from Zero Hedge
It is as if the battle lines of civil war have been drawn up between masses of Americans who have been led to believe in either a false “bottom up” approach to economics, as defined by the Austrian School represented by Friedrich von Hayek, or in the “top-down” approach of John Maynard Keynes. The former sacrifices the general welfare of the whole nation for the sake of the parts (i.e. individual liberties), while the latter sacrifices the individual liberties of each citizen for the sake of the general welfare (or at least some oligarch’s definition of what that should be).
In my last article, I introduced, in broad strokes, a history of the American System of political economy as advanced by Benjamin Franklin, Alexander Hamilton, John Jay, Henry Clay, Henry Carey, Lincoln, and McKinley. We reviewed how it was derailed by McKinley’s 1901 murder and was only revived 30 years later with Franklin Roosevelt’s 1932 presidential victory which put a stop to the 1933 Bankers Dictatorship.