The Land of Too Much presents a simple but powerful hypothesis that addresses three questions Why does the United States have poverty than any other developed country Why did it experience an attack on state intervention starting in the 1980s, known today as the neoliberal revolution And why did it recently suffer the greatest economic meltdown in seventy five years Although the United States is often considered a liberal, laissez faire state, Monica Prasad marshals convincing evidence to the contrary Indeed, she argues that a strong tradition of government intervention undermined the development of a European style welfare state The demand side theory of comparative political economy she develops here explains how and why this happened Her argument begins in the late nineteenth century, when America s explosive economic growth overwhelmed world markets, causing price declines everywhere While European countries adopted protectionist policies in response, in the United States lower prices spurred an agrarian movement that rearranged the political landscape The federal government instituted progressive taxation and a series of strict financial regulations that ironically resulted in freely available credit As European countries developed growth models focused on investment and exports, the United States developed a growth model based on consumption.These large scale interventions led to economic growth that met citizen needs through private credit rather than through social welfare policies Among the outcomes have been higher poverty, a backlash against taxation and regulation, and a housing bubble fueled by mortgage Keynesianism This book will launch a thousand debates....
|Title||:||The Land of Too Much: American Abundance and the Paradox of Poverty|
|Publisher||:||Harvard University Press December 31, 2012|
|Number of Pages||:||344 pages|
|File Size||:||863 KB|
|Status||:||Available For Download|
|Last checked||:||21 Minutes ago!|
The Land of Too Much: American Abundance and the Paradox of Poverty Reviews
Brilliant book. Incredible sweep of literature and subject matter. It will take a while to absorb this. I'm glad I read it during the summer break so that I could take it all in. Very nicely written, too.
In this provocative and often insightful book Monica Prasad argues that the United States has more poverty than other developed countries because a set of American Progressive agrarian interventions in the economy backfired. These "well meaning" agrarians repeatedly defeated "enlightened" Northeastern backed tax reforms such as a non-progressive national sales tax that would have ultimately produced a more robust welfare state. Instead insurgent Midwest Progressive and their Southern agrarian allies succeeded in imposing a series of "progressive" taxes including inheritance taxes and income taxes that while raising adequate revenue for the 1930s and 1940s proved inadequate in the post WW II era.
The role of sales taxes and income taxes in this country and the effects it had on the development of our social safety net (or lack there of) in the US presented in this book is interesting and non-intuitive, at least for me. An interesting analysis and well worth the read.
This is an interesting book as a comparative study of economic systems that are doomed to failure at different rates and with different degrees of catastrophe for civil society and the economy. The fundamental and politically inconvenient truth, is that the extent of the market is remarkably inelastic with regard to the extent of exchange value diversity which is less subject to the iron law of wages, and automation which makes the need for the employment of mass labour less and less necessary, in the manufacture of new technologies.