Unbearable Cost

Overview

In these essays James K. Galbraith wrote the history of George W. Bush's presidency while it happened. From the judicial fiat of December 2000, through 9-11 and on to the Iraq war, Galbraith recorded the decline of American democracy, the rise of a 'corporate republic', and the consolidation of an insidious economics of empire. This work contains Galbraith's most influential recent writings on current affairs along with new commentary, and explores both the descent to disaster in Iraq and the ongoing ...
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Overview

In these essays James K. Galbraith wrote the history of George W. Bush's presidency while it happened. From the judicial fiat of December 2000, through 9-11 and on to the Iraq war, Galbraith recorded the decline of American democracy, the rise of a 'corporate republic', and the consolidation of an insidious economics of empire. This work contains Galbraith's most influential recent writings on current affairs along with new commentary, and explores both the descent to disaster in Iraq and the ongoing transformation of the American economy under the steerage of Alan Greenspan. Important contributions examine the new US strategic doctrine, the adverse economics of wars of occupation, the collapse of the technology bubble and its aftermath, the campaign against Social Security, the political economy of the 2004 election, the subversion of American voting as witnessed in Ohio, Hurricane Katrina and the fate of the dollar.

About the Author:
James K. Galbraith holds the Lloyd M. Bentsen Jr Chair in Government/Business Relations at the Lyndon B. Johnson School of Public Affairs, University of Texas at Austin, USA

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Editorial Reviews

From the Publisher
"Galbraith for the 21st century! Prescient, lucid, elegant. Where others are lost groping in the shadows, James K. Galbraith sees the big picture. His writing is like a torch that guides us through the cave of the present into the light." —Sidney Blumenthal, former senior advisor to President Clinton and author of The Clinton Wars
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Product Details

  • ISBN-13: 9780230019010
  • Publisher: Palgrave Macmillan
  • Publication date: 11/1/2006
  • Edition description: First Edition
  • Pages: 240
  • Product dimensions: 5.50 (w) x 8.50 (h) x 0.54 (d)

Meet the Author

JAMES K. GALBRAITH is the Lloyd M. Bentsen Jr. Chair in Government/Business Relations at the Lyndon B. Johnson School of Public Affairs, University of Texas at Austin, and is a professor in the Department of Government.

