Examines key historical events that have shaped the role of government in the American economy, arguing that government interventions, rather than capitalisms excesses, have often hindered economic freedom and prosperity. Illustrations.
"Since the Industrial Revolution, capitalism has unleashed unimaginable opportunity and prosperity. However, at key points, economic disruption has led to a greater role for government to protect against capitalism's excesses. Gramm and Boudreaux argue that government interference and policies pose the most significant threat to economic freedom"--
This readable and important book makes a strong case that the received version of economic history taught in high schools and colleges across the country is off the mark and that its errors distort current policy debates. It deserves attention from economic policymakers of all persuasions."
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LAWRENCE SUMMERS, former Secretary of the Treasury; President Emeritus, Harvard University
"This readable and important book makes a strong case that the received version of economic history taught in high schools and colleges across the country is off the mark and that its errors distort current policy debates. It deserves attention from economic policymakers of all persuasions." -LAWRENCE SUMMERS, former Secretary of the Treasury; President Emeritus, Harvard University
Since the dawn of the Industrial Revolution, capitalism has unleashed unimaginable growth in opportunity and prosperity. And yet, at key points in American history, economic disruption has led to a greater role for government, ostensibly to protect against capitalisms excesses. Today, government regulates, mandates, subsidizes and controls a growing share of the American economy.
In this book, Phil Gramm, one of Americas premier public policy advocates, and noted economist Donald J. Boudreaux look at the seven events and issues in American history that define, for most Americans, the role of government and how the 21st century world works. To many Americans, these 5 periods of American historythe Industrial Revolution, Progressive Era, Great Depression, decline of Americas postwar preeminence in world trade, and the Great Recession--along with the existing levels of income inequality and poverty, represent strong evidence for expanding government in American life. Gramm and Boudreaux argue that the evidence points to a contrary verdict: government interference and failed policies pose the most significant threat to economic freedom.
Setting up each topic with a just the facts approach that defies partisanship, Gramm and Boudreaux provide a compelling and highly readable powerful reassessment that will challenge open-minded readers to rethink the conventional wisdom and the policies that spring from them.
Since the Industrial Revolution, capitalism has unleashed unimaginable opportunity and prosperity. However, at key points, economic disruption has led to a greater role for government to protect against capitalisms excesses. Gramm and Boudreaux argue that government interference and policies pose the most significant threat to economic freedom.
How Capitalism Shaped our Ageand Government Regulation Threaten its Success
Since the dawn of the Industrial Revolution, capitalism has unleashed unimaginable growth in opportunity and prosperity. And yet, at key points in American history, economic disruption has led to a greater role for government, ostensibly to protect against capitalisms excesses. Today, government regulates, mandates, subsidizes and controls a growing share of the American economy.
In this book, Phil Gramm, one of Americas premier public policy advocates, and noted economist Donald J. Boudreaux look at the seven events and issues in American history that define, for most Americans, the role of government and how the 21st century world works. To many Americans, these 5 periods of American historythe Industrial Revolution, Progressive Era, Great Depression, decline of Americas postwar preeminence in world trade, and the Great Recession--along with the existing levels of income inequality and poverty, represent strong evidence for expanding government in American life. Gramm and Boudreaux argue that the evidence points to a contrary verdict: government interference and failed policies pose the most significant threat to economic freedom.
Setting up each topic with a just the facts approach that defies partisanship, Gramm and Boudreaux provide a compelling and highly readable powerful reassessment that will challenge open-minded readers to rethink the conventional wisdom and the policies that spring from them.
