Like other social sciences, economics is subject to an ideological cycle, subordinated to the appearance of crisis. Until the 1930s, classical liberalism based on laissez-faire was the main ideology determining economic policy; with the Great Depression, as a result of the failure of market determinism to deal with the huge level of unemployment at that time, Keynesianism turned to be the main economic ideology; with the process of stagflation experienced in the 1960s and 1970s, together with the oil shocks of 1973 and 1979, Keynesianism was substituted by a new ideology claiming to be t...
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