Description
Book Synopsis: The Land of Too Much presents a simple but powerful hypothesis that addresses three questions: Why does the United States have more 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 more 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.
Details
Are you curious about why the United States has more poverty than any other developed country? Do you want to uncover the reasons behind the neoliberal revolution and the recent economic meltdown? Look no further than The Land of Too Much: American Abundance and the Paradox of Poverty. This groundbreaking book by Monica Prasad will challenge your understanding of the United States as a laissez-faire state, revealing a strong tradition of government intervention that undermined the development of a European-style welfare state. With convincing evidence and a demand-side theory of comparative political economy, Prasad explains how and why this happened.
Travel back to the late nineteenth century, when America's explosive economic growth shook world markets, causing price declines everywhere. While European countries adopted protectionist policies, the United States took a different approach. Discover how the federal government implemented progressive taxation and strict financial regulations, which paradoxically resulted in more freely available credit. In contrast to European growth models focused on investment and exports, the United States developed a consumption-based growth model due to these large-scale interventions.
The consequences of this unique development path are far-reaching. Higher poverty rates, a backlash against taxation and regulation, and a housing bubble fueled by "mortgage Keynesianism" are just a few outcomes explored in this thought-provoking book. Are you ready to delve into the complexities of American abundance and the paradox of poverty? Get your copy of The Land of Too Much now, and join the countless debates that will be sparked by this eye-opening analysis.
Don't miss out on this opportunity to gain valuable insights into the intricate economic landscape of the United States. Click here to order your copy of The Land of Too Much: American Abundance and the Paradox of Poverty and embark on a journey that will challenge your existing beliefs and forever change your understanding of the complexities behind poverty and economic stability.
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