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18 - Cultural Aspects of Market Fundamentalism

from Part III - The Period after the 1970s

Published online by Cambridge University Press:  07 December 2023

Vito Tanzi
Affiliation:
International Institute of Public Finance (IIPF), Germany
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Summary

Some individuals had great influence in changing the cultural background during the years of market fundamentalism. The first of these individuals was Milton Friedman who in those years acquired a prominent status as a public intellectual. With his writings and public pronouncements, he made individual economic liberty and economic efficiency the only goals worth pursuing in a market economy. He gave no role to the pursuit of collective goals. The second individual was Jack Welsh. He had enormous influence on behavior in the corporate sector with his pursuit of profits at any cost and at much cost to workers. He created a corporate culture that became predominant, and that totally ignored the welfare of workers. The third individual was Newt Gingrich, who changed political relations transforming them into a contact sport. Political opponents became enemies to be defeated and not colleagues who just had different political views. Politics in the United States never recovered.

Type
Chapter
Information
Monitoring the State or the Market
From Laissez Faire to Market Fundamentalism
, pp. 134 - 138
Publisher: Cambridge University Press
Print publication year: 2023

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