Chomsky on Economic Growth

By Ben Cohen

Chomsky on Keynesian economics being the most successful formula for egalitarian growth:

From

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.

Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.