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The advent of the new political economy marked a decisive moment in the demise of the republican strand of American politics and the rise of contemporary liberalism. According to this liberalism, govÂernment should be neutral as to conceptions of the good life, in orÂder to respect persons as free and independent selves, capable of choosing their own ends. Keynesian fiscal policy both reflected this liberalism and deepened its hold on American public life. Although those who practiced Keynesian economics did not defend it in precisely these terms, the new political economy displayed two features of the liberalism that defines the procedural republic. (en) |
