US capitalism has long been ranked first among nations in
production, jobs, wealth, power, and individual freedom. Is this
level of preeminence likely to continue? In this candid, sobering
assessment of our current fiscal maladies, economist Robert H.
Parks explains why he predicts capitalism is now rushing to its
demise.
A strong opponent of the supply-side, trickle-down economics that
has been in vogue under conservative presidents, Parks argues that
bottom-up stimulus and big government spending still have an
important role to play in bringing greater prosperity to all US
citizens. Citing the stellar examples of the financing of World War
II, the use of fiscal and monetary tools to end the Great
Depression, social security, and the G.I. Bill, Parks advocates
public works programs to rebuild our crumbling infrastructure,
improve our public school system, and other vital projects. To
critics who object that deficit financing would be inflationary, he
counters that the present inadequate system is already producing
severe oil and food price inflation, even as house prices continue
to plunge.
Among the other urgent problems that the federal government must
tackle, Parks addresses the need to curb societal violence and the
murder rate through gun control, the worldwide threat from nuclear
proliferation through government's leadership in promoting
disarmament measures, corruption of government by business through
influence-peddling, environmental protection, and, most of all,
"the military, industrial, and big oil complex." Parks identifies
energy cartels and the armament industry as the "dangerous and
secret links of major industries to government officials, corporate
executives, and military commanders." He asserts that the loosely
regulated manufacture of weapons together with the virtual monopoly
over oil production and gas prices constitutes the greatest threat
to the welfare, not only of capitalism, but also of global society
in the future.
This stern jeremiad from an experienced economics forecaster, who
correctly predicted the "mini-depression" of 1981-82, is a call for
drastic change in our national agenda and policy making.
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