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The Predator State
Book

The Predator State

How Conservatives Abandoned the Free Market and Why Liberals Should Too

Free Press, 2008 Mehr


Editorial Rating

9

Qualities

  • Innovative

Recommendation

James K. Galbraith, son of noted economist John Kenneth Galbraith, wrote this book at his father’s suggestion. Indeed, he spends a fair amount of ink defending his father’s ideas and legacy, which were pushed aside by the Reagan Revolution and its aftermath. Now, in the wake of the administration of Republican President George W. Bush, who even admitted to abandoning free-market principles, the time is ripe to see what liberals really have to offer. Galbraith suggests: not much. Intimidated by the force of the conservative wave that swept them from power almost three decades ago, liberals have adopted conservative frameworks, says Galbraith. They genuflect to market supremacy, free trade, tax cuts and deregulation – ideas conservatives have dropped. getAbstract finds that Galbraith provides a thought-provoking analysis of conservative rule. He offers plenty of polemics, Bush-bashing and rhetorical flourishes that will delight liberal readers. Conservatives, who perhaps feel that their exile actually began with Bush II, may find little to cheer but a good bit to agree with herein.

Take-Aways

  • •Conservatives have abandoned their core economic ideas, yet liberals cling to those principles – or at least they pretend to.
  • •The Reagan tax cuts, justified by so-called supply-side economics, did not work; savings and investment did not grow.
  • Monetarism proved so costly that policy makers abandoned it within months. Since then, inflation has been held down by globalization and not by monetary policy.

About the Author

Economist James K. Galbraith holds the Lloyd M. Bentsen, Jr., chair of government/business relations at the LBJ School of Public Affairs. A Levy Economics Institute senior scholar and chair of the board of Economists for Peace and Security, he is a former executive director of the U.S. Congress Joint Economic Committee.


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