Economists Discover a New New World
Economists Discover a New New World
U. S. economists until 1945 shared the belief in national isolation. Like the historians they were committed to private property but not international capitalism. Economists became the most important academic leaders in arguing that our economy was part of a global marketplace. They identified their new commitment to international capitalism with the ideas of Adam Smith, especially his theory of “the invisible hand”. They identified their position with the physics propounded by Isaac Newton in the eighteenth century. They identified nature and the marketplace as timeless spaces where individuals made rational choices. They ignored the physics of Einstein that defined space as timeful. They ignored ecologists who insisted that nature is timeful and unstable.
Keywords: American studies, Cultural studies, Intellectual history, Timeful and timeless space
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