There have been numerable success stories involving the Federal government providing a service for the greater good of the nation. Without Federal programs the American west wouldn't even have been settled as fast as it was; without massive land purchases/giveaways, the Homestead Act, the Pony Express, agricultural colleges, rural electrification, telephone wiring, road-building, irrigation, dam-building, farm subsidies, and farm foreclosure loans, settling the West would have been virtually impossible.The Duchess of Zeon wrote:What, exactly, have any of these things done for us? Short of the CDC and the CIA I see little need for any of that, and we surely don't need the FBI. Though I suppose a legitimate case can be argued for funding highways; the rest, however, is socialism, and an unnecessary drain on the government, like all socialist ideals.
Surely we don't need the FBI!? I don't know what rock you've been living under, but the FBI consists of perhaps the most well trained investigators in the world. They have been essential to combat terrorism, protect the nation from espionage, and have recently played a significant role in preventing cybercrime. As well as this, they also have branches that fight political corruption (including organized crime), and bolster local police forces tremendously. Law-enforcement would crumble nationwide if the FBI were simply removed.
If your intelligent... so your argument is that the poor are simply stupid? Many things go into wealth accumulation, and intelligence is very far down on that list (inheritence possibly still remains at the top; most millionaires in America were millionaires when they were born).What's wrong with depressions persay? If you're intelligent you can ride through them, and they market naturally corrects for them. Japan shows what happens if you take Keynesian economics to an extreme. Even in the 1930s we were about to recover from the Great Depression, but FDR's Keynesian policies just excerbated it.
Japan's economic woes were more than simply a radical approach to Keynesianism. The IMF policy of repayment of international banks should take priority over revival of the domestic economy. The effect this had on other Asian countries (Thialand, Indonesia, etc) as well as Russia plunged South East Asia further into recession, and the situation exploded with the Russian devaluation of 1998. This sent panic through the international financial system with a ‘dash for cash’ as institutions progressively dumped all but the safest financial instruments (essentially either cash or US Treasury bonds). In reaction to this, Japan enacted its policy of expanding public spending and the fiscal deficit to 10 percent of its GDP.
This is not evidence of the failures of Keynesianism. The implications are far more indicting of the central policies of the IMF, which had advised countries to attempt to defend fixed/high exchange rates via ultra-high interest rates and squeezing of fiscal deficits, even at the cost of plunging the domestic economy into deep recession.
And growth is not the ultimate goal of any economy; a measure of stability is required in order to prevent massive inflation and the resulting depressions. If your argument is that growth is the fundamental goal of an economy, you can then praise the slave system of the South as well as Stalinism. Hell, Stalinism turned Russia from an agrarian hovel into an industrial superpower within a single generation. THAT is the greatest growth in WORLD history, yet I seriously doubt you would praise Stalinism.Which showed the greatest growth in American history, period.
Spinning? You can't be serious. Chile's economy became more unstable than any other in Latin America during Pinochet and the "Chicago Boys" reign, alternately experiencing deep plunges and soaring growth. Once all this erratic behavior was averaged out, Chile's growth during this 16-year period was one of the slowest of any Latin American country. Worse, income inequality grew severe. The majority of workers actually earned less in 1989 than in 1973 (after adjusting for inflation), while the incomes of the rich skyrocketed. In the absence of market regulations, Chile also became one of the most polluted countries in Latin America. And Chile's lack of democracy was only possible by suppressing political opposition and labor unions under a reign of terror and widespread human rights abuses. You quoting classic conservative apologist literature on Chile hardly erases nearly two decades of the economic and social quagmire that the nation underwent.You're spinning. The numbers in Chile don't lie; and they tell a very different story than "depression" and "unrivaled unemployment". The simple fact is that Chile today is a functional democracy, and that its economy recovered with incredible rapidity from the horrors and depredations of Salvadore Allende to unparalled heights for such a state, and such recent extremities as were inflicted upon it by the Allende regime.
There is a reason why "Monetarism is dead" has become a favored quote in economic academia. Guess what? That's because it is.