Includes bibliographical references (pages 205-219) and index.
The American economic vision -- Lincoln's economics : the origin of the American dream -- The gospel of wealth -- The age of reform -- The business of America is business -- The renewal of the American dream -- The new gospel of wealth -- The current debate : supply-side vs. demand-side economics -- The way forward.
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Norton Garfinkle paints a disquieting picture of America today: a nation increasingly divided between economic winners and losers, a nation in which the middle-class American Dream seems more and more elusive. Recent government policies reflect a commitment to a new supply-side winner-take-all Gospel of Wealth. Garfinkle warns that this supply-side economic vision favours the privileged few over the majority of American citizens striving to better their economic condition. Garfinkle employs historical insight and data-based economic analysis to demonstrate compellingly the sharp departure of the supply-side Gospel of Wealth from an American ideal that dates back to Abraham Lincoln, the vision of America as a society in which ordinary, hard-working individuals can get ahead and attain a middle-class living, and in which government plays an active role in expanding opportunities and ensuring against economic exploitation. Supply-side economic policies increase economic disparities and, the author insists, they fail on technical, factual, moral, and political grounds. He outlines a fresh economic vision, consonant with the great American tradition of ensuring strong economic growth while preserving the middle-class American Dream.