On page 200 of "Wall Street" Doug Henwood writes, "[Milton] Friedman and
[Anna Jacobson] Schwartz also blamed capitalism's most dire crisis, the
Great Depression, on the allegedly tightfisted policies of the Federal
Reserve, an argument that has the pleasant ideological effect of acquitting
the inner workings of the market system -- such as the overproduction of
commodities with the polarization of incomes that characterized the 1920s--
of any involvement."
My question: Doesn't "overproduction of commodities" and "polarization of
incomes" exactly describe the global economy of the past 20 years?
Louis Proyect
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