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Table of Contents


Acknowledgments     xi
Permissions     xii
Introduction     1
About Bush
Corporate Democracy; Civic Disrespect: (The Texas Observer, 19 January 2001)     7
Lies, Dumb Lies, and Sample Statistics: (The Texas Observer, 16 March 2001)     10
Defending Democrats...and Democracy: (The Texas Observer, 10 May 2002)     12
Tracking Down the Corporate Crooks: (With Bill Black), (Boston Globe, 23 July 2002)     15
The Realities of Resistance: (The Texas Observer, 22 November 2002)     18
Why Bush Likes a Bad Economy: (The Progressive, October 2003)     21
The No-Jobs President: (Salon, 19 January 2004)     26
Bush's Hail Mary: (Salon, 9 February 2004)     32
The Plutocrats Go Wild: (The Washington Monthly, September 2004)     36
Dissecting Cheney: (Salon, 5 October 2004)     39
Waiting to Vote: (Salon, 3 November 2004)     43
Abolish Election Day (The Nation online, 29 November 2004)     45
Democracy Inaction: (Salon, 30 November 2004)     51
The Floodgates Have Opened: (With Michael D. Intriligator), (The American Prospect, September 2005)     54
About War
National Defense: (The Texas Observer, September 2001)     59
The Future Oil War: (The Texas Observer, 23 November 2001)     62
The Cheney Doctrine: (The Texas Observer, 11 October 2002)     65
The Unbearable Costs of Empire: (The American Prospect, 18 November 2002)     72
The Paramilitary Mind: (The Texas Observer, 14 March 2003)     76
What Economic Price This War?: (Boston Globe, 24 March 2003)     79
Still Wrong: Why-Liberals Should Keep Opposing the War: (The American Prospect, 1 April 2003)     81
Don't Blame Rumsfeld, Blame Bush: (The Texas Observer, 30 April 2003)     84
The Iraqi Quagmire: (The The Texas Observer, 29 August 2003)     87
War and Economy Don't Wear Well: (Newsday, 4 November 2003)     90
How You Will Pay for the War: (Salon, 20 April 2004)     93
The Economics of the Oil War: (Previously unpublished, 2004)     96
Boom Times for War Inc.: (Salon, 30 September 2004)     99
The Gambler's Fallacy: (Based on remarks for C-Span, 22 February 2005)     102
Withdrawal Symptoms: (Mother Jones, March-April 2006)     106
About Greenspan
Back to the Cross of Gold: (The Texas Observer, 13 January 1995)     113
Greenspan's Error: (New York Times, 11 July 1995)     116
The Free Ride of Mr Greenspan: (The Texas Observer, 23 February 1996)     118
There's Some Good News That's Bad News: (Newsday, 27 March 1996)      121
Greenspan's Whim: (New York Times, 27 March 1997)     124
Greenspan's Glasnost: (The Texas Observer, 30 January 1998)     126
The Butterfly Effect: (With George Purcell), (The Texas Observer, 3 July 1998)     129
The Credit, Where Credit is Due: (TheStreet.com, 27 January 2000)     133
Stop the Sabotage Coming from the Fed: (The Texas Observer, 17 March 2000)     135
The Charge of the Fed Brigade: (TheStreet.com, 21 March 2000)     137
We Cannot Have Discipline, So We Must Have Pain: (The Texas Observer, 8 April 2000)     139
The Swiss Guard: (TheStreet.com, May 2000)     141
Watching Greenspan Grow: (The American Prospect, 29 January 2001)     144
The Man Who Stayed Too Long: (Salon, 20 May 2004)     149
Bernankenstein's Monster: (Mother Jones, January-February 2006)     152
About the Economy
I Don't Want To Talk About It: (The Texas Observer, 24 April 1998)     159
The Sorcerer's Apprentices: (The Texas Observer, October 1998)     162
Is the New Economy Rewriting the Rules?: (Remarks at the White House Conference on the New Economy, 5, April 2000)     165
So Long, Wealth Effect: (TheStreet.com, April 2000)     168
Incurable Optimists: (The Texas Observer, 21 December 2001)     171
Enron and the Next Revolution: (The Texas Observer, 1 February 2002)     174
Share Revenue, Save Jobs: (The Nation, 11 February 2002)     177
Hangover in America: (Washington Post, 22 July 2002)     180
The Big Fix: the Case for Public Spending: (Los Angeles Times, 29 December 2002)     184
Bush's Tax Package and Economic Reality: (Austin American-Statesman, 12 January 2003)     187
Cashing Out: (Washington Post, 20 November 2003)     190
Bankers Versus Base: (The American Prospect online 4 May 2004)     193
Keeping It Real for the Voters: (Los Angeles Times, 27 June 2004)     199
Dazzle Them with Demographics: (Texas Observer, 13 August 2004)     203
Social Security Scare Campaign: (Salon, 31 August 2004)     208
Apocalypse Not Yet: (TomPaine.com, 6 December 2004)     212
Taming Predatory Capitalism: (The Nation, March 2006)     219
Index     221
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  • Posted October 20, 2011

    I Also Recommend:

    Useful studies of US politics and economics

    James K. Galbraith holds the Lloyd M. Bentsen Jr Chair in Government/Business Relations at the Lyndon B. Johnson School of Public Affairs at the University of Texas at Austin, USA. In this excellent collection of essays, written between January 1995 and April 2006, he demolishes President Bush's record, especially his arguments for the war on Iraq, and he also criticises Federal Reserve Chairman Alan Greenspan's policies. He writes on the feeble liberal prescription for recovery, "As for training, the problem is not a shortage of skills. It is an extreme shortage of good jobs, combined with bad pay and poor working conditions." He writes, "for a project of national reconstruction and investment, much of the necessary funds can, and properly should, be borrowed. Policy should do what is necessary to restore jobs. Full employment, sustainable development, and national security are proper goals for policy. Deficit reduction, as such, is not. Public debt to enrich the wealthy is one thing. Debt to rebuild the country is something else again." Of course, this is directly relevant to politics here in Britain. The Coalition is not on a route to recovery but on the road to disaster. Professor Galbraith concludes, "The economic commitment, in turn, must be to full employment here, to egalitarian growth in Europe and Japan, and to a worldwide development strategy favoring civil infrastructure and the poor. Public capital investment, stronger unions and a high minimum wage should frame the domestic agenda. Overseas, crackdowns on tax havens and the arms trade, a stabilizing financial system and an end to the debt peonage of poor countries should be among the high priorities of a new structure. "The truths are that egalitarian growth is efficient, that speculation must be regulated, that crime starts at the top, and that peace is the primary public good. These truths are poison to predators and the reason they have fostered and subsidized an entire cynical intellectual movement devoted to 'free' markets, a class of professor-courtiers now everywhere in view."

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