This is a book on economic policy that takes the role of democracy
seriously. It challenges the conventional wisdom espoused by
leaders of both major political parties in the US, and increasingly
by leaders of other nations, that markets and not democratic policy
formation should determine the legitimate role of private interests
in the conduct of the economy.
The authors of the essays in this book reject the mainstream
neoclassical view that the market should rule "A1/4ber alles."
Examining the problems existing in a number of crucial areas of
economic policy, they demonstrate the inadequacy of orthodox view
that markets can generate economic welfare without the guidance of
democratically formulated economic policies. Using the principles
of the original institutional economics (OIE), they fashion
long-term strategies for the formation of economic policies that
can accommodate institutional changes necessary to meet the
ever-changing circumstances faced by nations in a global
economy.
The editors, Tool and Bush, have assembled a group of scholars
with special expertise in the problems they address. In each
instance they offer original insights into issues that many in the
mainstream had thought were settled. The analysis and policy
proposals of the essays in this book do not defer to the dominant
vested interests in industry, academe, or government. The views
expressed are fresh, candid, and break out of the ideological boxes
that have for so long encapsulated public debates on economic
policies.
General
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