Kenneth Arrow Quotes
The switch to the market in Eastern Europe, of course, has not exactly been one of the greatest advertisements for the market. There's no question the socialist system - and I hate to use the word 'socialist,' but I suppose some description of a system in which the state is in control - was breaking down, really collapsing. In these countries, most markedly in Russia itself and in a number of the others, it obviously was based on a tyranny, which is unacceptable even if it were producing good economic results, which it was not.
Arrow, Kenneth J. "Interview with Kenneth Arrow." The Region, interviewed by Douglas Clement, Federal Reserve Bank of Minneapolis, Dec. 1995.
The “Harvard Boys” referred to some free market economics professors who were advising the Russian government on their transition to a democratic industrial democracy. Free market capitalism was a great failure in that instance. However the free market enthusiasts would argue that Russia did not have a legal system, and organized crime was not controlled, and the Russian people where just not used to a free market.
Louis Napoleon had lead a military takeover or the French democratic republican government. The other great European powers, with the exception of England and Belgium at the time did not have parliaments or they were powerless and the countries were all monarchies with most of the monarchies and the aristocracy hateful of anything involving sharing their power with legislatures. This is despite the incredible success of England with its Constitutional Monarchy and Queen who was very pleased with it.
Kenneth Joseph Arrow was an American economist, mathematician, writer, and political theorist. He was the joint winner of the Nobel Memorial Prize in Economic Sciences with John Hicks in 1972.