Word: marketed
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Dates: during 1980-1989
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Harberger has never questioned his faith in the market economy as the solution to the problems of poor countries. "I preach an approach I call good economics," he says. His approach measures success with the ledger of an accountant; questions of who gets what have no place in the economist's calculus...
Harberger also implicitly justified the repression. He felt the socialistic economic policies of the Allende government had helped destroy freedom in Chile; he still subscribers to the 19th-century belief that a free market in the economic and political realms are interdependent. "The restoration of political freedom is impossible without a restoration of economic health," he wrote (Wall Street Journal, December 10, 1976). The paradox is that Harberger promulgated with missionary zeal his belief in the free economic market in a place where the free marketplace of ideas had been decimated...
...ROLE OF Harberger's approach to economics in causing the repression is, however, a much more serious issue. The field of international development is now in a state of intellectual crisis. One of the reasons is the failure of market economics to solve the economic problems of developing countries. In the '50s and '60s economists were confident they could get the economies of poor countries moving if only their governments would follow a good economist's advice...
...Market-oriented policies are not apolitical in underdeveloped countries; they consolidate the power of an elite, creating discontent among the poor. In order to continue the polices, the government must resort to repressive measures. For example, when the Chilean government went full throttle on the "shock treatment" which Harberger's and Milton Friedman advocated on their 1975 visit to Chile, the Christian Democratic Party criticized the approach and called for alternatives that would ease its dire social consequences. In March 1977, the Christian Democratic Party was outlawed...
...young, enthusiastic organization that started early in Iowa and capitalized on that state's affection for down-to-earth, visible politicians. After Iowa, the press blessed Carter with its bewitching potion, momentum. Bush now tastes the same nectar. In fact, he chortles that he has cornered the market on the stuff...