Even Chicago free-market economists accepted state control by 1933

Evidence

Hayek was in the early stages of a career in which he would often feel that his views ran against the tenor of the times, but at no other period was the contrast as stark as in the early 1930s. As governments adopted increasingly radical approaches to an extraordinary economic crisis, academic opponents of government intervention felt ever more marginalized. Around the Atlantic world they clustered in academic environments that prided themselves on fostering opinions that challenged the mainstream, including Hayek’s own London School of Economics, the University of Chicago, and the Institute for International Studies in Geneva. — Angus Burgin, The Great Persuasion, 41 (#corroborates, via linked claim)

Categorization

• XREF: connects to: Pollock saw state capitalist intervention as a promising new stage already by 1933 — Rolf Wiggershaus, The Frankfurt School: Its History,…, 1156; The early 1930s radicalized governments and isolated free-market economists. — Angus Burgin, The Great Persuasion: Reinventing Free…, 41; Even Chicago-school free-market economists conceded laissez-faire was impossible by 1933 — Angus Burgin, The Great Persuasion: Reinventing Free…, 18

Related

• The early 1930s radicalized governments and isolated free-market economists. (similarity 0.89)
• Even Chicago-school free-market economists conceded laissez-faire was impossible by 1933 (similarity 0.87)
• Chicago economists allied around common enemies, not shared positive doctrine. (similarity 0.81)
• Pre-1930s market advocates held no coherent shared doctrine (similarity 0.80)
• Chicago and LSE market advocates were rarely united and often opposed (similarity 0.80)
• Chicago and LSE founders rejected the new market advocates’ politicized rhetoric (similarity 0.79)
• Chicago economists in 1937 saw Keynes as a fascist threat. (similarity 0.79)
• Early Hayek held that economics could guide policy without claiming normative expertise. (similarity 0.79)
• Early free-market economists legitimized some government intervention; later ones did not (similarity 0.79)
• Chicago economists shared LSE hostility to New Deal and Keynesian policy (similarity 0.79)
• Chicago liberal economists by 1951 consciously saw themselves as reformulating liberalism. (similarity 0.78)
• Early Chicago economists favored regulated capitalism out of skepticism, not market faith. (similarity 0.78)
• Chicago economists led opposition to the New Deal and Keynesian doctrine (similarity 0.78)

Broader Connections

• The early 1930s radicalized governments and isolated free-market economists. #corroborates (0.82) — Angus Burgin, The Great Persuasion, 41