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A sweeping intellectual history of the welfare state’s policy-in-waiting.

The idea of a government paying its citizens to keep them out of poverty—now known as basic income—is hardly new. Often dated as far back as ancient Rome, basic income’s modern conception truly emerged in the late nineteenth century. Yet as one of today’s most controversial proposals, it draws supporters from across the political spectrum.

In this eye-opening work, Anton Jäger and Daniel Zamora Vargas trace basic income from its rise in American and British policy debates following periods of economic tumult to its modern relationship with technopopulist figures in Silicon Valley. They chronicle how the idea first arose in the United States and Europe as a market-friendly alternative to the postwar welfare state and how interest in the policy has grown in the wake of the 2008 credit crisis and COVID-19 crash.

An incisive, comprehensive history, Welfare for Markets tells the story of how a fringe idea conceived in economics seminars went global, revealing the most significant shift in political culture since the end of the Cold War.

What might a sensible community choose to do if its economy has fallen apart and becoming a ghost town is not an acceptable option? Unfortunately, answers to this question have long been measured against an implicit standard: the postwar economy of the 1950s. After showing why that economy provides an implausible standard—made possible by the lack of economic competition from the European and Asian countries, winners or losers, touched by the war—John Henry Schlegel attempts to answer the question of what to do.

While Waiting for Rain first examines the economic history of the United States as well as that of Buffalo, New York: an appropriate stand-in for any city that may have seen its economy start to fall apart in the 1960s, 70s, and 80s. It makes clear that neither Buffalo nor the United States as a whole has had an economy in the sense of “a persistent market structure that is the fusion of an understanding of economic life with the patterns of behavior within the economic, political, and social institutions that enact that understanding” since both economies collapsed. Next, this book builds a plausible theory of how economic growth might take place by examining the work of the famous urbanist, Jane Jacobs, especially her book Cities and the Wealth of Nations. Her work, like that of many others, emphasizes the importance of innovation for economic growth, but is singular in its insistence that such innovation has to come from local resources. It can neither be bought nor given, even by well-intentioned political actors. As a result Americans generally, as well as locally, are like farmers in the midst of a drought, left to review their resources and wait. Finally, it returns to both the local Buffalo and the national economies to consider what these political units might plausibly do while waiting for an economy to emerge.

Bearing on fundamental issues of economic theory, history, and public policy, this volume elaborates and goes beyond themes enunciated in W. W. Rostow's previous works. The eight essays presented here are unified by the author's insistence that neo-Keynesian and neoclassical theory are an inadequate basis for economic analysis and policy prescription. Changes in technology and in the supply of energy, food, and raw materials, he contends, must be taken into account. The scale and character of the investments required to respond to these changes link his analysis back to conventional income analysis. Rostow outlines in several contexts the framework for a general, disaggregated theory of production and prices that meets this criterion.

The theoretical and historical essays include a review and unification of various long-cycle theories; a formal mathematical model of the Kondratieff cycle; a review of theories relating technology and the price system, including Rostow's own formulation of the appropriate linkage; a lengthy analysis of the pre-1914 relation between money and prices, including a detailed critique of modern monetarist interpretations; and an analysis of the proposition that economic growth assumes an S-shaped path of acceleration and deceleration.

The policy essays include an examination of the links between energy-related investment, full employment, and patterns of regional development in the United States; the discussion of an appropriate framework and procedure for North-South international economic negotiations; and the text of a 1965 talk on inflation that touches on the relations among economics, economists, and the performance of societies as a whole.