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America's Free Market Myths; Acknowledgments; Contents; Introduction; 1 Myths; 2 Reality; 3 Terminology; 4 13 Myths; PART I Economics; Myth 1: America Has Free Markets; 1 Myth; 2 Free Markets; 3 Markets; 4 Market Failures; 5 Corporate Organization; 6 Consumer Choice; 7 Conclusion; Myth 2: A Great Wall Separates Politics and the Economy; 1 Myth; 2 Politics and Markets; 3 Government Help to Corporations; 4 Corporate Welfare; 5 Conclusion; Myth 3: The Less Government, the Better; 1 Myth; 2 Attacks on Government; 3 The Myth's Purpose; 4 On Behalf of Government Intervention
5 Market Failure and Government Intervention6 Government Intervention; 7 Government's Achievements; 8 Conclusion; Myth 4: Deregulation Always Improves the Economy; 1 Myth; 2 Regulation; 3 Deregulation; 4 The Damage from Financial Deregulation; 5 The Fed as a Weak Regulator; 6 Weakening Regulation; 7 Privatization; 8 Conclusion; Myth 5: The Economy Has Superior Efficiency; 1 Myth; 2 Corporate Capitalism; 3 Economic Trends; 4 Economic Policies; 5 Monetary Policy; 6 Debt as a Way of Life; 7 The Financial Sector; 8 Conclusion; Part II Socio-Economic; Myth 6: Exceptional Living Standards
1 Myth2 Declining Living Standards; 3 Work; 4 Conclusion; Myth 7: An Egalitarian Nation; 1 Myth; 2 Income Inequality in America; 3 Class and Nonincome Inequality; 4 Beliefs About Inequality; 5 Economic Causes of Inequality; 6 Inequality and the Political-Economy; 7 Conclusion; Part III Political-Economic; Myth 8: Free Markets Protect Democracy; 1 Myth; 2 Democracy; 3 From Economic to Political Power; 4 The Acquisition of Power; 5 Political Power and Government Help; 6 The Legal System; 7 The Fed and Democracy; 8 Conclusion; Myth 9: Corporations Represent Economic Freedom; 1 Myth
2 Defining Economic Freedom3 Economic Freedom and Large Corporations; 4 Corporate Freedom and Politics; 5 Individual and Corporate Freedom; 6 The Other Side of Corporate Economic Freedom; 7 Conclusion; Myth 10: Free Market and Laissez Faire Are the Same; 1 Myth; 2 Laissez Faire as Free Market; 3 Laissez Faire and Competition; 4 Laissez Faire and Government; 5 The Laissez Faire Experience; 6 Conclusion; Myth 11: A Free Market Nation Does Not Need a Society; 1 Myth; 2 The Fight Against Society and Protection; 3 Do We Need Society When We Have the Market?; 4 Society versus Market
5 Markets and Consensus6 Conclusion; Part IV The Crash and Bailouts; Myth 12: The Government Caused the Crash of 2007-08; 1 Myth; 2 Government's Role; 3 The Effects of Financial Deregulation; 4 Financial Innovations; 5 The Fed; 6 Conclusion; Myth 13: The Bailouts' Purpose Was to Save the Free Market Economy; 1 Myth; 2 Background to the Crash and Bailouts; 3 The Bailouts; 4 Bailout Objectives; 5 Conclusion; Notes; Introduction; Myth 1: America Has Free Markets; Myth 2: A Great Wall Separates Politics and the Economy; Myth 3: The Less Government, the Better
5 Market Failure and Government Intervention6 Government Intervention; 7 Government's Achievements; 8 Conclusion; Myth 4: Deregulation Always Improves the Economy; 1 Myth; 2 Regulation; 3 Deregulation; 4 The Damage from Financial Deregulation; 5 The Fed as a Weak Regulator; 6 Weakening Regulation; 7 Privatization; 8 Conclusion; Myth 5: The Economy Has Superior Efficiency; 1 Myth; 2 Corporate Capitalism; 3 Economic Trends; 4 Economic Policies; 5 Monetary Policy; 6 Debt as a Way of Life; 7 The Financial Sector; 8 Conclusion; Part II Socio-Economic; Myth 6: Exceptional Living Standards
1 Myth2 Declining Living Standards; 3 Work; 4 Conclusion; Myth 7: An Egalitarian Nation; 1 Myth; 2 Income Inequality in America; 3 Class and Nonincome Inequality; 4 Beliefs About Inequality; 5 Economic Causes of Inequality; 6 Inequality and the Political-Economy; 7 Conclusion; Part III Political-Economic; Myth 8: Free Markets Protect Democracy; 1 Myth; 2 Democracy; 3 From Economic to Political Power; 4 The Acquisition of Power; 5 Political Power and Government Help; 6 The Legal System; 7 The Fed and Democracy; 8 Conclusion; Myth 9: Corporations Represent Economic Freedom; 1 Myth
2 Defining Economic Freedom3 Economic Freedom and Large Corporations; 4 Corporate Freedom and Politics; 5 Individual and Corporate Freedom; 6 The Other Side of Corporate Economic Freedom; 7 Conclusion; Myth 10: Free Market and Laissez Faire Are the Same; 1 Myth; 2 Laissez Faire as Free Market; 3 Laissez Faire and Competition; 4 Laissez Faire and Government; 5 The Laissez Faire Experience; 6 Conclusion; Myth 11: A Free Market Nation Does Not Need a Society; 1 Myth; 2 The Fight Against Society and Protection; 3 Do We Need Society When We Have the Market?; 4 Society versus Market
5 Markets and Consensus6 Conclusion; Part IV The Crash and Bailouts; Myth 12: The Government Caused the Crash of 2007-08; 1 Myth; 2 Government's Role; 3 The Effects of Financial Deregulation; 4 Financial Innovations; 5 The Fed; 6 Conclusion; Myth 13: The Bailouts' Purpose Was to Save the Free Market Economy; 1 Myth; 2 Background to the Crash and Bailouts; 3 The Bailouts; 4 Bailout Objectives; 5 Conclusion; Notes; Introduction; Myth 1: America Has Free Markets; Myth 2: A Great Wall Separates Politics and the Economy; Myth 3: The Less Government, the Better