Of the riotous 1960s, it has been said, if you can remember them, you weren’t there. The same cannot be said of the several ensuing, more sober decades, especially if you were at all well disposed to the free market and limited government. For it was during the twentieth century’s final quarter that these ideals staged a dramatic comeback, after a long period of eclipse in America during which there had been ever-increasing governmental regulation of the economy and dispensation of welfare.
That resurgence of free-market ideas was capped off towards the century’s end by the spectacular triumph of American capitalism over Soviet communism. Increasing numbers swiftly began to learn to stand on their own feet economically-speaking and to accept that, in the words of one of capitalism’s most exuberant champions, there is no such thing as a free lunch. Rounding off the apparent victory of free-market ideals over collectivism was the major retrenchment of public welfare in America achieved through the 1996 Welfare Reform Act.