A long liberal cycle stretched from the 1930’s to the 1970’s, followed by a conservative cycle of economic deregulation, which now seems to have run its course. With the nationalization of America’s two giant mortgage banks, Fannie Mae and Freddie Mac, following the nationalization earlier this year of Britain’s Northern Rock, governments have started stepping in again to prevent market meltdowns.
自由主义周期以政府干涉为特征，而保守主义周期以政府退却为特征。从20 世纪30年代开始到20世纪70年代为止是一个长长的自由主义周期，接着就是一个放松经济监管的保守主义周期，该周期现在似乎已经走完了其历程。在今年稍早时候英国罗森若克银行被国有化之后，美国两家巨大的抵押银行房地美和房利美也被国有化，显示政府已经再次插手干预市场以防止市场崩溃。保守经济学火热的日子结束了——到目前为止。