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1 results

  • 18 - Cultural Aspects of Market Fundamentalism

  • from Part III - The Period after the 1970s
  • Vito Tanzi, International Institute of Public Finance (IIPF), Germany
  • Book:
    Monitoring the State or the Market
    Published online:
    07 December 2023
    Print publication:
    21 December 2023, pp 134-138

  • 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.