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The Age of Milton Friedman

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  • Andrei Shleifer

Abstract

Between 1980 and 2005, as the world embraced free market policies, living standards rose sharply, while life expectancy, educational attainment, and democracy improved and absolute poverty declined. Is this a coincidence? A collection of essays edited by Balcerowicz and Fischer argues that indeed reliance on free market forces is key to economic growth. A book by Stiglitz and others disagrees. I review and compare the two arguments.

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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jel.47.1.123
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Bibliographic Info

Article provided by American Economic Association in its journal Journal of Economic Literature.

Volume (Year): 47 (2009)
Issue (Month): 1 (March)
Pages: 123-35

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Handle: RePEc:aea:jeclit:v:47:y:2009:i:1:p:123-35

Note: DOI: 10.1257/jel.47.1.123
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References

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  1. Natalia T. Tamirisa & Simon Johnson & Kalpana Kochhar & Todd Mitton, 2006. "Malaysian Capital Controls: Macroeconomics and Institutions," IMF Working Papers 06/51, International Monetary Fund.
  2. Eswar S. Prasad & Raghuram G. Rajan, 2008. "A Pragmatic Approach to Capital Account Liberalization," Journal of Economic Perspectives, American Economic Association, vol. 22(3), pages 149-72, Summer.
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Cited by:
  1. MIYAJIMA Hideaki, 2009. "Pluralistic Evolution of the Japanese-Style Enterprise System: Toward the Hybrid Model (Japanese)," Discussion Papers (Japanese) 09017, Research Institute of Economy, Trade and Industry (RIETI).
  2. Simplice A, Asongu, 2012. "African Stock Market Performance Dynamics: A Multidimensional Convergence Assessment," MPRA Paper 36055, University Library of Munich, Germany.
  3. Leandro Prados de la Escosura & Joan R. Rosés & Isabel Sanz Villarroya, 2011. "Economic Reforms and Growth in Franco’s Spain," Working Papers in Economic History wp11-07, Universidad Carlos III, Departamento de Historia Económica e Instituciones.
  4. Bruno, Giuseppe & De Bonis, Riccardo & Silvestrini, Andrea, 2012. "Do financial systems converge? New evidence from financial assets in OECD countries," Journal of Comparative Economics, Elsevier, vol. 40(1), pages 141-155.
  5. Johansson, Anders C. & Feng, Xunan, 2013. "CEO Incentives in Chinese State-Controlled Firms," Working Paper Series 2013-27, Stockholm China Economic Research Institute, Stockholm School of Economics.
  6. Georgios P. Kouretas & Chris Tsoumas, 2013. "Bank Risk-Taking in CEE Countries," Central European Journal of Economic Modelling and Econometrics, CEJEME, vol. 5(2), pages 103-123, June.
  7. Weigert, Florian, 2012. "In Search of Cushion? Crash Aversion and the Cross-Section of Expected Stock Returns Worldwide," Working Papers on Finance 1325, University of St. Gallen, School of Finance, revised Mar 2013.
  8. Asongu Simplice, 2012. "African Financial Development Dynamics: Big Time Convergence," Working Papers 12/003, African Governance and Development Institute..
  9. Boettke, Peter & Fink, Alexander, 2011. "Institutions first," MPRA Paper 32093, University Library of Munich, Germany.
  10. Manthos, Delis & Iftekhar, Hasan & Pantelis, Kazakis, 2010. "Bank regulations and income inequality: Empirical evidence," MPRA Paper 27379, University Library of Munich, Germany.
  11. Delis, Manthos D. & Kouretas, Georgios P., 2011. "Interest rates and bank risk-taking," Journal of Banking & Finance, Elsevier, vol. 35(4), pages 840-855, April.
  12. Farhang Niroomand & Edward Nissan, 2012. "Relating economic infrastructure indexes to investor protection for selected emerging economies," Journal of Economics and Finance, Springer, vol. 36(1), pages 249-260, January.

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