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Showing posts with the label "economic cycles"

The Great Recession: 2007-2017

“I know of no form of economic organisation based on the division of labour ( he refers to the Smithian view of a capitalist economy) , from unfettered laisser-faire to oppressive central planning that has succeeded in achieving both maximum sustainable economic growth and permanent stability.  Central planning certainly failed and I strongly doubt that stability is achievable in capitalist economies, given the always turbulent competitive markets continuously being drawn toward but never quite achieving equilibrium” .  He went on,  “unless there is a societal choice to abandon dynamic markets and leverage for some form of central planning, I fear that preventing bubbles will in the end turn out to be infeasible.  Assuaging the aftermath is all we can hope for.”  — the head of the Federal Reserve Bank (US) Alan Greenspan My comment: you know in life there are only two options. Yes, that how the global bourgeois ideology has made most of us believe.  "Central planning" or