"With US economic hegemony on the brink, what if economics is the problem? Galbraith examines how conventional economic policies are unequipped to account for the most daunting challenges of our geopolitical moment-outside threats like climate and war, inside threats like inflation and financial instability. The limits of traditional policies, left unacknowledged, are accelerating the end of the US economy as we know it and the realignment of the political world order. The argument builds on Galbraiths most successful book, The End of Normal (2013), which traced the end of easy economic growth amid rising inequality. In this follow-up, Galbraith shows how the policies that proved adequate for much of the twentieth century-policies focused on market functioning and crude economic indicators like employment and prices-offer little hope in the face of todays more existential threats. Effectual change will require change in economic thinking, including policies that intervene on production and resource allocation. Galbraith tells us its fine to extol markets-but we must also account for the fact that governments make the conditions that make markets possible. Expanding economic conventions, especially in matters of public policy, will determine the future and stature of the US economy"--.
The Power to Destroy : How Bad Economics Drove America's Decline