Download e-book for kindle: The Confiscation of American Prosperity: From Right-Wing by M. Perelman

By M. Perelman

This ebook argues that the right-wing revolution within the usa has created deepening inequality and should result in fiscal disaster. the writer makes the case that over the last 3 a long time the wealthy have confiscated wealth and source of revenue from the bad and heart type to a miles larger volume than many observe, and he explores intimately very important yet generally unmeasured dimensions of inequality. He additionally takes target on the economics career, criticising the analytical blinders that depart economists incapable of seeing the arrival predicament.

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Additional info for The Confiscation of American Prosperity: From Right-Wing Extremism and Economic Ideology to the Next Great Depression

Example text

The overconfidence of the Keynesian economists paralleled a definite moderation in liberal expectations. Probably by the end of the war and certainly by the beginning of the cold war, liberals had largely abandoned their hopes of a serious restructuring of the economy. Instead, they merely called for more growth under the existing state of affairs, signaling that the liberals had run out of new ideas. Keynesian economic management helped the economy do better than it might have done without any government intervention, but the market—even the guided market—is a system bedeviled with many complexities that defy simple solutions.

For the most part, the business leaders 40 Michael Perelman seemed to be aware of only part of this disintegration. While the left was fervently protesting a society filled with injustices—including inequality, racism, and an imperialist agenda capped by a brutal war in Vietnam—an emerging right-wing movement had a different, but equally passionate view of the world. Even so, the fears that Powell and the corporate executives expressed about the dangerous influence of consumer groups and environmentalists were wildly overblown.

They feared being tarred as socialists for promoting innovative government programs. They hit upon a solution, but it was not pretty. As we shall see, the bright and shiny economy of the Golden Age had a dark, ugly underside. The Economists’ Surrender The stellar economic performance of the Golden Age owed much to an excessive reliance on military spending. S. economy to depression conditions without energetic government intervention. The End of the Golden Age of Capitalism 25 At the same time, much of the business community had an ingrained distrust of government intrusion into the economy.

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