Just as today's observers struggle to justify the workings of the free market in the wake of a global economic crisis, an earlier generation of economists revisited their worldviews following the Great Depression. The Great Persuasionis an intellectual history of that project. Angus Burgin traces the evolution of postwar economic thought in order to reconsider many of the most basic assumptions of our market-centered world.
Conservatives often point to Friedrich Hayek as the most influential defender of the free market. By examining the work of such organizations as the Mont Pèlerin Society, an international association founded by Hayek in 1947 and later led by Milton Friedman, Burgin reveals that Hayek and his colleagues were deeply conflicted about many of the enduring problems of capitalism. Far from adopting an uncompromising stance against the interventionist state, they developed a social philosophy that admitted significant constraints on the market. Postwar conservative thought was more dynamic and cosmopolitan than has previously been understood.
It was only in the 1960s and '70s that Friedman and his contemporaries developed a more strident defense of the unfettered market. Their arguments provided a rhetorical foundation for the resurgent conservatism of Barry Goldwater and Ronald Reagan and inspired much of the political and economic agenda of the United States in the ensuing decades. Burgin's brilliant inquiry uncovers both the origins of the contemporary enthusiasm for the free market and the moral quandaries it has left behind.
A Financial Times Book of the Year
A ProMarket Book of the Year
“Superbly argued and important…Donald Trump is in so many ways a product of the defective capitalism described in The Great Reversal. What the U.S. needs, instead, is another Teddy Roosevelt and his energetic trust-busting. Is that still imaginable? All believers in the virtues of competitive capitalism must hope so.”
—Martin Wolf, Financial Times
“In one industry after another…a few companies have grown so large that they have the power to keep prices high and wages low. It’s great for those corporations—and bad for almost everyone else.”
—David Leonhardt, New York Times
“Argues that the United States has much to gain by reforming how domestic markets work but also much to regain—a vitality that has been lost since the Reagan years…His analysis points to one way of making America great again: restoring our free-market competitiveness.”
—Arthur Herman, Wall Street Journal
Why are cell-phone plans so much more expensive in the United States than in Europe? It seems a simple question, but the search for an answer took one of the world’s leading economists on an unexpected journey through some of the most hotly debated issues in his field. He reached a surprising conclusion: American markets, once a model for the world, are giving up on healthy competition.
In the age of Silicon Valley start-ups and millennial millionaires, he hardly expected this. But the data from his cutting-edge research proved undeniable. In this compelling tale of economic detective work, we follow Thomas Philippon as he works out the facts and consequences of industry concentration, shows how lobbying and campaign contributions have defanged antitrust regulators, and considers what all this means. Philippon argues that many key problems of the American economy are due not to the flaws of capitalism or globalization but to the concentration of corporate power. By lobbying against competition, the biggest firms drive profits higher while depressing wages and limiting opportunities for investment, innovation, and growth. For the sake of ordinary Americans, he concludes, government needs to get back to what it once did best: keeping the playing field level for competition. It’s time to make American markets great—and free—again.
A spectacular example of collective protest, the Great Strike of 1877--actually a sequence of related actions--was America's first national strike and the first major strike against the railroad industry. In some places, non-railroad workers also abandoned city businesses, creating one of the nation's first general strikes. Mobilizing hundreds of thousands of workers, the Great Strikes of 1877 transformed the nation's political landscape, shifting the primary political focus from Reconstruction to labor, capital, and the changing role of the state.
Probing essays by distinguished historians explore the social, political, regional, and ethnic landscape of the Great Strikes of 1877: long-term effects on state militias and national guard units; ethnic and class characterization of strikers; pictorial representations of poor laborers in the press; organizational strategies employed by railroad workers; participation by blacks; violence against Chinese immigrants; and the developing tension between capitalism and racial equality in the United States.
Contributors: Joshua Brown, Steven J. Hoffman, Michael Kazin, David Miller, Richard Schneirov, David O. Stowell, and Shelton Stromquist.
