The Market Economy and Its Impact on Productivity Growth

In sustaining aggregate demand a lot of that came to depend on private credit. We had extraordinary Explosions of private credit creating very serious debt problems throughout the world. Shifts and changes in the way corporations were organized created what I call Rancher capitalism. Because of political changes linked to and the power of money and politics again, but in the US but also elsewhere tax systems were Increasingly shifted away from taxing capital The proportion of income that is paid in tax by the wealthy apart so the Saudi less than those Somewhat less well off. So it's an interaction complex interaction of things. It turned out at the end of all this process we ended up by hit by an enormous financial crisis.