A coruscating, brilliantly insightful exegesis of where capitalism went wrong, how it was corrupted, and how it might be restored, by outspoken former Reagan budget director and bestselling author David Stockman
David Stockman was the architect of the Reagan Revolution meant to restore sound money principles to the United States government. It failed, derailed by politics, special interests, welfare, and warfare. In The Great Deformation, Stockman describes how the working of free markets and democracy has long been under threat in America and provides a surprising nonpartisan catalog of the corrupters and defenders. His analysis overturns the assumptions of Keynesians and monetarists alike, showing how both liberal and neoconservative interference in markets has proved damaging and often dangerous. Over time, crony capitalism has made fools of us all, transforming Republican treasury secretaries into big-government interventionists and populist Democrat presidents into industry-wrecking internationalists. Today's national debt stands at nearly $16 trillion. Divided equally among taxpayers, each of us is $52,000 in debt. This book explains how we got here—and why this warped crony capitalism has betrayed so many of our hopes and dreams.
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“Even as he indulges his spleen, Stockman
produces a persuasive and deeply relevant indictment of a system dangerously
akilter…What Stockman has written is a book that makes clear we are that future
generation of the past, inheritors of all the wishful thinking, simple illogic,
and flawed compromises that produced the near-term benefits our parents and
grandparents worried about but ultimately wanted. And now it’s payback time.”