In the late 1990s, West Texas was full of rundown towns and pumpjacks, aging reminders of the oil rush of an earlier era. Today, the towns are thriving as 300-foot-tall wind turbines tower above those pumpjacks. Wind energy has become Texas’s latest boom, with the Lone Star State now leading the nation. How did this dramatic transformation happen in a place that fights federal environmental policies at every turn? In The Great Texas Wind Rush, environmental reporters Kate Galbraith and Asher Price tell the compelling story of a group of unlikely dreamers and innovators, politicos and profiteers.
The tale spans a generation and more, and it begins with the early wind pioneers, precocious idealists who saw opportunity after the 1970s oil crisis. Operating in an economy accustomed to exploiting natural resources and always looking for the next big thing, their ideas eventually led to surprising partnerships between entrepreneurs and environmentalists, as everyone from Enron executives to T. Boone Pickens, as well as Ann Richards, George W. Bush and Rick Perry, ended up backing the new technology. In this down-to-earth account, the authors explain the policies and science that propelled the “windcatters” to reap the great harvest of Texas wind. They also explore what the future holds for this relentless resource that is changing the face of Texas energy.
While fighting a war for the Union, the Republican party attempted to construct the world’s most powerful and most socially advanced nation. Rejecting the common assumption that wartime domestic legislation was a series of piecemeal reactions to wartime necessities, Heather Cox Richardson argues that party members systematically engineered pathbreaking laws to promote their distinctive theory of political economy.
Republicans were a dynamic, progressive party, the author shows, that championed a specific type of economic growth. They floated billions of dollars in bonds, developed a national currency and banking system, imposed income taxes and high tariffs, passed homestead legislation, launched the Union Pacific railroad, and eventually called for the end of slavery. Their aim was to encourage the economic success of individual Americans and to create a millennium for American farmers, laborers, and small capitalists.
However, Richardson demonstrates, while Republicans were trying to construct a nation of prosperous individuals, they were laying the foundation for rapid industrial expansion, corporate corruption, and popular protest. They created a newly active national government that they determined to use only to promote unregulated economic development. Unwittingly, they ushered in the Gilded Age.
Green at Work, published by Island Press in 1992, was the first source of information to help nontechnical but environmentally concerned job seekers learn about career opportunities with environmental companies or within the newly emerging "green" corporate culture. Now entirely revised and expanded, this indispensable volume again offers invaluable tools and strategies for launching a green career.
Susan Cohn has expanded her scope beyond the business world to examine environmentally focused, nontechnical careers in a wide variety of fields, including communications, banking and finance, consulting, public policy, the non-profit sector, and more. This completely updated edition includes:
As the need to confront unplanned growth increases, planners, policymakers, and citizens are scrambling for practical tools and examples of successful and workable approaches. Growth management initiatives are underway in the U.S. at all levels, but many American "success stories" provide only one piece of the puzzle. To find examples of a holistic approach to dealing with sprawl, one must turn to models outside of the United States.
In Green Urbanism, Timothy Beatley explains what planners and local officials in the United States can learn from the sustainable city movement in Europe. The book draws from the extensive European experience, examining the progress and policies of twenty-five of the most innovative cities in eleven European countries, which Beatley researched and observed in depth during a year-long stay in the Netherlands. Chapters examine:
Throughout, Beatley focuses on the key lessons from these cities -- including Vienna, Helsinki, Copenhagen, Stockholm, Zurich, Amsterdam, London, and Berlin -- and what their experience can teach us about effectively and creatively promoting sustainable development in the United States. Green Urbanism is the first full-length book to describe urban sustainability in European cities, and provides concrete examples and detailed discussions of innovative and practical sustainable planning ideas. It will be a useful reference and source of ideas for urban and regional planners, state and local officials, policymakers, students of planning and geography, and anyone concerned with how cities can become more livable.
