This is an unflinching critical analysis of government which distills complex economic and political issues for the layperson. Combining an economist's analytical scrutiny with a historian's respect for empirical evidence, the book attacks the data on which governments base their economic management and their responses to an ongoing stream of crises. Among the topics discussed are domestic economic busts, foreign wars, welfare programs, the arts of political leadership, the intrusive efforts of governments to protect people from themselves, and the mismanagement of the economy. Though focused on U.S. government actions, revealing comparisons with similar government actions abroad and in China, Japan, and Western Europe are also made.
Ch. 1 Is more economic equality better? 3
Ch. 2 The welfare state : promising protection in an age of anxiety 9
Ch. 3 Nineteen neglected consequences of income redistribution 21
Ch. 4 The mythology of Roosevelt and the New Deal 33
Ch. 5 Public choice and political leadership 41
Ch. 6 Bolingbroke, Nixon, and the rest of them 45
Ch. 7 What Professor Stiglitz learned in Washington 49
Ch. 8 Great presidents? 53
Ch. 9 The U.S. Food and Drug Administration : a billy club is not a substitute for eyeglasses 59
Ch. 10 Regulatory harmonization : a sweet-sounding, dangerous development 75
Ch. 11 Puritanism, paternalism, and power 83
Ch. 12 We're all sick, and government must heal us 89
Ch. 13 Lock 'em up! 95
Ch. 14 Government protects us? 101
Ch. 15 Coercion is not a societal constant 107
Ch. 16 Official economic statistics : the emperor's clothes are dirty 115
Ch. 17 A tale of two labor markets 123
Ch. 18 Death and taxes 131
Ch. 19 A carnival of taxation 137
Ch. 20 Unmitigated mercantilism 145
Ch. 21 Results of a fifty-year experiment in political economy 153
Ch. 22 Results of another fifty-year experiment in political economy 155
Ch. 23 Pity the poor Japanese 157
Ch. 24 War and leviathan in twentieth-century America : conscription as the keystone 163