The American Dream vs. The Gospel of Wealth: The Fight for a Productive Middle-Class Economy (The Future of American Democracy Series) [Hardcover]

Norton Garfinkle (Author)

Book Description

Series: The Future of American Democracy Series | Publication Date: October 10, 2006

Norton Garfinkle paints a disquieting picture of America today: a nation increasingly divided between economic winners and losers, a nation in which the middle-class American Dream seems more and more elusive. Recent government policies reflect a commitment to a new supply-side winner-take-all Gospel of Wealth. Garfinkle warns that this supply-side economic vision favors the privileged few over the majority of American citizens striving to better their economic condition.

Garfinkle employs historical insight and data-based economic analysis to demonstrate compellingly the sharp departure of the supply-side Gospel of Wealth from an American ideal that dates back to Abraham Lincoln—the vision of America as a society in which ordinary, hard-working individuals can get ahead and attain a middle-class living, and in which government plays an active role in expanding opportunities and ensuring against economic exploitation. Supply-side economic policies increase economic disparities and, Garfinkle insists, they fail on technical, factual, moral, and political grounds. He outlines a fresh economic vision, consonant with the great American tradition of ensuring strong economic growth, while preserving the middle-class American Dream.

Editorial Reviews

Review

“We can choose to chart a wiser economic path by starting with the principles that have inspired Americans from the beginning:  Sticking with fiscal discipline, rewarding hard work, investing in our people, and growing a strong middle class.  In The American Dream vs. The Gospel of Wealth, Norton Garfinkle addresses these important economic issues, issues that should be addressed at all levels of government and our society if we expect to maintain the American Dream for future generations."—Senator Hillary Rodham Clinton

 

(Hillary Rodham Clinton )

"This fascinating guided tour of America''s past reminds us of the moral dimension of economic policy—which used to loom large, but which lately has been submerged. Garfinkle''s book may help bring it back."—Alan Blinder, Princeton University, former Vice Chairman of the Federal Reserve Board

(Alan Blinder )

"This book is clearly written, without jargon, and Garfinkle does a very good job of linking macroeconomic arguments with their political and moral implications."—Ian Shapiro, author of The Moral Foundations of Politics
 

 

(Ian Shapiro )

"A dramatic description of contemporary economic issues and their origin in the continuing struggle between the true American Dream inspired by Lincoln, Wilson and the two Roosevelts...and the Gospel of Wealth, identified in the 19th century with Social Darwinism and more recently with Harding, Coolidge, Hoover, Reagan and George W. Bush in particular.  In its intelligence, historical understanding and felicity of style, Garfinkle''s eminently readable volume is in the best tradition of American historical literature."—Richard D. Heffner, Rutgers University

(Richard D. Heffner )

"The American Dream vs. the Gospel of Wealth: The Fight for a Productive Middle-Class Economy is the most important book I''ve read in years. It is the clearest, most readable, most insightful, and most powerful account of how the Declaration of Independence and Lincoln''s vision of government ''of, by, and for the people'' are being turned upside down. Garfinkle has sounded the one trumpet that just might wake us up—if there is still time."—Bill Moyers

(Bill Moyers )

About the Author

Norton Garfinkle is chairman, The Future of American Democracy Foundation. He has taught economics at Amherst College and is former chairman of the George Washington University Institute for Communitarian Policy Studies. He lives in New York City.

Product Details

• Hardcover: 240 pages
• Publisher: Yale University Press; annotated edition edition (October 10, 2006)
• Language: English
• ISBN-10: 0300108605
• ISBN-13: 978-0300108606
• Product Dimensions: 8.3 x 5.8 x 1 inches
• Shipping Weight: 12.8 ounces
• Average Customer Review: 4.4 out of 5 stars  See all reviews (9 customer reviews)
• Amazon Best Sellers Rank: #333,390 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

9 of 9 people found the following review helpful:

5.0 out of 5 stars Myth-Buster, February 23, 2007

By 

A. Rowe "[e-mail]" (Rock Island, IL United States) - See all my reviews
(REAL NAME)   

This review is from: The American Dream vs. The Gospel of Wealth: The Fight for a Productive Middle-Class Economy (The Future of American Democracy Series) (Hardcover)

I agree that this book was insightful and easy to read. More importantly, the information is thorough and paints an extremely cohesive picture of why current tax policy is wrong-headed. It is now almost a principle of faith that lower taxes on the highest earners bring increased investment and thus faster economic growth. There have been no definitive studies done that support this myth. This book debunks the "Gospel of Wealth" contention with real economic numbers and historical survey. Trickle-down theory has been exposed to the light of factual analysis as a benefit to the super-rich.

8 of 8 people found the following review helpful:

5.0 out of 5 stars Excellent description of theory behind 2 main economic theories in US politics, October 27, 2009

By 

Kent R. Dills (Dallas, TX) - See all my reviews
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This review is from: The American Dream vs. The Gospel of Wealth: The Fight for a Productive Middle-Class Economy (The Future of American Democracy Series) (Paperback)

If you have any interest at all in really understanding the genesis of the economic theory behind the Democratic and Republican views (as of year 2009 - because things do change) of the economy, then this book is a fantastic resource. As a college graduate who's taken the requisite courses in macro and micro economics, I still didn't REALLY understand the difference between the 2 parties views of economic theory. Certainly not enough to be able to put it into words beyond the very superficial articulation of "supply side/trickle down", etc.

This book breaks the two theories down into fiscal policy and monetary policy and retraces the 2 theories beginnings from around the Civil War through around 2004. More than just talking about the the two different theories (referred to as "The American Dream" for Democratic theory and "The Gospel of Wealth" for Republican theory, the book also compares and contrasts results of the two economic theories USING DATA. For example, we get to compare important economic measures like GDP, unemployment, inflation, tax rates, personal savings, business investment, etc., over different time frames (e.g., the Clinton years 1992-1999 vs Reagan years 1980-1987).

Though the authors are fairly transparent about which theory they believe has the most beneficial impact on the majority of Americans, it's one thing to just talk about it, it's quite another to be able to see and compare results based on fact/data, rather than usual sound bites thrown away on Fox news, MSNBC, etc. Bottom line - really good book. One should read it regardless of their political beliefs as THEY JUST MIGHT LEARN SOMETHING. ;-)

6 of 6 people found the following review helpful:

4.0 out of 5 stars Very good, important book, March 2, 2007

By 

Steven Hunt (oklahoma city, ok) - See all my reviews
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This review is from: The American Dream vs. The Gospel of Wealth: The Fight for a Productive Middle-Class Economy (The Future of American Democracy Series) (Hardcover)

I heard about this book from Bill Moyers, he mentioned it several times while speaking at the National Conference for Media Reform in Memphis. When I got back, I went to every single book store in Oklahoma City and none carried it, so I knew this must be a good, intellectual book. After finishing it, I must say indeed it is just that, full of good arguments and history and basically saying "..ok, you have to do this or theres going to be problems". It is very readable and I highly recommend Garfinkel's fine work.