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The Adam Smith tie and alternative economic models

A political mural in Havana, solidarity against neoliberalism. Photo: katkoala/Flickr

One of the entertaining characteristics of Ronald Reagan's first cabinet was that most of its members wore a tie bearing a cameo profile of Adam Smith. The new team had a clear vision: it was time to replace the statist capitalism theorized by John Maynard Keynes with the free market capitalism espoused by An Inquiry into the Nature and Causes of the Wealth of Nations.

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