The Failure of Laissez Faire Capitalism and Economic Dissolution of the West

The Failure of Laissez Faire Capitalism and Economic Dissolution of the West

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This very readable book by a distinguished economist, Wall Street Journal editor, and Assistant Secretary of the US Treasury is a major challenge both to economic theory and to media explanations of the ongoing 21st century economic crisis. The one percent have pulled off an economic and political revolution. By offshoring manufacturing and professional service jobs, US corporations destroyed the growth of consumer income, the basis of the US economy, leaving the bulk of the population mired in debt. Deregulation was used to concentrate income and wealth in fewer hands and financial firms in corporations a#x201C;too big to fail, a#x201D; removing financial corporations from market discipline and forcing taxpayers in the US and Europe to cover bankster losses. Environmental destruction has accelerated as economists refuse to count the exhaustion of naturea#x2019;s resources as a cost and as corporations impose the cost of their activities on the environment and on third parties who do not share in the profits. This is the book to read for those who want to understand the mistakes that are bringing the West to its knees.Design and research jobs followed manufacturing abroad, and employment in middle class professional occupations ceased ... Much of what Americans lost in wages and salaries as their jobs were moved offshore came back to shareholders and ... The growth of consumer debt was substituted for the missing growth in consumer income. ... in their homes and by accumulating large credit card balances.

Title:The Failure of Laissez Faire Capitalism and Economic Dissolution of the West
Author: Paul Craig Roberts
Publisher:Atwell Publishing -

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