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The Failure of Laissez Faire Capitalism and Economic Dissolution of the West
by
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 co
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Kindle Edition, 182 pages
Published
February 12th 2013
by Atwell Publishing
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Not only is this a very well researched book (a hallmark of all books written by Dr. Paul Craig Roberts), it is also very well written. Considering that he was Pres. Reagan's Cabinet, I have been pleasantly surprised to see that over the years he has eschewed supply-side/trickle-down economic theory as being a workable model!
However, the main gist of this book deals with the harm that has been done not only to our country but also to Third World nations by the explosion of outsourcing. Even tho ...more
However, the main gist of this book deals with the harm that has been done not only to our country but also to Third World nations by the explosion of outsourcing. Even tho ...more
Excellent exposition on how the off-shoring of U.S. jobs are turning the country into a Third World nation. Roberts brings out some interesting points that are not considered when speaking of the current economic crisis. One point is that with the collapse of the Soviet Union, there is no counterbalancing power. Another point is that "Free Market" actually means the off-shoring of manufacturing where the cheapest labor can be had. Another key point is the notion of "education". While politicians
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Is this guy a shill for Putin? Can't decide
Paul Craig Roberts’ The Failure of Laissez Faire Capitalism and Economic Dissolution of the West is critique of economic theory and how it has failed to match-up with reality. Roberts examines Keynesian policies as well as the Ricardian free-trade theory, including the shortcomings of both He also questions whether offshoring functions the way many free-market economists suggests, especially with regards to how successfully displaced workers are able to find new jobs.
Roberts emphasizes the fail ...more
Roberts emphasizes the fail ...more
This book has some very sound arguments against mainstream economic theory. This has made me rethink a lot if the stuff I studied in university and my own view on free trade and globalization. Current trade theory is based on a world 200 years in the past that is very different than the economic landscape today. This is a must read for anyone who studies economics.
Interesting and well-researched. I just wish there had been a lot more to it.
An excellent look at the currents US economy, and how modern economics theories fails to maintain the economy!
alarming
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“Ricardo’s other necessary condition for comparative advantage is that a country’s capital seeks its comparative advantage in its home country and does not seek more productive use abroad. Ricardo confronts the possibility that English capital might migrate to Portugal to take advantage of the lower costs of production, thus leaving the English workforce unemployed, or employed in less productive ways. He is able to dismiss this undermining of comparative advantage because of “the difficulty with which capital moves from one country to another” and because capital is insecure “when not under the immediate control of its owner.” This insecurity, “fancied or real,” together “with the natural disinclination which every man has to quit the country of his birth and connections, and entrust himself, with all his habits fixed, to a strange government and new laws, check the emigration of capital. These feelings, which I should be sorry to see weakened, induce most men of property to be satisfied with a low rate of profits in their own country, rather than seek a more advantageous employment for their wealth in foreign lands.”
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“Ricardo’s other necessary condition for comparative advantage is that a country’s capital seeks its comparative advantage in its home country and does not seek more productive use abroad. Ricardo confronts the possibility that English capital might migrate to Portugal to take advantage of the lower costs of production, thus leaving the English workforce unemployed, or employed in less productive ways. He is able to dismiss this undermining of comparative advantage because of “the difficulty with which capital moves from one country to another” and because capital is insecure “when not under the immediate control of its owner.” This insecurity, “fancied or real,” together “with the natural disinclination which every man has to quit the country of his birth and connections, and entrust himself, with all his habits fixed, to a strange government and new laws, check the emigration of capital. These feelings, which I should be sorry to see weakened, induce most men of property to be satisfied with a low rate of profits in their own country, rather than seek a more advantageous employment for their wealth in foreign lands.” Today, these feelings have been weakened. Men of property have been replaced by corporations. Once the large excess supplies of Asian labor were available to American corporations, once Congress limited the tax deductibility of CEO pay that was not “performance related,” once Wall Street pressured corporations for higher shareholder returns, once Wal-Mart ordered its suppliers to meet “the Chinese price,” once hostile takeovers could be justified as improving shareholder returns by offshoring production, capital and jobs departed the country. Capital has become as mobile as traded goods.”
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