Markets and Policy

in The Private Abuse of the Public Interest

Published by University of Chicago Press

Published in print October 2008 | ISBN: 9780226076423
Published online March 2013 | e-ISBN: 9780226076454 | DOI:
Markets and Policy

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This chapter briefly traces the decline of pragmatic realism as a public philosophy, the rise of a dogmatic utopianism during the last four decades of U.S. public policy, and the persistence of pragmatic realism as a dissenting opinion that embraces private markets while acknowledging their limitations and the legitimate functions of government. The utopians have sought to isolate this long tradition of pragmatic realism and to frame public policy debate as presenting a stark choice—embrace markets with all the liberty and prosperity they promise or succumb to government with its oppression, economic stagnation, and decline. The chapter shows that this is a false choice.

Keywords: public policy; pragmatic realism; dogmatic utopianism; private markets; government

Chapter.  8964 words. 

Subjects: US Politics

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