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This book describes and refutes thirteen ideas involving free market principles and the US economic system, arguing that these (mostly familiar) ideas are myths. The myths are deeply ingrained in the United States' self-image and in political discourse, and are hailed as indisputable, scientifically grounded truths. Unfortunately, an economy dominated by giant corporations bears little resemblance to a free market. So why is so much effort and expense devoted to disseminating these stories? The answer is simple. The different myths generate the recommendation that the system's rewards should flow upward to corporations and a small group of wealthy and politically influential people. The myths help entrench existing economic and political power while distancing America from a more productive and widely beneficial form of capitalism.
List of contents
Introduction.- Myth 1.America Has Free Markets.- Myth 2. A Great Wall Separates Politics and the Economy.- Myth 3. The Less Government, The Better.- Myth 4. Deregulation Always Improves the Economy.- Myth 5.The Economy Has Superior Efficiency.- Myth 6.Exceptional Living Standards.- Myth 7. An Egalitarian Nation.- Myth 8. Free Markets Protect Democracy.- Myth 9. Corporations Represent Economic Freedom.- Myth 10. Free Market and Laissez Faire Are the Same.- Myth 11. A Free Market Nation Does Not Need a Society.- Myth 12. The Government Caused the Crash of 2007-08.- Myth 13. The Bailouts' Purpose Was to Save the Free Market Economy.
About the author
Joseph Shaanan is Professor of Economics at Bryant University, USA. He is the author of
Economic Freedom and the American Dream (2010).
Summary
This book describes and refutes thirteen ideas involving free market principles and the US economic system, arguing that these (mostly familiar) ideas are myths. The myths are deeply ingrained in the United States' self-image and in political discourse, and are hailed as indisputable, scientifically grounded truths. Unfortunately, an economy dominated by giant corporations bears little resemblance to a free market. So why is so much effort and expense devoted to disseminating these stories? The answer is simple. The different myths generate the recommendation that the system's rewards should flow upward to corporations and a small group of wealthy and politically influential people. The myths help entrench existing economic and political power while distancing America from a more productive and widely beneficial form of capitalism.
