Written by Michael Perelman (Professor of Economics, California State University), Railroad Economics is an openly critical denouncement of the weaknesses in modern economic theory. Denying the prevailing belief in "pure capitalism" or "perfect competition", Railroading Economics explores how the so-called free market is always subject to numerous constraints, even in the United States. Chapters discuss the historic increase of fixed capital, the role of finance, the long-term effects of the railroad industry, the rise of "welfare capitalism" in which consolidated enterprises dared to adopt a relatively progressive attitude toward labor, the impact and legacy of the Great Depression, the Golden Age of industrial dependence, and much more. Part history lesson, part cautionary tale, and part scholarly dissection of the nuances of labor, capital, and changing perspectives within the discipline of economics, Railroading Economics is a welcome contribution to economics studies shelves.
Was this review helpful to you?