In the USA the Republicans still think that tax cuts for the rich and deregulation will solve America's economic problems. (Republicans Plot Tax Cuts And Deregulation For 2011 ...)
In the 1960s and 1970s:
There was widespread regulation of the economy and there were high taxes for the rich.
The world economy grew at about 3%, in per capita terms, each year.
From the 1980s onwards:
There was less regulation of the economy and there were lower taxes on the rich.
The world economy grew at about 1.5%, in per capita terms, each year.
On 30 August 2010, Cambridge University's Ha-Joon Chang (We lost sight of fairness in the false promise of wealth) relates:
"After three decades of deregulation and tax cuts for the rich, growth has slowed down, rather than accelerated, in almost all countries...
"In Britain, average annual per capita income growth rate was 2.4% in the 60s and the 70s, when the country was allegedly suffering from the 'British disease'; but it fell to 1.7% during 1990 to 2009, after it is supposed to have been cured of the disease thanks to Margaret Thatcher's heroic struggle in the 1980s."
The liberalisation of trade has meant "destroying swaths of 'infant' industries.
Deregulation has meant bosses, who pay themselves millions, looking for short-term profits.
To get short term profits you cut long-term investments in such things as machinery and research and development.
"It cannot be blithely assumed that markets know how to maximise wealth."
Margaret Thatcher destroyed industries. In 2009, Britain accounted for 2.6 per cent of world manufacturing output. In 1980, the share was nearly 6 per cent. (FT.com / global producers) Margaret Thatcher had a Cabinet which included five Jews: Lord Young, Malcolm Rifkind, Leon Brittan, Nigel Lawson and Keith Joseph.(Margaret Thatcher's Jewish links)
What about Ronald Reagan and the US economy?
According to John Miller, teacher of economics at Wheaton College (Ronald Reagan's Legacy):
"The economy grew much more slowly in the 1980s than during the 1960s, more slowly than the postwar average of 3.6% annual growth, and no faster than in the 1970s or the 1990s.
"Nor did Reagan administration regulatory rollbacks unleash a productivity boom.
"Productivity gains in the 1980s failed to match those in the decades before and after, and couldn't hold a candle to the productivity gains of the 1960s boom...
" Reagan administration economic policies did not result in a 1960s-style prosperity, when workers' real wages went up in tandem with the value of stock holdings-just the opposite.
"Since 1980, the gains from U.S. economic growth have gone overwhelmingly to the well-to-do, and economic inequality has steadily worsened."
30 Statistics That Prove The Elite Are Getting Richer, The Poor Are Getting Poorer And The Middle Class Is Being Destroyed