Railroading Economics : The Creation of the Free Market Mythology

Perelman (economics, California State U.) explores the theory behind current thought in economics and finds it sorely lacking in one detail: reality. He shows how constraints upon completely free trade have always been a part of American capitalism, and those constraints have been essential for its success if not survival. He covers topics from economic theory and the historical increase of fixed capital, a case study of the railroads relating to the increase in fixed capital, the role of finance as it evolved, the rise of welfare capitalism, modern finance capital and stock market disasters, the effects of the Great Depression. He closes with the secrets behind this decidedly shaky golden age, including the hidden social and economic costs of financial capital. Annotation 2006 Book News, Inc., Portland, OR (booknews.com)