America's Free Market Myths Debunking Market Fundamentalism
This book describes and refutes thirteen ideas involving free market principles and the US economic system, arguing that these (mostly familiar) ideas are myths. The myths are deeply ingrained in the United States' self-image and in political discourse, a
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Joseph Shaanan
America’s Free Market Myths Debunking Market Fundamentalism
Joseph Shaanan Bryant University Smithfield, Rhode Island, USA
ISBN 978-3-319-50635-7 DOI 10.1007/978-3-319-50636-4
ISBN 978-3-319-50636-4 (eBook)
Library of Congress Control Number: 2017937357 © The Editor(s) (if applicable) and The Author(s) 2017 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover illustration © Northpolestock / Alamy Stock Photo Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
ACKNOWLEDGMENTS
From Palgrave Macmillan I would like to thank Sarah Lawrence for her support for the project and Allison Neuburger for guiding me through the publishing process. I am grateful to two anonymous reviewers who provided thoughtful comments and constructive suggestions. I would like to thank the students in my “America and the Free Market” class whose views, at times very different from my own, helped me gain a better understanding of the issues involved. Finally, my greatest debt of gratitude is to my wife for her support and understanding.
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CONTENTS
Introduction
1
Part I Economics Myth 1: America Has Free Markets
17
Myth 2: A Great Wall Separates Politics and the Economy
35
Myth 3: The Less Government, the Better
49
Myth 4: Deregulation Always Improves the Economy
71
Myth 5: The Economy Has Superior Efficiency
89
Part II Socio-Economic Myth 6: Exceptional Living Standards
111
Myth 7: An Egalitarian Nation
127
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CONTENTS
Part III Political-Economic Myth 8: Free Markets Protect Democracy
149
Myth 9: Corporations Represent Economic Freedom
171
Myth 10: Free Market and Laissez Faire Are the Same
189
Myth 11: A Free Market Nation Does Not Need
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