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from Part I - The Period until the Great Depression
Published online by Cambridge University Press: 07 December 2023
This chapter covers: the beginning of reforms: first of constitutional and then of economic reform; laissez faire continues to be the popular ideology for economists; growing contrast between laissez faire and socialist ideologies; laissez faire continues to stress the pursuit of efficiency and growth over that of equity; socialism stresses the promotion of equality; many forms of socialism are developed; Darwinian views of laissez faire continue to prevail in the United States and in the United Kingdom; laissez faire continues to ignore equity; the income distribution becomes more uneven; economics becomes progressively more “scientific” with the increasing use of mathematics; and the concept of equilibrium continues to prevail and its impact on policies remains strong until 1930.
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