The Pathology of the U.S. Economy Revisited The Intractable Contradi
This book describes the deep contradictions plague market economies. It shows how the influence of these contradictions sometimes subsides, allowing the economy to perform relatively well. But in time, these contradictions accumulate and economy declines
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The Pathology of the u.s. Economy Revisited The Intractable Contradictions of Economic Policy
Michael Perelman
palgrave
THE PATHOLOGY OF THE U.S. ECONOMY REVISITED: THE INTRACTABLE CONTRADICTIONS OF ECONOMIC POLICY © Michael Perelman, 2002 All rights reserved. No part of this book may be used or reproduced in any manner whatsoever without written permission except in the case of brief quotations embodied in critical articles or reviews.
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First published 2002 by PALGRAV£T M 175 Fifth Avenue, New York, N.Y.lDOlD and Houndmills, Basingstoke, Hampshire RG21 6XS. Companies and representatives throughout the world. PALGRAVE is the new global publishing imprint of St. Martin's Press LLC Scholarly and Reference Division and Palgrave Publishers Ltd (formerly Macmillan Press Ltd). ISBN 978-0-312-29317-8
ISBN 978-0-230-10823-3 (eBook)
DOI 10.1057/9780230108233 Library of Congress Cataloging-in-Publication Data Perelman, Michael. The pathology of the U.S. economy revisited: the intractable contradictions of economic policy / by Michael Perelman. p. cm. Includes bibliographical references and index. ISBN 00-312-29472-7-ISBN 978-0312-29317-8 (pbk.) 1. United States-Economic policy-20th century. 2. United States-Economic conditions. 3. Industrial relations-United States. 4. Monetary policy-United States. 5. Finance-United States. 6. Wages-United States. I. Tide: Pathology of the US economy revisited. II. Tide. HCI03.P417 2001 330.973-dc21 2001044659 A catalogue record for this book is available from the British Library. Design by Letra Libre, Inc. First edition: January 2002 10 9 8 7 6 5 4 3
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Transferred to digital printing 2006
Contents
Introduction
Setting the Stage
1
Chapter 1
Down the Tubes?
7
Chapter 2
The Attack on Labor Accelerates the Economic Decline
31
Chapter 3
Government and the Decline
57
Chapter 4
The Role of the Military in the Economic Decline
95
Chapter 5
Keynesian Policy, Monetary Policy, and the Weakening of Competition
109
Finance, the Falling Rate of Profit, and Economic Devastation
141
Chapter 7
Deindustrialization and the Rise of the Service Economy
163
Chapter 8
High Wages, Enlightened Management, and Economic Productivity
181
Is There a New Economy?
205
Chapter 6
Chapter 9
References Index
215 241
INTRODUCTION
Setti ng the Stage
W
riting a book about the recent state of the economy is always a risky business, perhaps akin to herding cats. By the time an author convinces himself that he has finally got a reasonable fix on the economy and commits his views to paper, the economy is liable to take on an entirely new complexion. Other times the economy will appear to be entering an unprecedented new phase, only to slink back unceremoniously into its previous incarnation. In short, the economy can be a cruel subject for those who are foolhardy enough to pretend that they can master it. To make matters even more difficult, over and above the changes in the economy itself, the interpretation of the same economic event continues to evolve in light of recent econo
