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Book review: The True Cost of Economics by Philip Roscoe

We need a critique of economic thinking that also accepts the necessity of markets, says Roger Scruton

By Roger Scruton  

The last decades of the 20th century saw the triumph of market economics. The collapse of communism in Eastern Europe and the weakness of socialist economies elsewhere gave added credibility to the economic policies of the “new right,” and even Labour climbed onto the bandwagon, dropping Clause IV from its Constitution and accepting that industry is no longer the direct responsibility of government. Then came the 2008 financial crisis, with people all around the world thrown into poverty while the apparent culprits—the bankers, financiers and speculators—escaped with their bonuses intact. As a result…

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