Madrick argues for a proactive government role in fostering economic growth and shared prosperity, countering prevailing ideologies that downplay this responsibility. He emphasizes that effective government can enhance opportunities for all citizens in ways that private markets cannot, highlighting the potential for public policy to drive progress without undermining the essential functions of the market.
The Triumph of Finance and the Decline of America, 1970 to the Present
The book explores the rise of greed in the United States over the past forty years, focusing on key figures who shaped this economic landscape. Through profiles of influential individuals like Milton Friedman, Alan Greenspan, and politicians such as Nixon and Reagan, it reveals how the pursuit of personal wealth transformed from a moral crusade into a source of significant economic challenges, including inequality and instability. This historical analysis provides essential insight into the dynamics of wealth and power in contemporary America.
From the former economics columnist for Harper’s and The New York Times, a bold indictment of some of our most accepted mainstream economic theories—why they’re wrong, and how they’ve been harming America and the world. Ideas have the power to change history. But what happens when they are bad? In a tour de force of economics, history, and analysis, Jeff Madrick shows how theories on austerity, inflation, and efficient markets have become unassailable mantras over recent years, to the detriment of the country as a whole. Working backwards from the Great Recession, Madrick pulls no punches as he reconsiders seven of the greatest false idols of modern economic theory, from Say’s Law to Milton Friedman, illustrating how these ideas have been damaging markets, infrastructure, and individual livelihoods for years. Trenchant, sweeping, and empirical, Seven Bad Ideas resoundingly disrupts the status quo of modern economic theory.
An essential, and impossible-to-ignore, examination of one of the most pressing, harmful, and heartbreaking problems facing our country: the widespread poverty among American children. By official count, more than one out of every six American children live beneath the poverty line. But statistics alone tell little of the story. In Invisible Americans, Jeff Madrick brings to light the often invisible reality and irreparable damage of child poverty in America. Keeping his focus on the children, he examines the roots of the problem, including the toothless remnants of our social welfare system, entrenched racism, and a government unmotivated to help the most voiceless citizens. Backed by new and unambiguous research, he makes clear the devastating consequences of growing up poor: living in poverty, even temporarily, is detrimental to cognitive abilities, emotional control, and the overall health of children. The cost to society is incalculable. The inaction of politicians is unacceptable. Still, Madrick argues, there may be more reason to hope now than ever before. Rather than attempting to treat the symptoms of poverty, we might be able to ameliorate its worst effects through a single, simple, and politically feasible policy that he lays out in this impassioned and urgent call to arms.