Now available in paperback, this timely book challenges the cult of
the free market that has dominated all political and economic
discussion since the Reagan revolution.
Even many liberals have felt the need to genuflect before the altar
of free markets, but in "The Predator State," progressive economist
James K. Galbraith suggests that, under the Bush administration,
conservatives have clearly abandoned the Reagan dogma and replaced
it with crony capitalism. Tax cuts for the wealthy, deregulation,
and such schemes as privatizing Social Security would divert the
national treasury into private hands and give rise to "The Predator
State." The real economy, Galbraith argues, has never been entirely
free of government support. Indeed, he says, much of our prosperity
over the decades has been the result of a mix of private enterprise
and public institutions, dating back to the New Deal. While
conservatives have paid lip service to free markets as the solution
to everything from health care to global warming, it is clear from
the current banking and Wall Street upheavals that a lack of
federal regulation has led to disaster.
With witty insight, Galbraith makes it clear that we live in the
age of predation. He sounds the warning bell, but also points the
way to a more prosperous and progressive future.
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