It rests on the attempt since the 1970s to translate a pathological degeneration of the principle of laissez-faire into economic reality by the systematic retreat of states from any regulation or control of the activities of profit-making enterprise. This attempt to hand over human society to the (allegedly) self-controlling and wealth- or even welfare-maximising market, populated (allegedly) by actors in rational pursuit of their interests, had no precedent in any earlier phase of capitalist development in any developed economy, not even the USA. It was a reductio ad absurdum of what its ideologists read into Adam Smith, as the correspondingly extremist 100% state-planned command economy of the USSR was of what the Bolsheviks read into Marx. Eric Hobsbawm
Some Similar Quotes
  1. Let us not seek to satisfy our thirst for freedom by drinking from the cup of bitterness and hatred. - Unknown

  2. After all, if you do not resist the apparently inevitable, you will never know how inevitable the inevitable was. - Terry Eagleton

  3. The world economy would collapse if a significant number of people were to realize and then act on the realization that it is possible to enjoy many if not most of the things that they enjoy without first having to own them. - Mokokoma Mokhonoana

  4. Being human means throwing your whole life on the scales of destiny when need be, all the while rejoicing in every sunny day and every beautiful cloud. - Rosa Luxemburg

  5. LIFE IS SUBVERSIVE - Ernesto Cardenal

More Quotes By Eric Hobsbawm
  1. But a progressive policy needs more than just a bigger break with the economic and moral assumptions of the past 30 years. It needs a return to the conviction that economic growth and the affluence it brings is a means and not an end. The...

  2. It is an irony of history that the first and greatest success of scientists in persuading governments of the indispensability of modern scientific theory to society was in the war against fascism. It is an even greater and more tragic irony that it was anti-fascist...

  3. More history than ever is today being revised or invented by people who do not want the real past, but only a past that suits their purpose. Today is the great age of historical mythology. The defence of history by its professionals is today more...

  4. The Labour party on the whole has not been a very effective opposition since the election, partly because it spent months and months electing its new leader. I think the Labour party should, for one thing, stress much more that for most people in the...

  5. There is a patent conflict between the need to reverse or at least to control the impact of our economy on the biosphere and the imperatives of a capitalist market: maximum continuing growth in the search for profit.

Related Topics