The FAILURE of LAISSEZ FAIRE CAPITALISM

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    “Clearly, this empirically based, theoretically challenging book is one of the most important works of our time.”

    Former Wall Street Journal editor and Assistant Secretary of the United States Treasury Paul Craig Roberts’s book is a major challenge both to economic theory and to media explanations of the ongoing 21st-century economic crisis.

    The one percent has pulled off an economic and political revolution. By offshoring manufacturing and professional service jobs, U.S. corporations destroyed the growth of consumer income, the basis of the U.S. economy, leaving the bulk of the population mired in debt. Deregulation was used to concentrate income and wealth in fewer hands and financial firms in corporations “too big to fail,” removing financial corporations from market discipline and forcing taxpayers in the U.S. and Europe to cover bankster losses. Environmental destruction has accelerated as economists refuse to count the exhaustion of nature’s resources as a cost and as corporations impose the cost of their activities on the environment and on third parties who do not share in the profits.

    This is the book to read for those who want to understand the mistakes that are bringing the West to its knees.

    Softcover, 190 pages

    “I was associate editor and columnist for The Wall Street Journal. I was BusinessWeek’s first outside columnist, a position I held for 15 years. I was columnist for a decade for Scripps Howard News Service, carried in 300 newspapers. I was a columnist for The Washington Times and for newspapers in France and Italy and for a magazine in Germany. I was a contributor to The New York Times and a regular feature in the Los Angeles Times.

    Today I cannot publish in, or appear on, the American “mainstream media.” For the last six years I have been banned from the “mainstream media.” My last column in The New York Times appeared in January, 2004, coauthored with U.S. Senator Charles Schumer (D-N.Y.). We addressed the offshoring of U.S. jobs. Our op-ed article produced a conference at the Brookings Institution in Washington, D.C. and live coverage by C-SPAN. A debate was launched. No such thing could happen today.

    For years I was a mainstay at The Washington Times, producing credibility for the Moony newspaper as a BusinessWeek columnist, former Wall Street Journal editor, and former Assistant Secretary of the U.S. Treasury. But when I began criticizing Bush’s wars of aggression, the order came down to Mary Lou Forbes to cancel my column.

    The American corporate media does not serve the truth. It serves the government and the interest groups that empower the government.”

    — Dr. Paul Craig Roberts

    Dr. Paul Craig Roberts is a former Assistant Secretary of the U.S. Treasury, member of the U.S. Congressional staff, associate editor and columnist for The Wall Street Journal, and columnist for BusinessWeek, the Scripps Howard News Service, and Creators Syndicate. He has held academic appointments in six universities, including the William E. Simon Chair in Political Economy, Center for Strategic and International Studies, Georgetown. He has testified before committees of Congress on 30 occasions. He is author or coauthor of 10 books and numerous articles in scholarly journals. Dr. Roberts was awarded the U.S. Treasury’s Meritorious Service Award for “outstanding contributions to the formulation of U.S. economic policy,” and France’s Legion of Honor as “the artisan of a renewal in economic science and policy after half a century of state interventionism” by the government of Francois Mitterrand. He was educated at Georgia Tech, the University of Virginia, the University of California, Berkeley, and Oxford University where he was a member of Merton College. Earlier works were published by Harvard University Press, Oxford University Press, Hoover Institution and Stanford University Press. Dr. Roberts is presently Chairman of the Institute for Political Economy.

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