ECLECTICS:WHAT DID WE LEARN FROM KEYNES?PART 28

tends to guide his expectation theory.Nevertheless,Keynes revolutionary ideas ushered the world economy into golden age of capitalism which formed the basis of post war institutional structural transformation,driven by the political,economic and market incentives of the period.Whereas Hayekian philosophy of neoliberalism took off in the seventies,driven by the rise financialisation and globalisation of the later period.I do not disagree the shift from keynesian consensus of the 40s,50s and 60s of the post war era into the Reaganomics vs.Thatcherite era of monetarist consensus of the 80s and 90s onward or such pendulum swing was the handiwork and global influence of Friedman vs Hayek's intellectual society cabal.The rebirth of ideological victory of market neoliberalism was born out of golden necessities of the period.We cannot forget the sullen part either,the epileptic performances of multinational financial institutions,architect of great contraction crisis including the foundational ideas of this cabal.