Who Stole Our Market Economy? : The Desperate Need For Socioeconomic Progress

"This book discusses the current landscape of our market economy, which is in the hands of financiers and billionaires who decrease competition as well as consumer power. In order for society to fully thrive and provide its members higher living standards and quality of life, it must distribute and deliver the fruits of the economic activity without discrimination and favoritism. This book exposes the real problem of economic inequality, poverty, and the elimination of the middle class and argues for a progressive market economy in the face of regressive conservatism. The author warns of business failures, rigid and unrealistic laws, widespread unemployment, and class warfare without a fair, functional system. Until action is taken to reverse this situation, our market economy will continue to be abused by the greedy and the powerful, stripping it of any potential for advancement and growth."-- Provided by publisher Who Stole Our Market Economy? 3 Preface 6 Acknowledgments 8 Contents 10 About the Authors 12 1 Introduction 14 Conclusions 18 References 18 2 What About a Market System? 19 The Magic of the Market System 19 The Key Features of a Market System 21 How Vulnerable Is the Market System? 23 Five Deadly Social Activities 23 Deregulation 24 Merger Mania 24 Outsourcing 25 Tax Cuts 25 Privatization 25 Top-Down Management 26 Too Big to Failers 26 Poor Income Distribution 26 The Greed Factor 26 What May Be in Store? 27 Considering the Quality of Life 27 Misunderstanding of the Market Economy 28 Background of Modern CEOs 29 Conclusions 29 References 30 3 What Is Happening to the US Economy? 31 The Disappearing Magic of the Market Economy 31 Emergence of a Finance Economy 32 Critical Implications 33 Increased Working Poor 34 More Power for 1 Percenters 34 Progressive Behavior Is Lacking 34 Just What Is Blocking Economic Progress? 35 Bureaucracies 35 Industrial Giants 36 Role of Education 36 Government’s Resources 36 Anti-entrepreneurial Setting 36 Too Much Emphasis on Present 37 Increasing Poverty 37 What About Entrepreneurship? 37 Conclusions 38 Appendix 39 Bureaucratic Barriers to Economic Progress 39 Introduction 39 Basic Functions of Bureaucracies 40 Dysfunctionality of Bureaucracies 41 Blocking Economic Progress 42 Remedial Action 43 Conclusions and Future Research 43 References 44 4 Who Is the Culprit? 45 The Greed Factor 45 The Ambition Factor 46 Dimensions of Ambition 47 Dimensions of Greed 48 Contrasting Greed and Ambition 51 Deadly Sins 52 Conclusions 53 References 54 5 Deadly Social Activities 55 One Percenters’ Concerns 56 The Five Deadly Social Activities 58 Deregulation 59 Merger Mania 60 Lowering Taxes 60 Privatization 60 Offshoring 60 Conclusions 61 References 61 6 Regulation or Deregulation 62 The Law of the Jungle 62 The Dangers of Not Having Regulations 63 The Market System Cannot Work Without Regulations 63 Regulations and Laws for an Advanced Society 64 Individual Rights Once Again 66 Crime Prevention 66 The Progressive Society 66 Conclusions 68 References 68 7 Is Merger Mania a Disease? 69 Why Mergers? 69 How Significant Is Merger Activity? 72 The Impact of Merger Mania 73 A Critical Review 74 The Need for Entrepreneurship 76 Conclusions 77 References 77 8 Offshoring: The Big Problem 80 Why Offshoring? 80 Reshoring Efforts 82 Three Key Concepts 84 Conclusions 85 References 85 9 The Role of Taxation 86 Coping with Minimum Wages 86 Proper Salary Scales 87 American Innovativeness: Where Are You? 88 Taxation Must Be More Progressive 89 More on Critical Thinking 90 Wages and Salaries Must Progress 91 The Impact of Bush Tax Cuts 92 Conclusions 93 References 93 10 Privatization 95 Disastrous Impact on Education 96 Privatization’s Impact on Education 96 Continuing Propaganda and Lobbying 98 Privatization of the Prison System 98 Privatization of Water 99 Privatization: Where Are We Going? 99 Private Is Not Better 100 Conclusions 100 Appendix 100 About Increasing Production 100 The Counterpoint 101 References 101 11 Regaining Our Market System 102 Progressive Behavior Is Necessary 102 A Plan to Regain Market Economy 103 Coping with the Five Deadly Social Activities 106 Innovation and Entrepreneurship 107 Innovational Ability 107 The World Needs Innovation Nations 108 Innovation Development 109 Enter Entrepreneurs 110 Conclusions 111 References 111 12 Cultivating Economic Process 112 Sustainability, Sustainability 113 A Sustainable Innovation Culture 115 Conclusions 117 Appendix 117 Bloomberg Innovation Index 117 References 118 13 What Do We Look Forward To? 119 Stability 121 Equal Opportunities 122 Progressivity of the Society 123 Improved Quality of Life for All 123 What About Runaway Procreation? 123 Restoring and Revitalizing the Middle Class 124 Progress, Progress, Progress 125 Conclusions 126 References 126 14 The Ripple Effects of Financialization 127 Ripple Effect on the Banking Industry 127 Medical Services for the Rich 128 Nonmedical Insurance Industries 129 The Unbelievable Story of the Pharmaceutical Industry 130 Conclusions 131 Appendix 1 132 Ripple Effect of Health-Care Industry 132 Appendix 2 132 Ripple Effect on Insurance Industry 132 Appendix 3 133 The Ripple Effect on Banking 133 Appendix 4 133 The Ripple Effect on the Pharmaceutical Industry 133 References 134 15 Top-Down versus Bottom-Up Management 136 Top-Down Retail Management 137 Problems of Chains 139 Contrasting Top Down Versus Bottom Up 141 Problems with Top-Down Management 141 Entrepreneurial Integrity of Each Store 142 Ability to Adjust to Local Conditions 143 Proper Product Mix 143 Varying Promotional Activity 144 Managing SBUs and PCs 144 Out-of-Store Logistics 144 In-Store Logistics 144 Local Supply Opportunities 145 Good Job Strategy 145 Managing Bottom Up 145 What Must Top Downers Consider? 146 Conclusions 147 References 147 Postscript 149 Index 151 Front Matter....Pages i-xiv Introduction....Pages 1-5 What About a Market System?....Pages 7-18 What Is Happening to the US Economy?....Pages 19-32 Who Is the Culprit?....Pages 33-42 Deadly Social Activities....Pages 43-49 Regulation or Deregulation....Pages 51-57 Is Merger Mania a Disease?....Pages 59-69 Offshoring: The Big Problem....Pages 71-76 The Role of Taxation....Pages 77-85 Privatization....Pages 87-93 Regaining Our Market System....Pages 95-104 Cultivating Economic Process....Pages 105-111 What Do We Look Forward To?....Pages 113-120 The Ripple Effects of Financialization....Pages 121-129 Top-Down versus Bottom-Up Management....Pages 131-143 Back Matter....Pages 145-152