Download Ebook The Moral Consequences of Economic GrowthBy Benjamin M. Friedman
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The Moral Consequences of Economic GrowthBy Benjamin M. Friedman
Download Ebook The Moral Consequences of Economic GrowthBy Benjamin M. Friedman
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From the author of Day of Reckoning, the acclaimed critique of Ronald Reagan’s economic policy (“Every citizen should read it,” said The New York Times): a persuasive, wide-ranging argument that broadly distributed economic growth provides benefits far beyond the material, creating and strengthening democratic institutions, establishing political stability, fostering tolerance, and enhancing opportunity.
“Are we right,” Benjamin M. Friedman asks, “to care so much about economic growth as we clearly do?” To answer, Friedman reaches beyond economics. He examines the political and social histories of the large Western democracies—particularly of the United States since the Civil War—distinguishing times of generally rising living standards from those of pervasive stagnation to illustrate how rising incomes render a society more open and democratic. He shows, too, how our attitudes toward economic growth and its consequences have roots in the thinking of prior centuries, especially the Enlightenment, and also include significant strands of religious influence.
Friedman also delineates the role of economic growth in determining which developing nations extend the broadest freedoms to their citizenry. He makes clear that growth, rather than just the level of living standards, is key to effecting political and social liberalization in the third world. But he also warns that the democratic values of countries even as wealthy as our own are at risk whenever incomes stagnate for extended periods. Merely being rich is no protection against a society’s retreat into rigidity and intolerance once enough of its citizens lose the sense that they are getting ahead.
Finally, Friedman shows us why, if America is to strengthen democratic institutions around the world as a bulwark against terrorism and social unrest, we must aggressively pursue growth at home and promote worldwide economic expansion beyond what purely market-driven forces would create. And for the United States, he offers concrete suggestions for policy steps to achieve those objectives.
A major contribution to the ongoing debate on the effects of economic growth and globalization.
- Sales Rank: #503356 in Books
- Brand: Brand: Knopf
- Published on: 2005-10-18
- Released on: 2005-10-18
- Original language: English
- Number of items: 1
- Dimensions: 9.53" h x 1.76" w x 6.73" l,
- Binding: Hardcover
- 592 pages
- Used Book in Good Condition
Amazon.com Review
Ever feel like you just can't get ahead with the bills? You're not alone. More than half of Americans believe the American dream has become impossible for most people to achieve. And two-thirds think this goal will be even harder for the next generation. (One reason for the gloominess--average full-time income has fallen 15 percent since 1975.) All this has Benjamin Friedman worried. In his hefty, 549-page tome, The Moral Consequences of Economic Growth, the acclaimed Harvard economist and advisor to the Federal Reserve Board says economic stagnation is bad for the moral health of a nation. Friedman, a former chair of Harvard's economics department, argues that economic growth is vital to social and political progress. Witness Hitler's Germany. Without growth, people look for answers in intolerance and fear. And that, Friedman warns, is where the U.S. is headed if the economic stagnation of the past three decades doesn't soon reverse. It's not enough for gross domestic product to rise, he says. Growth also has to be more evenly distributed. The rich shouldn't be the only ones getting richer.
Friedman's arguments are provocative but at times lack rigor. In his comparisons of various countries, he offers no objective data to measure their levels of social progress, relying instead on his own--sometimes selective--interpretation of historical events. He glosses over the fact that China, where the economy has grown sevenfold since 1978, has seen little political change in that time. He also acknowledges that the Great Depression--which brought Americans together to achieve great social and political progress--tends to disprove his theory. Friedman makes a good case that the economy sometimes influences social movements, but the jury is still out on exactly when and how that happens. --Alex Roslin
From Publishers Weekly
Starred Review. This probing study argues that, far from fostering rapacious materialism, economic growth is a prerequisite for the creation of a liberal, open society. Harvard economist Friedman, author of Day of Reckoning: The Consequences of American Economic Policy in the 1980s, contends that periods of robust economic growth, in which most people see their circumstances palpably improving, foster tolerance, democracy and generous public support for the disadvantaged. Economic stagnation and insecurity, by contrast, usher in distrust, retrenchment and reaction, as well as a tightfisted callousness toward the poor and—from the nativism of 19th-century Populists to the white supremacist movement of the 1980s—a scapegoating of immigrants and minorities. Exploring two centuries of historical evidence, from income and unemployment data to period novels, Friedman elucidates connections between economic conditions, social attitudes and public policy throughout the world. He offers a nuanced defense of globalization against claims that it promotes inequality and, less convincingly, remains optimistic that technology will resolve the conflicts between continual growth and environmental degradation. Friedman's progressive attitude doesn't extend to his cautious approach to promoting growth in America; a critic of Bush's tax cuts and deficits, he advocates fiscal discipline to free savings for investment, along with educational initiatives, including "school choice," to boost worker productivity. Its muted conclusion aside, Friedman's is a lucid, judiciously reasoned call for renewed attention to broad-based economic advancement. (Oct. 25)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
From The New Yorker
Friedman, a Harvard economist well known for his criticism of Reagan-era fiscal policies, employs broad historical and geographical perspectives to argue that a nation's democratic institutions flourish best in times of stable economic growth. Americans, on the whole, are richer and freer than just about anyone else in the world, but the gap between rich and poor is higher today than it has been at almost any other time since the Great Depression, and most Americans don't feel better off than they did five or six years ago. Drawing comparisons with emerging economies, and citing authorities as diverse as Adam Smith and Jonathan Edwards, Friedman argues for decisive steps to limit budget deficits and for investment in programs that support broad-based growth. He warns that "any nation, even one with incomes as high as America's, will find the basic character of its society at risk if it allows its citizens' living standards to stagnate."
Copyright © 2005 The New Yorker
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