By Ben Cohen
Chomsky on Keynesian economics being the most successful formula for egalitarian growth:
roughly 1950 until the early 1970s there was a period of unprecedented
economic growth and egalitarian economic growth. So the lowest quintile
did as well — in fact they even did a little bit better — than the
highest quintile. It was also a period of some limited but real form of
benefits for the population. And in fact social indicators,
measurements of the health of society, they very closely tracked
growth. As growth went up social indicators went up, as you'd expect.
Many economists called it the golden age of modern capitalism — they
should call it state capitalism because government spending was a major
engine of growth and development.