Railroading Economics: The Creation of the Free Market Mythology

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Monthly Review Press, 2006 - Business & Economics - 238 pages
2 Reviews

Most economic theory assumes a pure capitalism of perfect competition. This book is a penetrating critique of the rhetoric and practice of conventional economic theory. It explores how even in the United States—the most capitalist of countries—the market has always been subject to numerous constraints.

Perelman examines the way in which these constraints have been defended by such figures as Henry Ford, J. P. Morgan, and Herbert Hoover, and were indeed essential to the expansion of U.S. capitalism. In the process, he rediscovers the critical element in conservative thought—the “forgotten traditions of railroad economics”—that has been lost in the neoliberal present. This important and original historical reconstruction points the way to a discipline of economics freed from the mythology of the market.

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Review: Railroading Economics: The Creation of the Free Market Mythology

User Review  - Geoffrey Kozen - Goodreads

Interesting ideas, but very poor macro- and micro-organization make for a tougher read, and less compelling argument, than I would have liked. Read full review

Review: Railroading Economics: The Creation of the Free Market Mythology

User Review  - Brian - Goodreads

It's great to say that capitalism has problems -- of course it does and no one seriously thinks otherwise. If you don't come up with something better, though, it's worse than useless. Read full review

Contents

Introduction
9
The End of Economics
21
Economic Theory and the Historical Increase of Fixed Capital
51
Copyright

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About the author (2006)

Michael Perelman is professor of economics at California State University at Chico, and the author of numerous books, including Steal This Idea and Railroading Economics.

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