Saturday, March 12, 2011
Reality Ignored: How Milton Friedman and Chicago Economics Undermined American Institutions and Endangered the Global Economy
Posted by D. Daniel Sokol
Kenneth Davidson (AAI) has a new book Reality Ignored: How Milton Friedman and Chicago Economics Undermined American Institutions and Endangered the Global Economy.
BOOK ABSTRACT: Since 1962, when Milton Friedman published Capitalism & Freedom, the Chicago School has created one side of modern American political debate. Reality Ignored describes how Friedman’s views have framed policies for every conservative politician from Barry Goldwater to Ronald Reagan to the Tea Party. This book describes how Chicago policies have damaged American society by redefining the role of federal, state, and local government, by persuading American businesses to focus on short term profits rather than on innovation, productive efficiency and creating jobs, and by undermining the credibility of American financial markets. The book translates the technical jargon of economics and the posturing of political parties into an understandable version of the curious story of Chicago Economics. This book is a guide to those who want to understand why our society has declined in economic strength and international influence and how we might start to renew the strength of America.