of the Second World War, it had delivered rapid economic growth, rising living standards for the majority, and declining levels of income inequality.\n\nWith moderate Keynesian economists—Joan Robinson’s “bastard Keynesians”—holding sway from the White House to Harvard Yard and beyond, supporters of the old laissez-faire religion were reduced to issuing jeremiads and supporting Senator Barry Goldwater’s quixotic 1964 presidential campaign. The most notable of these rightist dissidents was the University of Chicago economist Milton Friedman, who in 1962 had published Capitalism and Freedom, a ringing defense of free markets and small government. Ever since attending high school in blue-collar Rahway, New Jersey, Friedman had been precocious and opinionated. After completing his undergraduate degree at Rutgers in 1932, he did graduate work at the University of Chicago and Columbia, but he initially struggled to get an academic post, a difficulty he later attributed partly to antisemitism. (His mother and father were Jewish immigrants from eastern Austria-Hungary.) Eventually he landed a job in Washington at the National Resources Committee, a New Deal agency, and during the Second World War, he worked at the Treasury Department. Friedman’s stint in the nation’s capital didn’t enamor him of the federal government. After the war ended, he spent a year at the University of Minnesota, then moved back to the economics department at the University of Chicago, which had held out against the Keynesian tide.\n\n22","previous_page":21,"next_page":23}