It died because it was unrealistic.
It all sounds great to the naive. Yeah, why shouldn't everybody have X, Y, and Z? Wouldn't that be great?
But then start looking to what you have to do to provide X, Y, and Z. Take the jobs example. Everyone has a right to a job, it says. But there are
no private sector jobs because the Fed expanded credit like mad creating a massive business cycle and screwed everybody.
So what do you do? You create government jobs, which stand outside of the usual market incentive structure and thus the only incentives are
political. They are usually unprofitable and require money to have been extracted from other, more productive people, to pay out.
The other option would have been to say "Okay, we made a mistake with the Fed", abolish the Fed, and have the more creative of those out of work
find a way to be productive, and the less creative be employed by them. This is how business cycles eventually balance themselves out when you don't
have a central bank aggravating them constantly.
Sigh, an ideal world that would be.
The private sector is what creates wealth, and pulls people out of poverty. The productive sector ("private sector") is the reason America is rich,
in spite of all the persecution it faces from the predatory sector.
Spend some time at mises.org. If you've got an hour to kill, please watch this video: mises.org...
Unfortunately, scarcity is a reality, but fortunately, under conditions of freedom, enough is produced for everybody and then some.
[edit on 7-7-2010 by NewlyAwakened]