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Palgrave Macmillan

America's Free Market Myths

Debunking Market Fundamentalism

  • Book
  • © 2017

Overview

Authors:
  1. Joseph Shaanan

    1. Bryant University , Smithfield, USA

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  • Argues that the US economy is not a free market
  • Challenges 13 myths about the free market and the US economic system
  • Identifies sources of myth perpetuation

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Table of contents (14 chapters)

  1. Front Matter

    Pages i-viii
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  2. Introduction

    • Joseph Shaanan
    Pages 1-14

  3. Economics

    1. Front Matter

      Pages 15-15
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    2. Myth 1: America Has Free Markets

      • Joseph Shaanan
      Pages 17-33

    3. Myth 2: A Great Wall Separates Politics and the Economy

      • Joseph Shaanan
      Pages 35-48

    4. Myth 3: The Less Government, the Better

      • Joseph Shaanan
      Pages 49-70

    5. Myth 4: Deregulation Always Improves the Economy

      • Joseph Shaanan
      Pages 71-88

    6. Myth 5: The Economy Has Superior Efficiency

      • Joseph Shaanan
      Pages 89-108

  4. Socio-Economic

    1. Front Matter

      Pages 109-109
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    2. Myth 6: Exceptional Living Standards

      • Joseph Shaanan
      Pages 111-125

    3. Myth 7: An Egalitarian Nation

      • Joseph Shaanan
      Pages 127-146

  5. Political-Economic

    1. Front Matter

      Pages 147-147
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    2. Myth 8: Free Markets Protect Democracy

      • Joseph Shaanan
      Pages 149-170

    3. Myth 9: Corporations Represent Economic Freedom

      • Joseph Shaanan
      Pages 171-188

    4. Myth 10: Free Market and Laissez Faire Are the Same

      • Joseph Shaanan
      Pages 189-202

    5. Myth 11: A Free Market Nation Does Not Need a Society

      • Joseph Shaanan
      Pages 203-219

  6. The Crash and Bailouts

    1. Front Matter

      Pages 221-221
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    2. Myth 12: The Government Caused the Crash of 2007–08

      • Joseph Shaanan
      Pages 223-235

    3. Myth 13: The Bailouts’ Purpose Was to Save the Free Market Economy

      • Joseph Shaanan
      Pages 237-252

  7. Back Matter

    Pages 253-303
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Keywords

About this book

This book describes and refutes thirteen ideas involving free market principles and the US economic system, arguing that these (mostly familiar) ideas are myths. The myths are deeply ingrained in the United States' self-image and in political discourse, and are hailed as indisputable, scientifically grounded truths. Unfortunately, an economy dominated by giant corporations bears little resemblance to a free market. So why is so much effort and expense devoted to disseminating these stories? The answer is simple. The different myths generate the recommendation that the system's rewards should flow upward to corporations and a small group of wealthy and politically influential people. The myths help entrench existing economic and political power while distancing America from a more productive and widely beneficial form of capitalism. 

Authors and Affiliations

  • Bryant University , Smithfield, USA

    Joseph Shaanan

About the author

Joseph Shaanan is Professor of Economics at Bryant University, USA. He is the author of Economic Freedom and the American Dream (2010).

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