- Hardcover: 208 pages
- Publisher: The Free Press; 1st Free Press Hardcover Ed edition (18 Aug 2008)
- Language English
- ISBN-10: 141656683X
- ISBN-13: 978-1416566830
- Product Dimensions: 23.1 x 15.5 x 2.8 cm
- Average Customer Review: 4.8 out of 5 stars See all reviews (4 customer reviews)
- Amazon Bestsellers Rank: 400,392 in Books (See Top 100 in Books)
The Predator State
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Product Description
Review
"James Galbraith has written an extremely challenging book. Although its principal target is conservative economics, it is no less critical of conventional liberalism. Galbraith correctly recognizes that today both approaches are intellectually bankrupt and incapable of addressing the nation's pressing economic problems. I hope The Predator State stimulates needed debate among both liberals and conservatives on the mistakes both sides have made that have gotten us to where we are now."-- Bruce Bartlett, author of "Impostor: How George W. Bush Bankrupted America and Betrayed the Reagan Legacy"
Product Description
For nearly three decades, Washington has been in the grip of an economic orthodoxy defined by Ronald Reagan and embraced ardently by George W. Bush. It rests on four pillars: 1) Cut taxes on the wealthy, 2) Reduce regulation, 3) Fear inflation above all else, and 4) Insist on free-floating currency rates. Yet mainstream economists have spent much of the past decade examining the results, and declaring them rotten. Supply-side stimulation is a mirage. Deficits matter. Inequality matters. The disasters in Latin America--bread riots in Argentina, inflationary madness in Brazil - and Africa - bankrupt governments and capital flight - were a direct result of the Reagan-Bush agenda. James Galbraith is fed up, and determined to close the gap between what the economists know, and what the politicians ignore. In plain English, the Republican Party has been hijacked by political leaders who long since stopped caring if reality conformed to their message. Galbraith exposes the crumbling pillars one by one, naming names and pulling no punches. If you thought you should vote Republican for the sake of the economy, think again. Here's the "j'accuse" that the Bush economic agenda richly deserves - and a plan for what should replace it.
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Most Helpful Customer Reviews
7 of 7 people found the following review helpful
Format:Hardcover
Galbraith is writing from a uniquely interesting vantage point, as a scholarly economist (son of one of the most celebrated economists of the past century) who has also spent a lot of time in the political system of the U.S. As such, he is itching to point out the numerous and serious discrepancies between political doctrine - not of any one political party, but the premises of the entire political debate - and economic reality. He sets out to do this in part one of the book.
In part two, he asks the all-important question: Who benefits?
Answer: The predators - those private parties who feast on institutions built up for the public good, using lobbyists and bought politicians, exploiting the free-market dogma to privatize gains and socialize losses.
In part three, he takes a look at what can - must - be done. The most important point here, in my view, is the need for long-term planning, and its implicit need for greater governmental control. Markets don't plan; governments can.
Sadly, I think Galbraith is too far ahead of the curve. He takes the free-market ideology as not only wrong, but self-evidently wrong. And, while I am inclined to agree with him on this, I suspect it will only make its adherents throw the book away in disgust.
Indeed, many of the more important points, points contrarian to views often encountered (indeed dominant) in mainstream media, he doesn't really argue at all. He states in the preface that
"This is a short book, lightly referenced, written for a general audience, and not especially for a scholarly one. I have by no means attempted to cover every argument or document every point [...] Readers who have followed my work will recognize this as a departure from my usual methods; some may be disappointed. A price of accessibility is that the evidence behind some of the strongest factual claims made here cannot be laid out in full; I rely on the reader's trust that while errors are certainly possible, claims are stated in good faith, based on what I believe to be true".
I found the resulting lack of depth a bit frustrating; I don't quite buy the idea of fighting rampant misperception and disinformation by relying "on the reader's trust".
But then again, psycology has shown that our perceptions of the world have little to do with actual truth and a lot to do with the claims about the world we hear repeated frequently... this may be Galbraith's attempt to up the frequency of sane claims in the meme-stream.
Further, Galbraith covers a lot of ground here. Fully arguing every point would require ten thick volumes and a lifetime of work... in this respect, the current book is likely a good trade-off: Its timing is superb, as the American public should be experiencing a rude awakening right about now, and Galbraith is offering both a very reasonable explanation of what's wrong, and an equally reasonable course of action.
But still: For my (largely intellectual) purposes, the book would have gained greatly by a (possibly short) list of references or suggested further reading. This wouldn't necessarily have to be in the book, but could be made downloadable on the publisher's website... (Free Press, that's a hint for you).
In part two, he asks the all-important question: Who benefits?
Answer: The predators - those private parties who feast on institutions built up for the public good, using lobbyists and bought politicians, exploiting the free-market dogma to privatize gains and socialize losses.
