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Mainstream economists and politicians in the main capitalist economies are in a dilemma. They could not come up with a convincing explanation of why there was a financial collapse and the ensuing Great Recession. When former Chairman of the US Federal Reserve, Alan Greenspan, was asked in the US Congress, right in the middle of the slump, if he could explain what had happened, he responded, “I am in a state of shocked disbelief.” He was questioned: “In other words, you found that your view of the world, your ideology was not right, it was not working (House Oversight Committee Chair, Henry Waxman). “Absolutely, precisely, you know that’s precisely the reason I was shocked, because I have been going for 40 years or more with very considerable evidence that it was working exceptionally well”. The conventional wisdom was unable to explain the huge disruption in modern capitalism. Now mainstream economics is in a dilemma. They are not sure what to do to fix it. . . . full at: https://rdln.wordpress.com/2012/11/10/the-dilemma-of-the-mainstream/ Phil _________________________________________________________ Full posting guidelines at: http://www.marxmail.org/sub.htm Set your options at: http://lists.csbs.utah.edu/options/marxism/archive%40mail-archive.com
