Taking Economics Seriously (Boston Review Books)
In the U.S. economy, there is no free market, states economist Baker. He suggests that every facet of the economy is shaped by public policy: investment bankers get very rich because the government protects them with the too big to fail principle, while avoiding serious regulation; Bill Gates (founder of Microsoft) gets extraordinarily rich because he receives a monopoly on his operating system through copyright and patent protection; and U.S. doctors and other professionals are highly paid, spared from international competition because of our licensing requirements for foreign-trained professionals that are not related to principles of quality. We learn that market fundamentalism does not exist. Conservative restructuring of the economy, not the natural workings of the market, caused the upward redistribution of income and wealth during the last three decades. Everyone will not agree with Baker’s ideas, which may be welcomed in academic circles for debate; however, this scholarly work will not appeal to a wide range of library patrons. --Mary Whaley