The New American Economy

The influential economist offers a persuasive strategy for a more just and sustainable economy—with a forward by Bernie Sanders. The New York Times has said that Jeffrey D. Sachs is “probably the most important economist in the world.” Now, in a book that combines impassioned manifesto with a plan of action, Sachs charts a path to move America toward sustainable development. Sustainable development is a holistic approach to public policy that unifies economic, social, and environmental objectives. By focusing too much on short-term economic growth, the United States has neglected rising inequality and dire environmental threats—all while putting our long-term economic growth at risk. Sachs explores issues that have captivated national discourse, including infrastructure, trade deals, energy policy, the proper size and role of government, the national debt, and income inequality. In accessible language, he illuminates the forces at work in each case and presents specific policy solutions. His argument rises above the stagnation of partisanship to envision a brighter way forward both individually and collectively. “Sachs demonstrates expertise on vastly different policy fields and makes a convincing case that abdicating the toxic intersection of militarism and exceptionalism is key to building a brighter future.”—Global Policy Journal

The American economy has provided a level of well-being that has consistently ranked at or near the top of the international ladder. A key source of this success has been widespread participation in political and economic processes. In The Government and the American Economy, leading economic historians chronicle the significance of America’s open-access society and the roles played by government in its unrivaled success story. America’s democratic experiment, the authors show, allowed individuals and interest groups to shape the structure and policies of government, which, in turn, have fostered economic success and innovation by emphasizing private property rights, the rule of law, and protections of individual freedom. In response to new demands for infrastructure, America’s federal structure hastened development by promoting the primacy of states, cities, and national governments. More recently, the economic reach of American government expanded dramatically as the populace accepted stronger limits on its economic freedoms in exchange for the increased security provided by regulation, an expanded welfare state, and a stronger national defense.

As a domestic policy advisor to Ronald Reagan, Bruce Bartlett was one of the originators of Reaganomics, the supply-side economic theory that conservatives have clung to for decades. In The New American Economy, Bartlett goes back to the economic roots that made Impostor a bestseller and abandons the conservative dogma in favor of a policy strongly based on what's worked in the past. Marshalling compelling history and economics, he explains how economic theories that may be perfectly valid at one moment in time under one set of circumstances tend to lose validity over time because they are misapplied under different circumstances. Bartlett makes a compelling, historically-based case for large tax increases, once anathema to him and his economic allies. In The New American Economy, Bartlett seeks to clarify a compelling and way forward for the American economy.

Progressive intellectual Henry A. J. Ramos believes the United States is at a crossroads, facing the most challenging moment since the civil rights movement of the late 1960s and early 1970s. In fact, absent major new interventions and investments, he sees this moment as a pivotal turning point in the American journey in which political polarization, income and wealth disparity and public violence"€"much of which is race related"€"threaten the very essence and integrity of our democracy and economy. Ramos examines the policies that have contributed to America's decline, including those that have led to the concentration of great wealth in the hands of a few while condemning many to systemic poverty and inequality. Current economic and social trends, he stresses, are unsustainable and call for organized, concerted action by people of conscience and those affected. Ultimately, Ramos provides a roadmap for the future so the United States can continue to provide opportunities for its people and serve again as a leader in the international community. He offers case studies of organizations that have successfully created and administered programs that further equity in society, restore democratic practices, implement better urban and city planning and protect the environment. Demonstrating both the critical importance and real possibility of leveraging prosperity and justice for all Americans, this compelling work is a must-read for anyone interested in democracy, economic restoration and environmental sustainability.

It’s time to rewrite the rules—to curb the runaway flow of wealth to the top one percent, to restore security and opportunity for the middle class, and to foster stronger growth rooted in broadly shared prosperity. Inequality is a choice. The United States bills itself as the land of opportunity, a place where anyone can achieve success and a better life through hard work and determination. But the facts tell a different story—the U.S. today lags behind most other developed nations in measures of inequality and economic mobility. For decades, wages have stagnated for the majority of workers while economic gains have disproportionately gone to the top one percent. Education, housing, and health care—essential ingredients for individual success—are growing ever more expensive. Deeply rooted structural discrimination continues to hold down women and people of color, and more than one-fifth of all American children now live in poverty. These trends are on track to become even worse in the future. Some economists claim that today’s bleak conditions are inevitable consequences of market outcomes, globalization, and technological progress. If we want greater equality, they argue, we have to sacrifice growth. This is simply not true. American inequality is the result of misguided structural rules that actually constrict economic growth. We have stripped away worker protections and family support systems, created a tax system that rewards short-term gains over long-term investment, offered a de facto public safety net to too-big-to-fail financial institutions, and chosen monetary and fiscal policies that promote wealth over full employment.

Profound transformations have taken place both in the US and the global economy, most especially in the realm of finance. This title brings together a comprehensive analysis of financialization in the US economy that encompasses historical, theoretical, and empirical sides of the issues.

‘This is essential reading for anybody interested in global history.’ —Professor Ugo Panizza, The Graduate Institute of Geneva, Switzerland This illuminating book offers a compact survey and new interpretation of trends and policies in the US economy from the end of the nineteenth century to the initial period of the Trump administration. Valli maps three stages in this period of US economic history: first, the economic and demographic consequences of the frontier; second, the Fordist model of growth; and third, the attempt to build an economic empire through economic and financial globalization, military and political power and rapid technological progress. Examining pivotal moments from the Wall Street Crash and the World Wars to the recent Great Recession, Obamacare and Trump's electoral promises and first controversial decisions, this book is essential reading for all those interested in American economic power and its future.

One of the country's leading immigration economists presents a comprehensible and controversial account of the economic impact of recent immigration on America. 23 tables. 40 line illustrations.