"Hayek may still have lessons to teach us. The policies he recommended during the Great Depression may have been badly flawed but his insight that prosperity cannot be restored by unending expansion of debt may have some value at a time when the limits of “Keynesian” quantitative easing are becoming clear. It is in any case far from obvious that Keynes would have supported a continuation of QE once a disastrous collapse had been averted. “Keynesianism” is a confection of Keynes’s more mechanical disciples, not an indication of how this mercurially brilliant mind would have responded to our present dilemmas. Again, Hayek’s claim that nothing can be done to mitigate the impact of free markets on social cohesion was dangerously misguided. But he was right to point out that capitalism cannot be remodelled to fit some conception of an ideally fair distribution of resources. Whether any kind of social democracy can be reconciled with the anarchic energies of global markets is an open question."
React to this quote
More by John Gray (philosopher)
See allResonant Thoughts
"First, without reference to England, looking at all countries, I say that it is the first duty of the Minister, and the first interest of the State, to maintain a balance between the two great branche…"
"In the present epoch, when the international class struggle has grown extremely acute, the danger of Right and ‘Left’ deviations and of nationalism in the communist movement has grown more tangible th…"
Explore Further
Related Quotes
"We should be prepared to come to the defense of that priest, rabbi, minister, or layman of the Church, who …"
— Cesar Chavez"What is a person who, among men equal in rights, dares to declare his fellows unworthy of exercising theirs…"
— Maximilien Robespierre"So those of us who believe in democracy, we need to speak out forcefully, because both the facts and histor…"
— Barack Obama"Rawls’s analysis of fairness, justice, institutions and behaviour has illuminated our understanding of just…"
— Amartya Sen"It's art, just look at it as art. Yeah, it's disgusting, but that's never gonna happen. Go to the Vatican a…"
— George Fisher (musician)"The progressive approach has left American racial inequality intractable: a permanent, institutionalized, c…"
— Crispin Sartwell