Start reading on the free Kindle Reading App or on your Kindle in under a minute. Don't have a Kindle? Get your Kindle here.
Start reading this book in under 60 seconds
Read anywhere, on any device

Deliver to your Kindle or other device

Enter a promotion code
or gift card

Try it free

Sample the beginning of this book for free

Deliver to your Kindle or other device

Sorry, this item is not available in
Image not available for
Image not available

To view this video download Flash Player


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

Paul Craig Roberts , Hudson Atwell , Ryan McCullough , Johannes Maruschzik
4.3 out of 5 stars  See all reviews (84 customer reviews)

Print List Price: $18.95
Kindle Price: $9.99
You Save: $8.96 (47%)

Free Kindle Reading App Anybody can read Kindle books—even without a Kindle device—with the FREE Kindle app for smartphones, tablets and computers.

To get the free app, enter your email address or mobile phone number.


Amazon Price New from Used from
Kindle Edition $9.99  
Paperback $13.12  
Save up to 85% Off Kindle Books
Choose from more than 400 Kindle books up to 85% off from popular genres including mystery & thriller, romance, science fiction & fantasy, non-fiction, children's & teens, and more. This deal is only available through October 5, 2014. Shop now

Book Description

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.

Editorial Reviews


"The Failure of Laissez Faire Capitalism is fearless. It transcends Roberts' illustrious career and prior works of intellectual and practical analysis." NOMI PRINS

"In his inimitable way, Roberts describes how the rhetorical patter talk about free-markets is a cover story for the horror of an extractive asset-stripping operation by publicly supported private banks and the governments that they control." MICHAEL HUDSON

"Clearly, this empirically based, theoretically challenging book is one of the most important works of our time." Johannes Maruschzik, Preface to the German Edition

About the Author

is former Assistant Secretary of the US Treasury in the Reagan administration, associate editor and columnist for the Wall Street Journal and Business Week. He served as Senior Research Fellow at Hoover Institution, and Stanford, and held the William E. Simon Chair in Political Economy at Georgetown University. Dr. Roberts has testified before committees of Congress on 30 occasions and was awarded the US Treasury's Meritorious Service Award for "outstanding contributions to the formulation of US economic policy”. He was educated at the University of California, Berkeley, and Oxford.

Product Details

  • File Size: 596 KB
  • Print Length: 186 pages
  • Publisher: Atwell Publishing; 1 edition (February 2, 2013)
  • Sold by: Amazon Digital Services, Inc.
  • Language: English
  • Text-to-Speech: Enabled
  • X-Ray:
  • Lending: Enabled
  • Amazon Best Sellers Rank: #191,051 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
  •  Would you like to give feedback on images?.

Customer Reviews

Most Helpful Customer Reviews
125 of 127 people found the following review helpful
5.0 out of 5 stars Collapse Overtakes The West 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 ›
Was this review helpful to you?
86 of 90 people found the following review helpful
5.0 out of 5 stars Economics for a Full World March 5, 2013
By hd
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 ›
Was this review helpful to you?
65 of 69 people found the following review helpful
5.0 out of 5 stars A Must Read 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 ›
Was this review helpful to you?
Most Recent Customer Reviews
1.0 out of 5 stars Premise of the book is totally inaccurate
The information in this book is written with the right intentions, I believe, but the premise has totally missed the target. Read more
Published 1 month ago by Colby
5.0 out of 5 stars PCR tells the *real* inconvenient truth that we're all coming ...
PCR tells the *real* inconvenient truth that we're all coming to see. The USA has shot itself in the foot with our economic policies that have benefited a few but have harmed... Read more
Published 1 month ago by R. S.
5.0 out of 5 stars outstanding
This book is Drano for clogged minds. It provides an explanation for all of us who suspect something was very wrong but could not put our finger on it.
Published 2 months ago by Donald Coe
5.0 out of 5 stars Great book!
Best book on this subject I've read to date. Thank you, dr. Roberts for your hard work and making things understandable to the general public!
Published 3 months ago by kirill
5.0 out of 5 stars The decline of America
Depressingly accurate. Brilliant analysis of the trends in economics and politics that identifies the true trends of the world scene.
Published 3 months ago by Kenneth W. Murphy
1.0 out of 5 stars Everybody is wrong, and probably evil, except Paul Craig and his...
I am giving this book one star because there doesn't seem to be a lower rating available. I bought this book (to my regret) because the title suggested it was of a subject that... Read more
Published 4 months ago by Interested customer
3.0 out of 5 stars Same old Schtick
Probably just as easy to read Paul's website. His information seems well researched and credible. But it reads like the other angry white guys (Beck, Hanity). Read more
Published 4 months ago by Jeff Chandler
5.0 out of 5 stars Required Reading For All Americans
Fascinating and informative. Cuts to the real reasons why and how our economy has been hollowed out. Read more
Published 4 months ago by Amazon Customer
5.0 out of 5 stars You need to read this book..
As a citizen of a "third world" country, I read this book with great interest. Dr. Roberts made a wonderful job in his description of what is happening and why. Read more
Published 4 months ago by MADC
2.0 out of 5 stars mixed nuts
The author gets it right when he blames government for bad policy and war but leaves out the significant causes of Americas economic decline. Read more
Published 5 months ago by J. C. Goble
Search Customer Reviews
Search these reviews only

More About the Author

Discover books, learn about writers, read author blogs, and more.


There are no discussions about this product yet.
Be the first to discuss this product with the community.
Start a new discussion
First post:
Prompts for sign-in

Look for Similar Items by Category