Very interesting speculations: Golden ages appear when there are major erasures of governmental control, regulation and wealth redistribution, and gradually fade over a time period of two centuries or so, as well intentioned people reintroduce governmental control regulation and redistribution. Obviously Friedman had contemporary times in mind, but also historical periods. Does the thesis hold for the rise and fall of Classical Greece? How about the Roman Empire, or the British Empire? Do they fit the paradigm?
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