Thursday, July 24, 2008

Predictable failure

Socialism had a hold on the imagination of perhaps most thinking people a hundred years ago. Those days are gone and markets are now taken seriously -- even though as many as 100 U. of Chicago faculty think of Milton Friedman as just an ideologue.

Interestingly, cities are still the exception where faith in central planning/industrial policy is as strong as ever. This cannot work. Carl Close shows as much in his examination of San Francisco's Fillmore District.