Free Market Delusions, America’s Decline, and How We Must Compete in the Post-Dollar Era
Critically acclaimed author Clyde Prestowitz reveals the shocking extent of the deterioration of American economic strength that has put the United States on the brink of irreversibly losing our supremacy on the world stage and our prosperity at home. While the financial crisis has been a devastating blow, he shows that the wreckage of our economic might started much earlier. If we do not make decisive changes fast, he reveals, we will face the daunting challenges of living in a post-dollar world: wielding less and less power over world affairs, vulnerable to rising security threats, and left with a permanently lower standard of living. There is nothing inevitable about this slide, he argues, but fighting back will require recognizing---and reversing---a glaring set of errors made by our business and political leaders due to ideological adherence to deeply flawed doctrines of always-efficient markets and the purely positive effects of globalization.
Providing a masterful history of the rise and decline of the brilliant "American way" of building our prosperity, Prestowitz pinpoints exactly the set of ill-fated steps by which, starting in the 1970s, we turned away from the very strengths that had brought us to world leadership, gutting our capacity to produce truly first-rate, cutting-edge products and going massively into debt. He then lays out the urgent steps we must take to come booming back.
The Betrayal of American Prosperity is an indispensable contribution to the urgent debate about the future of the American economy and our role in the world.
I don't like books that are simply political diatribes. The Betrayal of American Prosperity is a well researched, fact based, thoughtful analysis of American trade policy. I highly recommend it.
Far from being a left wing radical or a Smoot- Hawley protectionist, Prestowitz was a trade negotiator during the Reagan administration. So he is traversing territory he knows well.
The book leads you on a historical journey of the history of free trade in the U.S. and Great Britain. Prestowitz also covers the history of trade policy in the USA and how policy impacted the rise of the U.S as an economic superpower.
American trade policy is a neglected subject. I think this book will become a classic on the subject.
The narration is well read and enjoyable.
4 of 5 people found this review helpful