Portal:Capitalism

By the 14th century, Norwich was one of the largest and most prosperous cities in England, and Norwich Market was a major trading hub. Control of, and income from, the market was ceded by the monarchy to the city of Norwich in 1341, from which time it provided a significant source of income for the local council. Freed from royal control, the market was reorganised to benefit the city as much as possible. Norwich and the surrounding region were devastated by plague and famine in the latter half of the 14th century, with the population falling by over 50%. Following the plague years, Norwich came under the control of local merchants and the economy was rebuilt. In the early 15th century, a Guildhall was built next to the market to serve as a centre for local government and law enforcement. The largest surviving mediaeval civic building in Britain outside London, it remained the seat of local government until 1938 and in use as a law court until 1985. (Full article...)

Friedman's challenges to what he later called "naive Keynesian" (as opposed to Neo-Keynesian) theory began with his 1950s reinterpretation of the consumption function, and he became the main advocate opposing Keynesian government policies. During the 1960s, he promoted an alternative macroeconomic policy known as "monetarism". He theorized there existed a "natural" rate of unemployment and argued that governments could only increase employment above this rate, e.g., by increasing aggregate demand, only for as long as inflation was accelerating. Though opposed to the existence of the Federal Reserve System, Friedman argued that, given that it does exist, a steady, small expansion of the money supply was the only wise policy.

Friedman actively participated in public debates over numerous policy issues; he was a major advisor to Republican U.S. President Ronald Reagan and Conservative British Prime Minister Margaret Thatcher. His political philosophy extolled the virtues of a free market economic system with minimal intervention. In his 1962 book Capitalism and Freedom, Friedman advocated policies such as a volunteer military, freely floating exchange rates, abolition of medical licenses, a negative income tax, and school vouchers. (Full article...)

• ... that John C. Osgood strongly opposed labor unions and tried welfare capitalism at his company town of Redstone, Colorado, to discourage his workers from forming unions and striking?
• ... that William Douglass was an 18th century American physician whose pamphlets on paper money led Adam Smith to call him "honest and downright"?
• ... that Japanese historian and economist Taguchi Ukichi has often been referred to as the Adam Smith of Japan?