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The Failure of Laissez Faire Capitalism and Economic Dissolution of the West Kindle Edition

by Paul Craig Roberts (Author, Introduction), Ryan McCullough (Illustrator), Hudson Atwell (Editor),

111 customer reviews

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This very readable book by a distinguished economist, Wall Street Journal editor, and Assistant Secretary of the US Treasury is a major challenge both to economic theory and to media explanations of the ongoing 21st century economic crisis. The one percent have pulled off an economic and political revolution. By offshoring manufacturing and professional service jobs, US corporations destroyed the growth of consumer income, the basis of the US 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 US 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.

Length: 190 pages

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Product Details

File Size: 722 KB
Print Length: 190 pages
Publisher: Atwell Publishing; 1 edition (February 2, 2013)
Publication Date: February 2, 2013
Sold by: Amazon Digital Services LLC
Language: English
ASIN: B00BLPJNWE
Text-to-Speech: Enabled

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Enhanced Typesetting: Enabled

Amazon Best Sellers Rank: #343,667 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
- #25 in Kindle Store > Kindle eBooks > Business & Money > Economics > Comparative
- #75 in Books > Business & Money > Economics > Comparative
- #111404 in Kindle Store > Kindle eBooks > Nonfiction

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Customer Reviews

111

4.3 out of 5 stars

5 star		69%
4 star		14%
3 star		4%
2 star		3%
1 star		10%

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Collapse Overtakes The West

By Johannes Maruschzik on March 3, 2013

Format: Kindle Edition

The Failure Of Laissez Faire Capitalism And Economic Dissolution Of The West by Dr. Paul Craig Roberts - formerly Assistant Secretary of the US Treasury for Economic Policy - is a fundamentally important work about the dramatic changes that are taking place in the US and world economies. For this reason, I translated the book into German in the spring of 2012 for its publication by Weltbuch (Dresden) in July 2012 (German title 'Wirtschaft am Abgrund - Der Zusammenbruch der Volkswirtschaften und das Scheitern der Globalisierung'). Economic and political developments during the past year have given the book even greater significance.

Roberts describes the social, political, and economic dispossession that is occurring throughout the West. The citizens in the Western democracies are being forced into acceptance of the agenda of a small oligarchy of powerful private interests. The "free" media, "democratic" governments, and most economists serve the ruling private interests. Let's face it: Private power can be just as abusive as public power. The worst-case scenario is when both are working hand in hand, what, in fact, is happening in the Western democracies today.

Economic theory based on "empty world" economics cannot deal with the problems of a "full world" economy. A mistaken understanding of free trade has blinded the West to its economic erosion by jobs offshoring--labor arbitrage that substitutes lower paid foreign labor for the higher wages in developed countries, with the result that Western economies are deprived of employment opportunities, tax base, and real GDP growth.

Contrary to government claims and media reports, the U.S. economy is still in a recession. A real recovery is not in sight.Read more ›

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Economics for a Full World

By hd on March 5, 2013

Format: Kindle Edition

Review by Herman Daly, Emeritus Professor, University of Maryland

Dr. Roberts was educated at Georgia Tech, University of Virginia, UC Berkeley, and Oxford University. He was Assistant Secretary of the US Treasury in the Reagan Administration, associate editor and columnist for the Wall Street Journal, Senior Research Fellow at the Hoover Institution, Stanford University, and holder of the William E. Simon Chair in Political Economy at Georgetown University. His honors also include the US Treasury's Meritorious Service Award, and France's Legion of Honor.

As evident from this description, Paul Craig Roberts writes from a very solid establishment background in academic political economy, financial journalism, and high public office. His radical critique of today's economics and public policy will no doubt be surprising to some, but it is based on impressive knowledge and experience, as well on an irresistibly convincing honesty. He did not inherit his present understanding of political economy, but developed it through study and experience, with openness to the persuasive power of facts, and willingness to question economic dogmas of both the right and the left.

The book is of special interest to ecological economists, not only for the explicit and insightful support his reasoning gives us, but also for the larger financial and political context in which he places steady-state economics. Although written mainly from a US perspective, the book includes a very clear and informative explanation of the European crisis.Read more ›

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A Must Read

By Sam Baxter on March 9, 2013

Format: Kindle Edition

There are very few voices in the West today with the independence, courage, critical thinking and analytical abilities necessary to see through the phantasms of organized deceit which have been perpetrated by powerful private interest groups and their servants in government, academia and media, and expose the simple truth. Dr. Paul Craig Roberts is one such voice, and The Failure of Laissez Faire Capitalism and Economic Dissolution of the West is a big serving of realism.

Deregulated capitalism did not create the Mecca prophesied by libertarians and neoliberals, but instead instability, insecurity, and the dissolution of the middle class. Those who mistakenly believed that markets are self-regulating failed to realize simple truths that govern the real world: 1) selfishness, greed, and evil always exist, 2) private power is no better than public power, and 3) power abhors a vacuum.

When the government is not powerful enough to restrain greedy self-serving private interests, those private interests co-opt and assimilate the government - in effect becoming the government. The result is an oligarchy of crony capitalism, not a libertarian free market. If markets are not embedded in society so that they serve a social purpose for all, they will be monopolized by private interests, leading to instability and insecurity.

In his book False Dawn: The Delusions of Global Capitalism, John Gray reaches the same conclusion as Roberts. Gray shows that free unregulated markets are not natural and are only created by government coercion in the service of private interests or an ideology. It is regulated markets that grow up naturally.

Anyone can have 20/20 vision in hindsight.Read more ›

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Most Recent Customer Reviews

Dr Paul Craig Roberts a man for our times

Excellent book, Dr Paul Craig Roberts shows us that economics is not as complicated as we think, his whole thought process clarifies the world economy and the subsequent failure of... Read more

Published 8 days ago by woody

COMPELLING ANALYSIS BY A DISTINGUISHED ECONOMIST AND HONOURABLE...

Compelling and simple to read analysis by a distinguished economist and honourable American who constantly and fearlessly denounce this predatory financial capitalism that benefits... Read more

Published 2 months ago by Anthony J. Geha Yuja

Like any leftist

Paul Craig Roberts, leftist. That about sums up what Roberts is and his wrong headed understanding of capitalism and government. Read more

Published 2 months ago by Richard Vinson

good. thanks

Published 3 months ago by James

Five Stars

The truth, a welcome change.

Published 4 months ago by Dr. James Aldrich

some regulation necessary

At first I was sceptical having read the title, but after reading the book, I now understand how I was ignorant. Read more

Published 4 months ago by Joseph A. Spinuzza

This is well written and great book. I think the history would raise...

This is well written and great book. I think the history would raise the hands of this book and Dr.Roberts.

Published 4 months ago by H J Nam

The Failure of Laissez Faire Capitalism

If you have the gifted impression that something is not right with our (America's) economy, you need to read this book. Dr. Read more

Published 6 months ago by charles williams

If you want to see what real environmental damage looks like, visit...

Laissez Faire Capitalism has NEVER been tried in modern times. "Deregulation" is a misnomer for corrupt political plays which pick winners and losers.... Read more

Published 7 months ago by CuriousOne

The worst welfare system is what we pay our elected offiicals. This...

It's sad to see what our government has become. I wish Dr. Roberts was still working in the government. Read more

Published 10 months ago by David B. Petrin

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