The Pathology of the U.S. Economy: The Costs of a Low-Wage System

Description

This book demonstrates the calamitous consequences of the current US policies that follow a Haitian model of low wage development. The author makes his case by describing the decades-long unfolding of the current crisis in the US economy following the post-war boom. From the beginning, the boom contained the seeds of its own destruction. As the boom disintegrated, attempts to stabilize the economy made matters even worse. Efforts at profit maximization reinforced the problems. For example, attacks on both labour and government reinforced the decline. This work warns against framing policies predicated upon either Keynesian or neo-classical theory since both suffer from an unwarranted belief that a market economy can avoid crisis with appropriate economic management. Front Matter....Pages i-xiv The Setting of the Decline....Pages 1-29 The Attack on Labour Accelerates the Economic Decline....Pages 30-57 Government and the Decline....Pages 58-92 The Role of the Military in the Economic Decline....Pages 93-108 Keynesian Policy, Monetary Policy, and the Weakening of Competition....Pages 109-144 Finance, the Falling Rate of Profit and Economic Devastation....Pages 145-171 De-industrialization and the Rise of the Service Economy....Pages 172-191 High Wages, Enlightened Management, and Economic Productivity....Pages 192-220 Conclusion....Pages 221-221 Back Matter....Pages 222-252