In part three, he takes a look at what can - must - be done. The most important point here, in my view, is the need for long-term planning, and its implicit need for greater governmental control. Markets don't plan; governments can.
Sadly, I think Galbraith is too far ahead of the curve. He takes the free-market ideology as not only wrong, but self-evidently wrong. And, while I am inclined to agree with him on this, I suspect it will only make its adherents throw the book away in disgust.
Indeed, many of the more important points, points contrarian to views often encountered (indeed dominant) in mainstream media, he doesn't really argue at all. He states in the preface that
"This is a short book, lightly referenced, written for a general audience, and not especially for a scholarly one. I have by no means attempted to cover every argument or document every point [...] Readers who have followed my work will recognize this as a departure from my usual methods; some may be disappointed. A price of accessibility is that the evidence behind some of the strongest factual claims made here cannot be laid out in full; I rely on the reader's trust that while errors are certainly possible, claims are stated in good faith, based on what I believe to be true".
I found the resulting lack of depth a bit frustrating; I don't quite buy the idea of fighting rampant misperception and disinformation by relying "on the reader's trust".
But then again, psycology has shown that our perceptions of the world have little to do with actual truth and a lot to do with the claims about the world we hear repeated frequently... this may be Galbraith's attempt to up the frequency of sane claims in the meme-stream.
Further, Galbraith covers a lot of ground here. Fully arguing every point would require ten thick volumes and a lifetime of work... in this respect, the current book is likely a good trade-off: Its timing is superb, as the American public should be experiencing a rude awakening right about now, and Galbraith is offering both a very reasonable explanation of what's wrong, and an equally reasonable course of action.
But still: For my (largely intellectual) purposes, the book would have gained greatly by a (possibly short) list of references or suggested further reading. This wouldn't necessarily have to be in the book, but could be made downloadable on the publisher's website... (Free Press, that's a hint for you).
5 of 5 people found the following review helpful
Format:Hardcover
Hereditary Economists? Sounds a dubious proposition but J.K.Galbraith the second has written a stimulating, provocative book that is easily up to his fathers standards. "The Predator State" is a book of two halves; the first section is somewhat pedestrian in pace, generally interesting and occasionally confusing. The second and third sections see Galbraith up a couple of gears and in a relatively short space makes his case against what he regards as the reigning model for the economy:
"Today, the signature of modern American capitalism is neither benign competition, nor class struggle, nor an inclusive middle-class utopia. Instead, predation has become the dominant feature -- a system wherein the rich have come to feast on decaying systems built for the middle class. The predatory class is not the whole of the wealthy; it may be opposed by many others of similar wealth. But it is the defining feature, the leading force. And its agents are in full control of the government under which we live."
The book, which was written towards the end of the second Bushes second administration, is particularly focused on the American experience. It makes the clear that the market model is limited in relevance as a description of large sectors of the American economy and the worshiping of the market paradigm is in itself acting as a serious constraint in dealing with a number of issues the most important of which is global warming. The chapter on the limitations of carbon trading and other market solutions with regard to global warming is one of the highlights of the book.
In the course of the second half of the book he deals with many issues including inequality, contempory corporations, macro economic policy, China and the status of the dollar as a reserve currency. Galbraith, despite seeing a valid role for markets, also makes a cogent and reasonable case for an element of planning with regard to the economy and a valid role for regulation. It is refreshing to hear the case for letting the most predatory corporations be planned and regulated out of business leaving space for corporations than can survive and indeed thrive in a business environment which is more regulated and focused on the real needs of real people as well as a government sector that is like wise focused.
Though I don't agree with everything in the book and found the first section to be less than brilliant I'd still thoroughly recommend this book. In the latter part Galbraith tackles the issues with wit and concision and sinks the notion of using the term "free market" as a description of the economy as it is and as a universal solution to all economic and political ills. More importantly it is a book that makes you think. If you find this sort of book interesting then Thomas Franks The Wrecking Crew is an excellent description of the conservatives "free market" ideology in practice.
"Today, the signature of modern American capitalism is neither benign competition, nor class struggle, nor an inclusive middle-class utopia. Instead, predation has become the dominant feature -- a system wherein the rich have come to feast on decaying systems built for the middle class. The predatory class is not the whole of the wealthy; it may be opposed by many others of similar wealth. But it is the defining feature, the leading force. And its agents are in full control of the government under which we live."
The book, which was written towards the end of the second Bushes second administration, is particularly focused on the American experience. It makes the clear that the market model is limited in relevance as a description of large sectors of the American economy and the worshiping of the market paradigm is in itself acting as a serious constraint in dealing with a number of issues the most important of which is global warming. The chapter on the limitations of carbon trading and other market solutions with regard to global warming is one of the highlights of the book.
