The Tyranny of Dead Ideas: Letting Go of the Old Ways of Thinking to Unleash a New Prosperity: Amazon.co.uk: Matt Miller: Books

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5.0 out of 5 stars Ideas of economists & political philosophers...are more powerful than is commonly understood, 14 Jul 2009

By	Gerry O'neill (Morrisville, NC United States) - See all my reviews (TOP 500 REVIEWER) (REAL NAME)

When I took up this book it was because of the title which intrigued me. On the face of it, I assumed it would be one of the usual diatribes against market ideas which have particularly come to prominence in the aftermath of the financial crisis which currently grips the world. As I got into it though I found a thoughtful book which challenges a number of basic assumprtions which lie at the heart of the current version of American Democracy and economic policymaking and which will probably generate a lot of opposition.

Ideas are fundamental to the way which we view the world throughout all levels of our existence and however we interact whether we know it or not.Waging the War of Ideas (Occasional Paper) John Maynard Keynes famously said of ideas that the world is ruled through little else and he may have been right.The General Theory of Employment, Interest and Money

Matt Miller sets out his basic premises of how Americans view their world and the book establishes what those premises are and how they came to be established in the American psyche. They essentially fill out the conceptual notions of the American dream being implemented in today's society and cultural identity. Furthermore, he goes on to challenge those notions in the face of the economic reality which has faced most of the industrialised countries over recent years and which is finally engulfing the United States which hitherto has withstood the gales of creative destruction.

Miller's analysis is important particularly because he has been an insider in the previous Democrat administration and clearly knows his way around and also because he does not appear to be an ideologue in the sense of being wedded to any particular political or economic philosophy, but especially because he does not appear to be anti-market. This last qualification is one which I particularly stress because whilst the financial mess has generated a lot of bluster about market failures, the truth of the matter is that there are no alternatives to market provision which have been found to be sustainable.

Whereas I feel that view he puts forward about globalisation is somewhat hysterical, I also respect that he has genuine concerns about it's impact and the requirement for amelioration of it's worst effects, especially in the United States which has hidden behind protectionist measures for so long that it will be adversely affected.

My main points about this book are twofold. Firstly, whilst I see much within the analysis I have some strong disagreements with the conclusions but given my very strong beliefs in the free market and with free trade, that is only to be expected and i respect his well argued views. The second point is one where the book has considerable strength but which I feel will be very contentious for most Americans and I suspect that there will be very strong knee jerk reactions to the central message. That central point is right at the heart of how America views itself in the world. Essentially Miller is saying that it is wrong and will require a major rethink. His attack is on the notion that the way which America has done things in the past is wrong, it came about for good reasons but nevertheless is wrong and does not make sense. He sets out his own view of what needs to be done but that view will jar with both sides of the aisle. His plan lays itself open to attack from all of the vested interests (and there are many) which have ossified like barnacles all of the years they have been in place. Jim Callaghan, Labour Prime Minister said in 1976 "We used to think that you could spend your way out of a recession and increase employment by cutting taxes and boosting government spending. I tell you in all candour that that option no longer exists, and in so far as it ever did exist, it only worked on each occasion since the war by injecting a bigger dose of inflation into the economy, followed by a higher level of unemployment as the next step.". It marked a turning point in British thinking which led to led to the drastic steps which put the British economy back on a sounder footing than it had been for decades.

Matt Miller's excellent book, I believe will be very controversial, but I also believe that his conclusions, if followed, will mark a major step forward in bringing America's economy kicking, screaming and revitalised into the 21st century where it truly belongs.