The world runs on the U.S. dollar. From Washington to Beijing, governments, businesses, and individuals rely on the dollar to conduct commerce and invest profitably and safely—even after the global financial meltdown in 2008 revealed the potentially catastrophic cost of the dollar's hegemony. But how did the greenback achieve this planetary dominance a mere century and a half after President Lincoln issued the first currency backed only by the credit—and credibility—of the federal government?
In Greenback Planet, acclaimed historian H. W. Brands charts the dollar's astonishing rise to become the world's principal currency. Telling the story with the verve of a novelist, he recounts key episodes in U.S. monetary history, from the Civil War debate over fiat money (greenbacks) to the recent worldwide financial crisis. Brands explores the dollar's changing relations to gold and silver and to other currencies and cogently explains how America's economic might made the dollar the fundamental standard of value in world finance. He vividly describes the 1869 Black Friday attempt to corner the gold market, banker J. P. Morgan's bailout of the U.S. treasury, the creation of the Federal Reserve, and President Franklin Roosevelt's handling of the bank panic of 1933. Brands shows how lessons learned (and not learned) in the Great Depression have influenced subsequent U.S. monetary policy, and how the dollar's dominance helped transform economies in countries ranging from Germany and Japan after World War II to Russia and China today. He concludes with a sobering dissection of the 2008 world financial debacle, which exposed the power—and the enormous risks—of the dollar's worldwide reign.
A vivid account of the past, present, and future of economic growth, showing how and why we must continue to pursue it while responding to the challenges it creates.
Over the past two centuries, economic growth has freed billions from the struggle for subsistence and made our lives far healthier and longer. Yet prosperity has come at a price: environmental destruction, desolation of local cultures, the rise of vast inequalities and destabilizing technologies. Faced with such damage, many now claim that the only way forward is through “degrowth,” deliberately shrinking our economic footprint. But to abandon humanity’s progress would be folly. Instead, Daniel Susskind argues, we must keep growth but redirect it, making it better reflect what we truly value.
In a sweeping analysis full of historical insight, Susskind shows how policymaking came to revolve around a single-minded quest for greater GDP. This is a surprisingly recent development: economic growth was barely discussed until the second half of the twentieth century. And our understanding of what drives it is more recent still. Only lately have we come to see how humankind emerged from its millennia of stagnation: through the sustained discovery of powerful and productive new ideas.
This insight undermines the mantra that “we cannot have infinite growth on a finite planet,” for the world of ideas is infinitely vast. Yet growth’s critics are right to insist that we can no longer focus on its upsides alone. We must confront the tradeoffs, Susskind contends: sometimes, societies will have to deliberately pursue less growth for the sake of other goals. These will be moral decisions, not simply economic ones, demanding the engagement not just of politicians and experts but of all citizens.
Growth and Distribution is the first text designed to support a comprehensive advanced undergraduate or graduate course on the theory, measurement, and history of economic growth. The book, which presents Classical and Keynesian in parallel with Neoclassical approaches to growth theory, introduces students to advanced tools of intertemporal economic analysis through carefully developed treatments of land- and resource-limited growth, and covers money and growth, the impact of government debt and social security systems on growth, and theories of endogenous growth and endogenous technical change. The models emphasize rigorous reasoning from basic economic principles and insights without excessive formal complication, and respond to students' interest in the history and policy dilemmas of real-world economies. Surveys of data and discussion of empirical controversies are closely integrated with the development of theoretical tools. The book includes access to a comprehensive data set extending the Penn World Tables in a form suitable for exploration in hands-on student projects.
In addition to carefully worked examples showing how to use the analytical techniques presented, the book contains many problems suitable for inclusion in problem sets and examinations. Detailed answers to these problems are also provided.
A major revision of an established textbook on the theory, measurement, and history of economic growth, with new material on climate change, corporate capitalism, and innovation.