In the course of the second half of the book he deals with many issues including inequality, contempory corporations, macro economic policy, China and the status of the dollar as a reserve currency. Galbraith, despite seeing a valid role for markets, also makes a cogent and reasonable case for an element of planning with regard to the economy and a valid role for regulation. It is refreshing to hear the case for letting the most predatory corporations be planned and regulated out of business leaving space for corporations than can survive and indeed thrive in a business environment which is more regulated and focused on the real needs of real people as well as a government sector that is like wise focused.
Though I don't agree with everything in the book and found the first section to be less than brilliant I'd still thoroughly recommend this book. In the latter part Galbraith tackles the issues with wit and concision and sinks the notion of using the term "free market" as a description of the economy as it is and as a universal solution to all economic and political ills. More importantly it is a book that makes you think. If you find this sort of book interesting then Thomas Franks The Wrecking Crew is an excellent description of the conservatives "free market" ideology in practice.
4 of 4 people found the following review helpful
Format:Hardcover|Amazon Verified Purchase
In this formidable book, J.K. Galbraith reveals that the free market emperors are naked. The free market doctrine is simply a run from `the money to the ideas'.
The naked emperors sold their myth by linking markets to (economic) freedom. This concept opposes real freedom created by a raising general living standard (e.g., universal health care, free public education). Economic freedom is only the freedom to shop.
The myth consists of 4 elements: monetarism, supply-side economics (including tax cuts and deregulation), balanced budgets and free trade.
Monetarism is a scam, because not the money stock, but interest rates drive the economy.
The only real effect of tax cuts is the enrichment of the super wealthy, leaving nearly nothing for the society as a whole.
Deregulation is not more (not less) than turning public institutions over to the private sector.
Budgets deficits no longer depend on federal policies, but on international trade (imbalances) and the financial health of the private sector.
The link between the world's most important trading partners (China and the US) is not based on free trade, but on a tacit agreement between US consumer interests and Chinese manufacturers.
The free market policies are also responsible for huge inequalities (income) within the
US society. Therefore it is highly inefficient, because inequality produces unemployment and unemployment is waste (of means of production).
The deepest issue concerning inequality is the distribution of political power.
In the latest republican administrations, this political power was grabbed by a secretly operating clique of `predators', who assaulted the welfare State, regulation and the unions. Public institutions and public protection (health, safety, consumer protection, environment, national security) were systematically abused for private profit. The State was run in such a way that it would bring to them the most money, the least disturbed power and the greatest chance of rescue should something go wrong.
The power of the predators should be broken.
Serious planning should be installed for alternative energy sources and to combat climate change (global warming).
Price controls should be imposed in order to reduce economic inequalities and the power of monopolies.
Before the fall of the Berlin Wall, the US domination was based on military power and protection against a threat (communism). After the fall of communism, a facsimile of this threat (The War on Terror) failed. Moreover, a danger exists for a huge dollar crisis. At least, one should be prepared for the possible disastrous consequences for the nation as a whole.
This book is a must read for all those who want to understand the world we live in.
The naked emperors sold their myth by linking markets to (economic) freedom. This concept opposes real freedom created by a raising general living standard (e.g., universal health care, free public education). Economic freedom is only the freedom to shop.
The myth consists of 4 elements: monetarism, supply-side economics (including tax cuts and deregulation), balanced budgets and free trade.
Monetarism is a scam, because not the money stock, but interest rates drive the economy.
The only real effect of tax cuts is the enrichment of the super wealthy, leaving nearly nothing for the society as a whole.
Deregulation is not more (not less) than turning public institutions over to the private sector.
Budgets deficits no longer depend on federal policies, but on international trade (imbalances) and the financial health of the private sector.
The link between the world's most important trading partners (China and the US) is not based on free trade, but on a tacit agreement between US consumer interests and Chinese manufacturers.
The free market policies are also responsible for huge inequalities (income) within the
US society. Therefore it is highly inefficient, because inequality produces unemployment and unemployment is waste (of means of production).
The deepest issue concerning inequality is the distribution of political power.
In the latest republican administrations, this political power was grabbed by a secretly operating clique of `predators', who assaulted the welfare State, regulation and the unions. Public institutions and public protection (health, safety, consumer protection, environment, national security) were systematically abused for private profit. The State was run in such a way that it would bring to them the most money, the least disturbed power and the greatest chance of rescue should something go wrong.
The power of the predators should be broken.
Serious planning should be installed for alternative energy sources and to combat climate change (global warming).
Price controls should be imposed in order to reduce economic inequalities and the power of monopolies.
Before the fall of the Berlin Wall, the US domination was based on military power and protection against a threat (communism). After the fall of communism, a facsimile of this threat (The War on Terror) failed. Moreover, a danger exists for a huge dollar crisis. At least, one should be prepared for the possible disastrous consequences for the nation as a whole.
This book is a must read for all those who want to understand the world we live in.
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