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Masters of the UniverseHayek, Friedman, and the Birth of Neoliberal Politics$
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Daniel Stedman Jones

Print publication date: 2014

Print ISBN-13: 9780691161013

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691161013.001.0001

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Keynesianism and the Emergence of Monetarism, 1945–1971

Keynesianism and the Emergence of Monetarism, 1945–1971

(p.180) 5 Keynesianism and the Emergence of Monetarism, 1945–1971
Masters of the Universe

Daniel Stedman Jones

Princeton University Press

This chapter examines how the neoliberal breakthrough came in the seemingly unlikely realm of technical economic policy. The long postwar boom, often dubbed the Golden Age of capitalism, continued through the 1950s and 1960s, when politicians and publics alike believed they understood how to effectively manage capitalism using the tools of demand management developed by John Maynard Keynes, and especially as expanded by the next generation of Keynesian economists. Moreover, an important set of ideas emerged from the transatlantic neoliberal network during the 1950s and 1960s that would pave the way for a much larger challenge to the dominance of New Deal liberalism and social democracy. This body of thought centered on the restatement of the quantity theory of money by Milton Friedman.

Keywords:   neoliberalism, economic policy, capitalism, John Maynard Keynes, Keynesian economists, New Deal, monetarism, Milton Friedman

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