"In the early 1970s, the Austrian School, then in its fourth generation, appeared to be nearing an inglorious personal and community end; after a second bout of prolonged depression (1969–1974), Hayek always carried a razor blade with which to slash his wrist (Cubitt 2006, 89). However, Mises’ death in 1973 facilitated his School’s resurrection; alive Mises had been a liability, whereas dead he could be marketed as a saint. Benjamin Rogge (1974) reported that at a Philadelphia Society meeting, David Friedman ‘first made clear to us the true fascist nature of [his father] Milton Friedman’s thinking.’ When Rothbard, Richard Ebeling, Gary North, Sudha Shenoy et al. initiated an Austrian revivalist conference in June 1974, one of the highlights was the baiting of Friedman – in person – with the accusation that his son detected ‘latent fascist tendencies’ in him (Ebeling 1974). Shenoy (2003) recalled that ‘Murray Rothbard made the whole affair fun.’ ...For a quarter of a century after World War II, the social democratic ‘middle way’ appeared to prosper. But in the 1970s, the ideological balance shifted. The regulatory wave had successfully tackled various aspects of market failure, but had actually exacerbated underlying problems when applied to the control of prices and wages. From the mid-1970s, the deregulation wave began to successfully tackle some of the welfare loses caused by regulatory capture. Schools of economics are associated with these waves: regulation with Pigouvian market failure analysis and its Keynesian macroeconomic counterpart; and deregulation with market success promotion (with Austrian, Chicago and Public Choice variants)."