Chicago school of economics

It's a belief that the necessity for government is to step as far back as possible to just manage the economy and stay the heck out of everything else, to let the free market unleash itself.

And its proponents were people like Milton Friedman, the first wi- American winner of the Nobel Prize for Economics, Robert Bork, James Buchanan, a whole set of people, a lot of whom came out of the University of Chicago Economics Department going back to the '30s and '40s.

And it was also a global movement as well.

Uh, countries like Margaret Thatcher in Great Britain, uh, Deng Xiaoping in China, Gerhard Schröder in Germany.

There was that neoliberal approach to economics.

The trickle-down theory, Chicago School of Economics, whatever you think of it, i.e. this default position that the private sector can run things much more efficiently, much more effectively than the public sector ever possibly could.

So, yes, there was a political ideology behind it.

Now, here in the UK, we've had getting on for 40 years of this neoliberal attitude.

And of course, for those who don't know, like UChicago is like Chicago.

glow-in-the-dark central, especially Chicago School of Economics.

And a lot of recruitment from intelligence agencies are there.

But he was talking about how this one student's really into, I mean, it was the 50s, so one student's really into Derrida, and one student's really into this and that.

But we wasn't entirely sleepwalking because we, we sleepwalked but being b- guided by, um, two sets of people.

The first were the, um, the first were the, the Chicago School of Economists.

And I often look back to the Falklands War where, um, um, Thatcher won a major victory.

Uh, and as a result, within Britain, we suddenly saw a major breakout of privatization.

And the general idea was that, um, was the support of the Chicago School of Economists who were, um, saying leave everything to the market.

And so, you know, the state stood back and, uh, we, we left everything to the market.

Uh, and, and I think that, um- The other people, of course, who were, but are very happy to pick up that, um, baton were the, um, were the financial sector, and in particular the Wall Street and the City of London and others, um, who were very happy.

This is a complicated question I can't get into now because we don't have time.

So the Bork issue, is completely, it's a terrible thing because Bork was able to convince with the Chicago group, the courts and even the Supreme Court that indeed all the judges that they worry about is the low price.

There's a great deal of wakening up now because nobody in academia actually can accept that.

Now coming to 230.

I found myself back in 1921 with a gentleman named Frank Knight, who was a...

Frank Knight was a professor at the University of Chicago, Chicago School of Economics, actually.

And he wrote a book in 1921 called Uncertainty, Risk, and Profit.

It's a totally

Food for thought before we go today.

In the world of economics, there's the Austrian School of Economics and the Chicago School of Economics.

Personally, I prefer the Chicago School of Economics.

I'm America first.

You can go Austria if you want, but that's only because you're a globalist.