Authors Duncan Foley, Thomas Michl, and Daniele Tavani present Classical and Keynesian approaches to growth theory, in parallel with Neoclassical ones, and introduce students to advanced tools of intertemporal economic analysis through carefully developed treatments of land- and resource-limited growth. They cover corporate finance, the impact of government debt and social security systems, theories of endogenous technical change, and the implications of climate change. Without excessive formal complication, the models emphasize rigorous reasoning from basic economic principles and insights, and respond to students’ interest in the history and policy dilemmas of real-world economies.
In addition to carefully worked out examples showing how to use the analytical techniques presented, Growth and Distribution presents many problems suitable for inclusion in problem sets and examinations. Detailed answers to these problems are available. This second edition includes fresh data throughout and new chapters on climate change, corporate capitalism, models of wealth inequality, and technical change.
What determines the rate of growth, the distribution of income, and the structure of relative prices under capitalism? What, in short, makes capitalist economies tick? This watershed treatise analyzes the answers to these questions provided by three major theoretical traditions: neoclassical, neo-Marxian, and neo-Keynesian. Until now, the mutual criticism exchanged by partisans of the different traditions has focused disproportionately on the logical shortcomings of rival theories, or on such questions as whether or not input–output relationships can be described by a continuous-substitution production function.
In this book, these are at best secondary issues. The real distinguishing features of the theories, for Stephen Marglin, are their characterization of labor markets and capital accumulation. For clarity, Marglin first sets out the essential features of each theory in the context of a common production model with a single good and a fixed-coefficient technology. He then formalizes the different theories as alternative ways of closing the model. In subsequent chapters he examines the effects of relaxing key simplifying assumptions, in particular the characterization of technology and the homogeneity of output and capital. And although his primary emphasis is theoretical, he does not ignore the problem of empirically testing the theories. Finally, he synthesizes the insights of the neo-Marxian and neo-Keynesian models into a single model that transcends the shortcomings of each taken separately.
Marglin anticipates that partisans of the different traditions will agree on one point: each will allow that the book reveals the shortcomings of the other theories but will insist that it fails utterly to reflect the power and majesty of one’s own particular brand of truth. Growth, Distribution, and Prices will be controversial, but it will not be ignored.
From reviews of previous editions:
“The history of economic thought to end all histories of economic thought.”—Robert D. Patton, Journal of Economic Literature
“The book is in the grand tradition of the history of doctrines. It is a history of economic thought broadly conceived—and superbly written to boot. It is not to much to say that Spiegel’s book will become and remain a leading text in the field.”—Warren J. Samuels, Social Science
The author conveys the essence of an idea simply and clearly, yet in a graceful style.”—William F. Kennedy, Journal of Economic Literature
Political scientist Immanuel Ness thoroughly investigates the use of guest workers in the United States, the largest recipient of migrant labor in the world. Ness argues that the use of migrant labor is increasing in importance and represents despotic practices calculated by key U.S. business leaders in the global economy to lower labor costs and expand profits under the guise of filling a shortage of labor for substandard or scarce skilled jobs.
Drawing on ethnographic field research, government data, and other sources, Ness shows how worker migration and guest worker programs weaken the power of labor in both sending and receiving countries. His in-depth case studies of the rapid expansion of technology and industrial workers from India and hospitality workers from Jamaica reveal how these programs expose guest workers to employers' abuses and class tensions in their home countries while decreasing jobs for American workers and undermining U.S. organized labor.
Where other studies of labor migration focus on undocumented immigrant labor and contend immigrants fill jobs that others do not want, this is the first to truly advance understanding of the role of migrant labor in the transformation of the working class in the early twenty-first century. Questioning why global capitalists must rely on migrant workers for economic sustenance, Ness rejects the notion that temporary workers enthusiastically go to the United States for low-paying jobs. Instead, he asserts the motivations for improving living standards in the United States are greatly exaggerated by the media and details the ways organized labor ought to be protecting the interests of American and guest workers in the United States.
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