The pathology of the U.S. economy : the costs of a low-wage system

목차 (Table of Contents)

• CONTENTS
• List of Tables and Figures = xii
• Acknowledgements = xiii
• 1 The Setting of the Decline = 1
• A Preview of the Book = 1
• The Roots of Economic Mismanagement = 3
• The Failure of Economic Policy = 4
• The Role of Crises = 6
• The Challenge Ahead = 8
• The Golden Age of Capitalism = 10
• Post-War Decline = 16
• The Falling Rate of Profit = 18
• The Decline and Falling Profit Rates = 19
• Poverty and the Distribution of Income = 22
• The Oil Shock as a Consequence of the Economic Decline = 23
• The Decline as a Complex Economy-Wide Process = 25
• Economics and Oversimplification = 27
• Summary = 28
• 2 The Attack of Labour Accelerates the Economic Decline = 30
• The Post-War Labour-Management Accord = 30
• The Breakdown of the Labour-Management Accord = 31
• Rebellion on the Shop Floor = 32
• The Social Dynamics of the Economic Decline = 34
• The Decline and Social Discord = 36
• How Business Attacked Labour = 37
• Unemployment and Labour Discipline = 40
• Scorched Earth Economics = 41
• A Catastrophe for Labour = 44
• Adding Insult to Injury = 46
• The Disastrous Expansion of Low-Wage Service Employment = 48
• How Businesses' Defeat of Labour Impairs the Labour Force = 51
• Unplanned Fiscal Costs of Labour's Defeat = 54
• The Haitian Road to Economic Development = 55
• 3 Government and the Decline = 58
• Keynes and the Credibility of Government = 58
• The Dark Side of Keynesian Theory : Military Keynaesianism = 58
• The Advantage of Waste = 60
• The Rise of a Garrison State = 62
• The End of the Excessive Faith in Government Economic Management = 63
• The Abdication of Government from Economic Responsibility = 65
• The Nirvana of Deregulation = 67
• The Contraction of the Government and the Economic Decline = 68
• Education, Human Capital and the Economic Decline = 70
• The Decline in Public Education as a Cumulative Process = 71
• Test Scores and the Economic Decline = 74
• The Cost of Crippling Public Education = 75
• How the Economic Decline Reacts with the Education System = 77
• The Deterioration of the Public Capital Stock = 78
• The Social Cost of Deteriorating Public Capital = 79
• Transportation and Public Capital = 81
• Inadequate Infrastructure and the State of the U. S. Economy = 83
• Infrastructure Decline as Part of the General Decline = 85
• Future Infrastructural Needs = 86
• The Erosion of the Stock of Public Data for the U. S. Economy = 88
• The Strategic Importance of Public Data = 90
• 4 The Role of the Military in the Economic Decline = 93
• Military Spending as Class Warfare = 93
• The Benefits of Military Power = 96
• The Economic Failure of Military Keynesinaism = 98
• The Changing Nature of Military Spending = 100
• The Question of Spillovers from Military Research and Development = 101
• The Pernicious Influence of Excessive Military Spending = 104
• How Military Spending Might Actually Harm the Military = 105
• The Class Nature of Military Keynesianism = 107
• 5 Keynesian Policy, Monetary Policy, and the Weakening of Competition = 109
• The Logic of Keynesian Policy and Cumulative Economic Processes = 109
• The Contradictory Nature of the Business Cycle = 110
• Keynes's Heresy = 112
• Keynesian Policies and Replacement Investment = 114
• Capital Widening versus Capital Deepening = 116
• Keynesian Policies and the Ageing of the Capital Stock = 118
• Monetary Policy and Capital Renewal = 121
• High Interest Rates and the Economics of a Short Time Horizon = 122
• The Economics of the Chinese Wall = 124
• The Costs of an Ageing Capital Stock = 126
• The Economics of Patching = 128
• Investing for Rapid Pay-back during the Depression = 130
• On the Ageing of the U. S. Capital Stock = 131
• The Short Pay-back Period and the Decline in U. S. Competitiveness = 133
• Crisis and Competition in the U. S. Economy = 135
• The Overhang of Phantom Capacity = 137
• The Elimination of Phantom capacity = 138
• Creative Reemployment of Old Capital Goods = 140
• The Elimination of Productive Capacity = 142
• The Big Question = 143
• 6 Finance, the Falling Rate of Profit and Economic Devastation = 145
• Finance and the Momentum of the Decline = 145
• Falling Profits and Rising Interest Rates = 146
• The Falling Rate of Profit and Increasing Risk = 147
• What Banks Ideally Do = 149
• On the Regulation of the Financial System = 150
• The Circumvention of Bank Regulation = 152
• New Dimensions to Speculation = 154
• Finance and the Decline of U.S. Manufacturing = 155
• The Falling Rate of Profit and Capital Renewal = 157
• The Inefficiency of Corporate Takeovers and Leveraged Buy-outs = 158
• Financial Capital versus Industrial Capital = 160
• The Unproductive Labour Dissipated in Corporate Takeovers = 161
• Unproductive Labour and the Hobbling of the Corporate Sector = 163
• Financial Services and Unproductive Labour = 165
• Tracking the Elusive Profit Rate = 168
• The Dual Nature of the Profit Rate = 170
• 7 De-industrialization and the Rise of the Service Economy = 172
• Post-industrial Vision = 172
• The Hollow Economy and the Dangers of Post-industrial Utopianism = 173
• The Electronics Industry in the Age of Post-industrialism = 175
• Services and High Technology = 178
• The Demand for Services and the Proximity to Manufacturing = 179
• Does De-industrialization Exist? = 182
• Is De-industrialization the Rule in Market Economies? = 185
• Debates over De-industrialization = 187
• Investment and Taxes = 188
• Creativity Again = 191
• 8 High Wages, Enlightened Management, and Economic Productivity = 192
• High Wages as a Defence against De-industrialization = 192
• The Two Faces of Management-Labour Relations = 193
• The Internal Politics of Management-Labour Relations = 195
• The Advantage of a Co-operative Policy toward Labour = 198
• The Economy of High Wages = 199
• Efficiency Wages = 201
• The Tradition of the United States as a High-Wage Economy = 202
• High Wages and Protectionism = 204
• A Test of the theory of High Falling Wages during the Great Depression = 205
• Mitigating Factors = 209
• The Dissipation of the Residual Momentum of High Wages = 210
• High Wages in an International context = 211
• Surprise! Unions Can Promote Productivity = 212
• How Good Management Can Prod Labour to Work Hard = 215
• Low Wages and the Structure of De-industrialization = 216
• Creativity and Economics = 217
• Creative Destruction and Destructive Creativity = 220
• 9 Conclusion = 221
• Bibliography = 222
• Index = 247