Exact(8)
Similarly, the failure of free markets during the financial crisis might have led people to think that the government should be more involved in the economy.
What started in August 2007 was not the failure of free markets but the outcome of bad government actions.
Sure, the impact of the crisis is being felt economically, but the root cause isn't economics, nor is it the failure of free enterprise and capitalism.
When economic disasters occur, such as the Great Depression and the recession with which we're still struggling, it's government policy, not some sudden failure of free markets, that is the root cause.
Thus, what began in August 2007 was not the failure of free markets but the result of bad government actions: Greed and recklessness always run rampant during a bubble.
By now, it should be a familiar story, in which the 2008 financial crash and the 2010 Eurocrisis were apparently not caused by the failure of free market economics, but by the profligacy of government spending, which therefore must be ruthlessly cut in order to save us all.
Similar(52)
However, the failure of free-market economic policies in post-communist Russia has only served to strengthen anti-western sentiment.
We saw a massive failure of free-market economics, but his answer is more of the same.
To see the failure of free-market health care, just look at our Southern red states, where access is limited and obesity and cardiovascular disease are rampant.
In part, the left's success is a response to disappointment with the failure of free-market policies promoted by Washington in the 1990s to generate economic growth and reduce the region's yawning inequality.
Now the extraordinary gains in those and other emerging countries — not just in economic terms, but in the quality of life for many in the new middle classes — has been jeopardized by the catastrophic failure of free-market fundamentalism, particularly in the United States.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com