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The Betrayal of American Prosperity: Free Market Delusions, America's Decline, and How We Must Compete in the Post-Dollar Era

4.31  ·  Rating Details ·  42 Ratings  ·  11 Reviews
Critically acclaimed author Clyde Prestowitz reveals the shocking extent of the deterioration of American economic strength that has put the United States on the brink of irreversibly losing our supremacy on the world stage and our prosperity at home. While the financial crisis has been a devastating blow, he shows that the wreckage of our economic might started much earli ...more
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Published May 31st 2010 by Tantor Media (first published April 24th 2010)
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Miles
This is probably the best book on what is wrong about US Economic policy and how it has gone wrong, that I have read. It says in essence that US diplomats have traded away many valuable concessions to foreign nations in exchange for support for some of our foreign policy positions, going all the way back to the Dulles Brothers and even the Truman Administration. We've supported 'free trade' and even operated as free traders while our competitors have largely NOT been free traders, nor were we du ...more
Adam Calhoun
Jul 01, 2010 Adam Calhoun rated it really liked it  ·  review of another edition
Prestowitz continues his line of interesting and thought-provoking books with The Betrayal of American Prosperity. He does a good job of debunking the idealistic vision of a 'free trade' that's not truly free. His knowledge of the economic and intellectual history is impressive, and is what makes the stand out from other American-declinist books. At times, though, he overstats his case and makes the evidence seem too good - we're repeatedly told how superior Chinese and German industrial policy ...more
Harry
Oct 28, 2012 Harry rated it it was amazing  ·  review of another edition
Everybody in the US should read this book. The title is misleading. "The Betrayal of American Prosperity" would be a good title for a book trumpeting a right-wing conspiracy theory (or possibly a left-wing conspiracy theory.) In fact, this book is neither right- nor left-wing, but a factual account of the reason for the decline of US prosperity. The reason is not a betrayal, but something more insidious: The Conventional Wisdom. The Conventional Wisdom, shared by most business leaders, economist ...more
The American Conservative
'A disappointment in Prestowitz’s analysis is that he has little to say about Japan. This is a missed opportunity: pace American press reports, Japan did not stagnate after the Tokyo stock market crashed in 1990. As Mark Skousen has pointed out, measured on a per capita basis Japan’s GDP actually kept pace with America’s over the last two decades. Japan lost ground only in the sense that its population growth was much slower than America’s, causing a lag in total Japanese output.

What’s more, the
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Marc Ballon
Jul 24, 2015 Marc Ballon rated it really liked it  ·  review of another edition
Clyde Prestowize, a former trade official in the Reagan administration, takes an incredibly skeptical but fair view of the pitfalls of unfettered free trade. His cogent and nuanced arguments force devoted free traders like myself to reexamine our assumptions and ask some hard questions about economists' nearly universal belief that free trade is always good. It isn't; especially when countries like China and Japan manipulate their currencies to gin up exports and steal high-paying manufacturing ...more
Gary Ballard
The author's solutions are mostly good ideas, though probably utterly unworkable with the broken political system we have in this country. I do take issue with his assertion that U.S. corporations pay the highest tax rates in the world. This is only true if you don't count all the deductions and such that many of the larger corporations take advantage of so that a company like GE makes billions in revenue and profit but pays no taxes whatsoever. Other than that, an interesting read.
Sean
Mar 08, 2011 Sean rated it it was amazing  ·  review of another edition
A must read for all Americans that are confused about why our economy is failing with the current political policy on corporations that are supposedly American and globalizing for our national benefit... truely a study of how globalization takes away money from everyone except a few elite corporate people.
Julian Haigh
Dec 20, 2011 Julian Haigh rated it it was amazing  ·  review of another edition
Fantastic book - explains why the world economic system works the way it does through historical consideration and then how we can update our understanding. A must read if you happen to suffer from economic orthodoxy.
Brian
Jan 15, 2011 Brian rated it really liked it  ·  review of another edition
I book that, in some respects affirmed and in others, changed my beliefs in the benefits and ills of our assumptions about trade and the sources of economic strength. I liked Prestowitz's ideas for improvement, but to state that their implementation would be difficult is an understatement.
Mary
Jul 25, 2010 Mary rated it it was amazing  ·  review of another edition
2010. Well researched. Well written.
Bert  Hopkins
Jan 21, 2012 Bert Hopkins is currently reading it  ·  review of another edition
Sobering and depressing.
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