To compare The Money Makers: How Roosevelt and Keynes Ended the Depression, Defeated Fascism, and Secured a Prosperous Peace to a 100,000-word inflationist op-ed by Paul Krugman would be unfair—unfair to Paul Krugman. It goes beyond Keynesian hagiography to Keynesian deification.
In a New York Times op-ed a week ago, Senator John McCain (R-Ariz.) lauded the recently deceased Delmer Berg and other Americans who volunteered to fight on the Loyalist side during the Spanish Civil War, which began 80 years ago. Berg was thought to be the last living veteran of the Abraham Lincoln Brigade, a unit of American volunteers who fought in that storied but oft-mischaracterized conflict that took place from 1936 to 1939.
In response to: The Rise of Adversarial Corporatism
Michael Greve’s essay vividly describes some deeply troubling trends in the relationship between the government and the economy. It provides a much needed perspective at a time when politics and policy-making are nothing if not adversarial, and more casual observers succumb to the temptation simply to choose sides without asking how we came to this ugly state of public affairs and where it might be headed. At the same time, however, I fear that Greve’s coinage of “adversarial corporatism,” however apt, will be too often misunderstood. Like “crony capitalism,” it will lead those who inhabit the shallow news-bite space (and…