Each week my students select a news article and write about it using economic terms they are learning in class. Today I a student's work and went directly to the article selected to learn more about the report.
As an undergraduate and then graduate student in the late 1960's and early 70's, I studied primarily the theories and perspectives of Milton Friedman's Chicago School of economic thought. It came as quite a surprise to learn that these conservative economic thinkers actually considered government ownership of enterprises that were too large to be effectively regulated. I honestly didn't understand that these men believed government could improve on the private sector. Evidently I was incorrect.
It appears that when the market fails to support sufficient competition in a market, some highly respected economists from this school of thought actually support socialized ownership.
This was all positioned in the New York Times by Gar Alperovitz as pertaining to our too big to fail banks. As one who is disgusted with the track record and haughty attitude of our banking sector leaders, I find this idea quite alluring.
I believe I will further pursue some of these teachings. If these ideas gain support, I wonder how the bankers will respond?
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