“Clearly, this empirically based, theoretically challenging book is one of the most important works of our time.”
Former Wall Street Journal editor and Assistant Secretary of the United States Treasury Paul Craig Roberts’s book is a major challenge both to economic theory and to media explanations of the ongoing 21st-century economic crisis.
The one percent has pulled off an economic and political revolution. By offshoring manufacturing and professional service jobs, U.S. corporations destroyed the growth of consumer income, the basis of the U.S. economy, leaving the bulk of the population mired in debt. Deregulation was used to concentrate income and wealth in fewer hands and financial firms in corporations “too big to fail,” removing financial corporations from market discipline and forcing taxpayers in the U.S. and Europe to cover bankster losses. Environmental destruction has accelerated as economists refuse to count the exhaustion of nature’s resources as a cost and as corporations impose the cost of their activities on the environment and on third parties who do not share in the profits.
This is the book to read for those who want to understand the mistakes that are bringing the West to its knees.
Softcover, 190 pages
About the Author
Paul Craig Roberts was Assistant Secretary of the U.S. Treasury in the Reagan administration, associate editor and columnist for The Wall Street Journal, columnist for Business Week, the Scripps Howard News Service, and Creators Syndicate. He has testified before Congress on 30 occasions. He was awarded the U.S. Treasury’s Meritorious Service Award as well as the French Legion of Honor by the Mitterrand government. Dr. Roberts has held academic appointments in six universities, including Stanford and the William E. Simon Chair in Political Economy, Center for Strategic and International Studies, Georgetown.