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Wealth and Democracy A Political History of the American RichFor than thirty years Kevin Phillips' insight into American politics and economics has helped to make history as well as record it His bestselling books including The Emerging Republican Majority 1969 and The Politics of Rich and Poor 1990 have influenced presidential campaigns and changed the way America sees itself Widely acknowledging Phillips as one of the nation's most perceptive thinkers reviewers have called him a latter day Nostradamus and our modern Thomas Paine Now in the first major book of its kind since the 1930s he turns his attention to the United States' history of great wealth and power a sweeping cavalcade from the American Revolution to what he calls the Second Gilded Age at the turn of the twenty first centuryThe Second Gilded Age has been staggering enough in its concentration of wealth to dwarf the original. This book was published in 2002 and in it the end of Chapter 2 Kevin Phillips basically predicted the too big to fail bailout Great RecessionThe industrial policy debate of the early 1980s had long since ended But in retrospect the United States did adopt a kind of 'industrial policy' one that bowed to the mounting national importance of both private finance and the treasury and Federal Reserve Board Instead of seeking to restore the older manufacturing industries or build the new technological sector Washington authorities steadily protected and advanced banking and finance providing rescues from perils insolvencies and crises hitherto regarded as being hazards of the marketplace“The ultimate expression of wealth or financial mercantilism involved the elimination under Reagan Bush and then Clinton of the so called ‘moral hazard’ in the US and global finance through bailouts and rescues by one agency after another The deliverance list kept growing Under Reagan major banks a threatened Latin American default on bond payments 1983 and a stock market flooded with liuidity on the day after its October 19 1987 crash The SL financial oxygen tent of 1989 92 stretched over the whole Bush Administration Under Clinton resurrections were almost biblical collapsing Mexican peso with its threat to US bondholders 1994 shaky Asian currencies and banks 1997 the arrangement by Greenspan for Wall Street to bail out Long Term Capital Management 1998 and the Federal Reserve's late 1999 Y2K miscalculation Small wonder that so many upper bracket Americans felt so comfortable in their speculations”Also interesting is Appendix A “US Historical Price Indexes 1790 1991” which shows prices gently rising falling and then being exactly the same in 1909 as they were in 1790 Prices then rise 1300% over the next 82 years

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Gilded Age a hundred years earlier However the tech crash and then the horrible events of September 11 2001 pointed out that great riches are as vulnerable as they have ever been In Wealth and Democracy Kevin Phillips charts the ongoing American saga of great wealth–how it has been accumulated its shifting sources and its ups and downs over than two centuries He explores how the rich and politically powerful have freuently worked together to create or perpetuate privilege often at the expense of the national interest and usually at the expense of the middle and lower classesWith intriguing chapters on history and bold analysis of present day America Phillips illuminates the dangerous politics that go with excessive concentration of wealth Profiling wealthy Americans–from Astor to Carnegie and Rockefeller to contemporary wea. Former Nixon strategist adopts a critiue of plutocracy which I'm not sure is a leftwing or rightwing topos but the strength is the rigorous presentation of economic history of the United States

Free download Wealth and Democracy A Political History of the American Rich

Free download Wealth and Democracy A Political History of the American Rich ¶ PDF, DOC, TXT or eBook ð For than thirty years Kevin Phillips' insight into American politics and economics has helped to make history as well as record it His bestselling books including The Emerging RepLth holders–Phillips provides fascinating details about the peculiarly American ways of becoming and staying a multimillionaire He exposes the subtle corruption spawned by a money culture and financial power evident in economic philosophy tax favoritism and selective bailouts in the name of free enterprise economic stimulus and national securityFinally Wealth and Democracy turns to the history of Britain and other leading world economic powers to examine the symptoms that signaled their declines–speculative finance mounting international debt record wealth income polarization and disgruntled politics–signs that we recognize in America at the start of the twenty first century In a time of national crisis Phillips worries that the growing parallels suggest the tide may already be turning for us all From the Hardcover edition. I found Phillips writing of wealth and democracy illuminating not because I was unaware of the degree to which wealth controls the government but how it has changed over the years and the degree to which war profiteering creates wealth Reading this book one can't help but notice that the past is repeating and what it is repeating is ugly corrupt and wrong headedAs for others' criticisms that times are better for everyone and that everyone does better when we all do better that allowing egregious accumulation of wealth allows society to grow well that is nonsense I'm not an economics professional although a member of an international economics honors society and a regular reader of economics books but my own research indicates that such ideas justifying gross ineuality and the invisible hand are false