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To admit that the monetarist cure was inadequate would be to admit that the Great Depression had deeper roots then a failure of technocratic management on the part of central banks charged with maintaining a neutral monetary policy and a stable money supply growth rate. Such deeper roots in severe market failures would not be consistent with a belief that social democracy had been oversold, and that government failure was almost invariably a worse danger than market failure. There was thus an extremely strong elective affinity between a mainstream economics profession caught up in the gathering neoliberal currents of the age and the Friedmanite interpretation of the Great Depression. - equitablegrowth.org
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