The Great Deformation: The Corruption of Capitalism in America

Hardcover | April 2, 2013

byDavid Stockman

not yet rated|write a review
A New York Times bestseller

The Great Deformation is a searing look at Washington’s craven response to the recent myriad of financial crises and fiscal cliffs. It counters conventional wisdom with an eighty-year revisionist history of how the American state—especially the Federal Reserve—has fallen prey to the politics of crony capitalism and the ideologies of fiscal stimulus, monetary central planning, and financial bailouts. These forces have left the public sector teetering on the edge of political dysfunction and fiscal collapse and have caused America’s private enterprise foundation to morph into a speculative casino that swindles the masses and enriches the few.

Defying right- and left-wing boxes, David Stockman provides a catalogue of corrupters and defenders of sound money, fiscal rectitude, and free markets. The former includes Franklin Roosevelt, who fathered crony capitalism; Richard Nixon, who destroyed national financial discipline and the Bretton Woods gold-backed dollar; Fed chairmen Greenspan and Bernanke, who fostered our present scourge of bubble finance and addiction to debt and speculation; George W. Bush, who repudiated fiscal rectitude and ballooned the warfare state via senseless wars; and Barack Obama, who revived failed Keynesian “borrow and spend” policies that have driven the national debt to perilous heights. By contrast, the book also traces a parade of statesmen who championed balanced budgets and financial market discipline including Carter Glass, Harry Truman, Dwight Eisenhower, Bill Simon, Paul Volcker, Bill Clinton, and Sheila Bair.

Stockman’s analysis skewers Keynesian spenders and GOP tax-cutters alike, showing how they converged to bloat the welfare state, perpetuate the military-industrial complex, and deplete the revenue base—even as the Fed’s massive money printing allowed politicians to enjoy “deficits without tears.” But these policies have also fueled new financial bubbles and favored Wall Street with cheap money and rigged stock and bond markets, while crushing Main Street savers and punishing family budgets with soaring food and energy costs. The Great Deformation explains how we got here and why these warped, crony capitalist policies are an epochal threat to free market prosperity and American political democracy.

Pricing and Purchase Info

$28.75 online
$38.00 list price
Out of stock online
Prices may vary. why?
Please call ahead to confirm inventory.

From the Publisher

A New York Times bestsellerThe Great Deformation is a searing look at Washington’s craven response to the recent myriad of financial crises and fiscal cliffs. It counters conventional wisdom with an eighty-year revisionist history of how the American state—especially the Federal Reserve—has fallen prey to the politics of crony capitalism and the ideologies of fiscal stimulus, monetary central plan...

David A. Stockman was elected as a Michigan congressman in 1976 and joined the Reagan White House in 1981. Serving as budget director, he was one of the key architects of the Reagan Revolution plan to reduce taxes, cut spending, and shrink the role of government. He joined Salomon Brothers in 1985 and later became one of the early partners of the Blackstone Group. During nearly two decades at Blackstone and at a firm...

other books by David Stockman

The Triumph of Politics
The Triumph of Politics

Kobo ebook|Mar 26 2013

$12.99

The Great Deformation: The Corruption of Capitalism in America
The Great Deformation: The Corruption of Capitalism in ...

Kobo ebook|Apr 2 2013

$23.39 online$27.50list price(save 14%)
The Triumph of Politics
The Triumph of Politics

Kobo ebook|Mar 26 2013

$17.79 online$23.00list price(save 22%)
see all books by David Stockman
Format:HardcoverDimensions:768 pages, 9.25 × 6.13 × 0.98 inPublished:April 2, 2013Publisher:PublicaffairsLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:1586489127

ISBN - 13:9781586489120

Look for similar items by category:

Reviews