This book argues that economic activity in the public sphere now underwrites private corporations, and rejects rigid adherence to traditional economic theories that no longer apply. Adam Smith's widely used "merchant's model" assumes that most investment is private, when in fact research demonstrates that public investment in the workforce through education and training far outweighs the private sector, and does not account for the growing presence of consensual pricing, the diversification of modern businesses, or the increasing internal authoritarianism of globalizing companies. With de facto public support for these adaptations undermining the universally presumed economic model, private corporations are able to increase their profits while misrepresenting the investment of their own global labor forces. This book suggests an "economy of laws" solution that balances the needed degree of central investment planning with the continuation of our pluralist economy of largely autonomous firms, principally by extending the full rights of citizens into the workplace itself.

This book argues that economic activity in the public sphere now underwrites private corporations, and rejects rigid adherence to traditional economic theories that no longer apply. Adam Smith's widely used "merchant's model" assumes that most investment is private, when in fact research demonstrates that public investment in the workforce through education and training far outweighs the private sector, and does not account for the growing presence of consensual pricing, the diversification of modern businesses, or the increasing internal authoritarianism of globalizing companies. With de facto public support for these adaptations undermining the universally presumed economic model, private corporations are able to increase their profits while misrepresenting the investment of their own global labor forces. This book suggests an "economy of laws" solution that balances the needed degree of central investment planning with the continuation of our pluralist economy of largely autonomous firms, principally by extending the full rights of citizens into the workplace itself.

If the current economic malaise accomplishes nothing else, it should help awaken us all to the realization that our country has been on a path of self-destructive behavior for several decades--a reversal of the progressive path that had made major gains in economic and political equality for a large majority of the U.S. population starting in the 1870s. It is John McDermott's purpose in this ambitious book to explain why that reversal happened, how society has changed in dramatic ways since the 1960s, and what we can do to reverse this downward spiral.

In Part 1 he endeavors to lay out the overall narrative of change from the 1960s to the present, emphasizing how a novel social structure came to be developed around corporate America to form what he calls "corporate society." Part 2 analyzes what the nature of this corporate society is, how it is a special type of "fabricated" structure, and why it came to dominate society generally, eventually including the government and university systems, which themselves became increasingly corporatized. The aim of Part 3 is to outline a path of reform that can, if all its parts can be integrated sufficiently to be effective, put us on the path to restarting the progressive movement.