For most Kiwis the pedagogically sounding term “Chicago School of Economics” may not mean anything. However, that particular school of thought – believed to be an old mantra of right wing politics (particularly the Act Party in the NZ context) – is blamed as one of the main reasons the western world is in the doldrums.
Worse, Chicago School of Economics which advocates unfettered free market and less government intervention, came under attack in the wake of the financial crisis we currently experiencing. It has also been blamed for growing income inequality in Europe and the United States.
Unfettered free market leads to deregulation which, in the New Zealand context, caused various problems.
New Zealand taxpayers have paid a very high price for deregulation in a range of sectors, and, the financial sector aside, the building sector would be leading the way. I wonder whether people have actually made the connection between deregulation and things like leaky buildings.