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The Betrayal of American Prosperity: Free Market Delusions, America's Decline

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Author Topic: The Betrayal of American Prosperity: Free Market Delusions, America's Decline  (Read 3 times)
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« on: May 13, 2010, 11:37:44 am »

New Release Special. Hailed by Robert Reich and Others More Concerned About Main Street Than Wall Street: "The Betrayal of American Prosperity: Free Market Delusions, America's Decline, and How We Must Compete in the Post-Dollar Era" [Hardcover]
By Clyde Prestowitz's Review (excerpt)
“Nobody is a more astute critic than Clyde Prestowitz of the illusions that dominate America's approach to trade, manufacturing, finance, and national security. If our leaders would read The Betrayal of American Prosperity and act on its insights, the U.S. could regain its status as the world's pre-eminent economic power.”—Robert Kuttner, Co-Editor, The American Prospect; author, A Presidency in Peril.

“The United States is losing ground in the global economy because of a stubborn allegiance to the failed rhetoric of free trade — in the face of the harsh reality of eroding market share, disappearing jobs, stagnant wages, and a lost technological edge. Clyde Prestowitz provides incisive analysis of the policies and policymakers that brought us to the brink of global economic collapse — and then provides a viable roadmap for a coherent national economic strategy to rebuild our economy and our productive base. The Betrayal of American Prosperity is essential reading for workers, activists and policymakers who want to restore the American Dream.” —Richard L. Trumka, President AFL-CIO

“It is easy to think that the Great Recession was simply caused by an over-heated housing market and Wall Street greed. However, The Betrayal of American Prosperity puts the crisis in proper historical context by showing how our devotion to economic ideology over economic reality for the past 30 years has been bad for America, and its citizens. Our leaders need to learn the lessons Clyde Prestowitz outlines and the way forward he proposes if we are going to truly strengthen the American economy.” —Dan DiMicco, Chairman & CEO, Nucor Corporation

"A vivid history of American development and trade policy, a fierce indictment of corporate short-termism and slothful public policy, as abetted by too many economists over the years. And, a powerful case for rebuilding America's industrial position to meet the energy and climate challenges we now face."—James K. Galbraith, author, The Predator State: How Conservatives Abandoned the Free Market and Why Liberals Should Too

“With great insight and clarity, Clyde Prestowitz explains, step by step, how our politicians and business leaders betrayed America at the altar of free trade and unfettered markets. Here's a clear-eyed guide to what went wrong, what needs fixing, and how America can reclaim its place in the global economy.” — Robert B. Reich, professor of public policy, Goldman School of Public Policy, University of California at Berkeley, and former U.S. Secretary of Labor


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"But it doesn’t have to be that way. As Prestowitz shows in a masterful account of how we’ve come to this fateful juncture, we have inflicted our economic decline on ourselves—we abandoned the extraordinary approach to growth that drove the country’s remarkable rise to superpower status from the early days of the republic up through World War II. For most of our history, we supported our home industries, protected our market against unfair trade, made the world’s finest products—leading the way in technological innovation—and we were strong savers. But in the post-WWII era, we reversed course as our leadership embraced a set of simplistically attractive but disastrously false ideas—that consumption rather than production should drive our economy; that free trade is always a win-win; that all globalization is good; that the market is always right and government regulation or intervention in the economy always causes more harm than good; and that it didn’t matter that our factories were fleeing overseas because we were moving to the "higher ground" of services. In a devastating account, Prestowitz shows just how flawed this orthodoxy is and how it has gutted the American economy. The 2008 financial crisis was only its most blatant and recent consequence."
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