The Rise of Socialism Means ‘Friedmanomics’ Is Needed Now More Than Ever

Milton Friedman (Wikimedia Commons)
Thirty years after the fall of the USSR, the same old bad ideas are gaining new traction.

NRPLUS MEMBER ARTICLE T he end of December marked 30 years since the end of the USSR, which marked a transformative point in economic as well as political history.

What’s happened since?

A number of former Soviet republics have shown decent if occasionally uneven economic growth since the break-up of the USSR, but if you strip out resource-based windfalls, the most successful has been the Baltic trio (Estonia, Latvia, and Lithuania), where the commitment to the West, democracy, and free markets far exceeds anything elsewhere in what was once Moscow’s realm.

Meanwhile, the absence of the USSR and its appalling example has affected attitudes in the U.S.,

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Jon Hartley is an economics Ph.D. student at Stanford University and a visiting fellow at the Foundation for Research on Equal Opportunity. He formerly served as a senior policy adviser to the Congressional Joint Economic Committee.

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