Single Idea 20098

[catalogued under 24. Political Theory / D. Ideologies / 11. Capitalism]

Full Idea

The central laissez-faire conceit is that capitalism is a self-correcting mechanism.

Gist of Idea

Fans of economic freedom claim that capitalism is self-correcting

Source

Micklethwait,J/Wooldridge,A (The Fourth Revolution [2014], 3)

Book Reference

Micklethwait/Wooldridge: 'The Fourth Revolution' [Penguin 2014], p.70


A Reaction

This was Keynes's rather left-wing criticism of standard capitalist views. These resurfaced in the 1980s with mantras about the virtues of 'market forces'.