Shirley Williams on Milton Friedman and the Failing of Free Market Capitalism

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The supposed benefits of free market capitalism and deregulation are at the heart of the ‘New Right’ doctrines expressed in Thatcherism and Blairite New Labour. Thatcher took her credulous adulation of the free market from the American Chicago school of economics, most notably von Hayek and Milton Friedman. These doctrines became New Labour orthodoxy under Tony Blair following Labour’s defeat in the 1987 general election. Despite Gordon Brown, Blair’s successor, having lost the 2010 election, and the rise of Jeremy Corbyn from the Old Labour Left as leader of the party, Thatcherite ideals are still espoused and promoted by the Blairite faction in the Progress ‘party-within-a-party’ in Labour.

Yet even at the time Thatcher was implementing the free market reforms that have devastated the British economy and society, it was obvious to the majority of people on the Left that the free market simply didn’t work. Shirley Williams, the right-wing…

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