The Confiscation of American Prosperity : From Right-Wing Extremism and Economic Ideology to the Next Great Depression

## Background to the Golden Age American business went through a series of dramatic changes during the first part of the twentieth century-none more traumatic than the Great Depression, which only ended when World War II revived the U.S. economy. The war not only revived prosperity but also paved the way for several decades in which the U.S. economy flourished as it never had before. Because of the exceptional performance of the economy at the time, economists often refer to this period as the Golden Age. During the early Golden Age, everything seemed to be in place for an economy without depressions or recessions. Depression-year promises of a chicken in every pot gave way to an expectation of two cars in every garage. At the time, the strength of the economy seemed all the more dramatic considering that the U.S. economy had only recently emerged from the ashes of the Great Depression. The striking dichotomy between the Depression and prosperity was not at all paradoxical. In reality, the Depression did much to pave the way for the postwar recovery. To begin with, the Great Depression set off a wave of intense competition that forced many firms to scrap outmoded plants and equipment. By 1939, U.S. firms had replaced one-half of all the manufacturing equipment that had existed in 1933 (Staehle 1955, 127). Although the total amount of investment during the Depression was relatively small, most of that investment was directed toward modernization rather than increasing capacity. This modernization gave U.S. industry a level of efficiency far in advance of anything the world had ever seen before. University of Santa Clara economist, Alexander Field, makes a convincing case that the rate of productivity increase during the Depression years, 1929-41, was higher than any other period of the twentieth century-including the Golden Age (Field 2003). During the war, business added still more modern equipment. This combination of modernization, together with the earlier elimination of old and outmoded Argues That The Right-wing Revolution In The United States Has Created Deepening Inequality And Will Lead To Economic Catastrophe. Makes The Case That Over The Past Three Decades The Rich Have Confiscated Wealth And Income From The Poor And Middle Class To A Far Greater Extent Than Many Realize, And Explores In Detail Important But Commonly Unmeasured Dimensions Of Inequality. Also Takes Aim At The Economics Profession, Criticising The Analytical Blinders That Leave Economists Incapable Of Seeing The Coming Crisis. From Publisher Description. The Great Capitalist Restoration -- The End Of The Golden Age Of Capitalism -- The Right Mobilizes -- Richard Nixon's Class War -- Remaking The World For Business -- Economists Justifying The Plot -- A Touch Of Reality -- The Dangerous Consequences Of Inequality -- Obvious Contradications -- Attempting To Hold The Line -- How Things Fall Apart -- Taming Economists -- Economists' Sins Of Omission And Collaboration -- Conclusion And Hopefully A New Beginning. Michael Perelman. Includes Bibliographical References (p. [203]-226) And Index. Cover 1 Contents 6 Prologue 10 Overview 14 Part 1 The Plunder: The Extent of the Confiscation 16 Chapter 1 The Great Capitalist Restoration 18 Part 2 The Plot: How the Right Wing Captured America 30 Chapter 2 The End of the Golden Age of Capitalism 32 Chapter 3 The Right Mobilizes 46 Chapter 4 Richard Nixon's Class War 58 Chapter 5 Remaking the World for Business 74 Part 3 Retribution: How the Takeover Undermines the Economy 96 Chapter 6 Economists Justifying the Plot 98 Chapter 7 A Touch of Reality 110 Chapter 8 The Dangerous Consequences of Inequality 118 Chapter 9 Obvious Contradictions 148 Chapter 10 Attempting to Hold the Line 158 Chapter 11 How Things Fall Apart 178 Part 4 The Impotence of Economics 182 Chapter 12 Taming Economists 184 Chapter 13 Economists' Sins of Omission and Collaboration 194 Conclusion and Hopefully a New Beginning 214 References 218 Index 242 A 243 B 244 C 245 D 246 E 246 F 246 G 247 H 247 I 248 J 248 K 248 L 249 M 249 N 250 O 250 P 250 Q 251 R 251 S 252 T 252 U 253 V 253 W 253 Y 254

This book argues that the right-wing revolution in the United States has created deepening inequality and will lead to economic catastrophe. The author makes the case that over the past three decades the rich have confiscated wealth and income from the poor and middle class to a far greater extent than many realize, and he explores in detail important but commonly unmeasured dimensions of inequality. He also takes aim at the economics profession, criticizing the analytical blinders that leave economists incapable of seeing the coming crisis.

This book argues that the right-wing revolution in the United States has created deepening inequality and will lead to economic catastrophe. The author makes the case that over the past three decades the rich have confiscated wealth and income from the poor and middle class to a far greater extent than many realize, and he explores in detail important but commonly unmeasured dimensions of inequality. He also takes aim at the economics profession, criticising the analytical blinders that leave economists incapable of seeing the coming crisis. The Great Capitalist Restoration The End of the Golden Age of Capitalism The Right Mobilizes Richard Nixon's Class War Remaking the World for Business How the Right-Wing Victory Destroys Prosperity The Impotence of Economics.