For nearly three decades, Washington has been in the grip of an ecomic orthodoxy defined by Ronald Reagan and embraced ardently by George W. Bush. It rests on four pillars: 1) Cut taxes on the wealthy, 2) Reduce regulation, 3) Fear inflation above all else, and 4) Insist on free-floating currency rates. Yet mainstream ecomists have spent much of the past decade examining the results, and declaring them rotten. Supply-side stimulation is a mirage. Deficits matter. Inequality matters. The disasters in Latin America--bread riots in Argentina, inflationary madness in Brazil - and Africa - bankrupt governments and capital flight - were a direct result of the Reagan-Bush agenda. James Galbraith is fed up, and determined to close the gap between what the ecomists kw, and what the politicians igre. In plain English, the Republican Party has been hijacked by political leaders who long since stopped caring if reality conformed to their message. Galbraith exposes the crumbling pillars one by one, naming names and pulling punches.
James K. Galbraith teaches economics at the LBJ School of Public Affair at the University of Texas. Having served on the staff of the U.S. Congress, including Executive Director of the Joint Economic Committee, he holds degrees in economics from Harvard and Yale. Galbraith lives in Austin, Texas.