bystander
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加入时间: 2004/02/14
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作者：bystander 在 驴鸣镇 发贴, 来自 http://www.hjclub.org
The Bank of England followed Friedman’s monetarist prescriptions in the 1980s. That didn’t work, however. They found it difficult to set strict targets for money supply, so they gave up.
In the United States, the Volcker Fed set strict targets for aggregate money supply growth from 1980 to 1982. That pushed up interest rates and bond rates, and resulted in a severe double-dip recession. Monetarism has gone out of fashion since then. It was practically impossible to maintain that kind of policy. (Some argued that the Volcker Fed deliberately triggered a deep recession to deal a blow to labor.)
Reaganomics is more about supply-side measures than monetarism, i.e. cutting taxes for businesses rather than setting targets for monetary growth. Both the Thatcher and Reagan administrations emphasized free market initiatives and adopted pro-capital, anti-labor policies.
Greenspan is a strong advocate of deregulation. In that sense he is a neoliberal. He never even had a chance to try setting monetary targets. A few months after he took office in 1987, the stock markets crashed. And then, we had a series of economic crisis, e.g. the S&L crisis, the Tequila crisis, the Asian financial crisis, the Russian crisis, LTCM, Y2K, the burst of the Nasdaq bubble, and 911. In each instance, Greenspan kept interest rates a very low level for an extended period of time.
It is true that neoliberalism originated from conservative think tanks in the 1970s, and these think tanks were strongly influenced by the ideas of Milton Friedman. But as it turned out, some of these ideas simply didn’t work, and politicans and policymakers had to change course.
作者：bystander 在 驴鸣镇 发贴, 来自 http://www.hjclub.org |
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金融危机谁受害？
