The Big Myth
How American Business Taught Us to Loathe Government and Love the Free Market
"[A] scorching indictment of free market fundamentalism ... and how we can change, before it's too late."-Esquire, Best Books of Winter 2023
The bestselling authors of Merchants of Doubt offer a profound, startling history of one of America's most tenacious—and destructive—false ideas: the myth of the "free market."
In their bestselling book Merchants of Doubt, Naomi Oreskes and Erik M. Conway revealed the origins of climate change denial. Now, they unfold the truth about another disastrous dogma: the "magic of the marketplace."
In the early 20th century, business elites, trade associations, wealthy powerbrokers, and media allies set out to build a new American orthodoxy: down with "big government" and up with unfettered markets. With startling archival evidence, Oreskes and Conway document campaigns to rewrite textbooks, combat unions, and defend child labor. They detail the ploys that turned hardline economists Friedrich von Hayek and Milton Friedman into household names; recount the libertarian roots of the Little House on the Prairie books; and tune into the General Electric-sponsored TV show that beamed free-market doctrine to millions and launched Ronald Reagan's political career.
By the 1970s, this propaganda was succeeding. Free market ideology would define the next half-century across Republican and Democratic administrations, giving us a housing crisis, the opioid scourge, climate destruction, and a baleful response to the Covid-19 pandemic. Only by understanding this history can we imagine a future where markets will serve, not stifle, democracy.
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February 21, 2023 -
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- ISBN: 9781635573589
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- ISBN: 9781635573589
- File size: 3047 KB
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Reviews
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Library Journal
September 1, 2022
In Bloodbath Nation, Man Booker short-listed novelist Auster assays the history of gun violence in the United States from the time of the first white settlers through the current mass shootings that make the country the most violent in the Western world. A New York Times best-selling author (Unfair), law professor Benforado uses real-life portraits in A Minor Revolution to detail how the United States fails its children, with 11 million in poverty, 4 million lacking health insurance, thousands prosecuted as adults, and countless struggling in substandard public schools mere miles from the polished halls of elite private institutions. Brooks and Suzanne Ragen Professor Emeritus of Psychology at Yale University, Bloom recapitulates one of Yale's most popular courses in Pysch, offering an up-to-date understanding of the mind's workings--particularly in the context of key contemporary moral and sociopolitical issues (75,000-copy first printing). CNN senior legal analyst Honig (Hatchet Man) challenges the two-tier justice system in the United States that allows the wealthy, the celebrated, and particularly the powerful to be Untouchable (35,000-copy first printing). In A Woman's Life Is a Human Life, historian Kornbluh (The Battle for Welfare Rights) offers a timely overview of a half-century's worth of fighting for reproductive rights. Having unearthed the dismal origins of climate change denial in Merchants of Doubt, Oreskes and Conway tackle another Big Myth, the magic of the marketplace, from the early 1900s business challenges to regulations through to the down-with-big-government cries still prevailing (150,000-copy first printing). Owens, a Black gay journalist with Forbes 30 Under 30 credentials, makes The Case for Cancel Culture by repositioning it not as suppression or put-down but as a key means of democratic expression and accountability (60,000-copy first printing). The mega-best-selling novelist Patterson joins with his Walk in My Combat Boots coauthor Eversmann and thriller writer Mooney to Walk the Blue Line, telling the true-life stories of police officers (300,000-copy first printing). Named by Nature among "10 People Who Mattered in Science in 2018," retired biologist and investigative genetic genealogist Rae-Venter explains in I Know Who You Are how she found a serial killer in 63 days after he had eluded authorities for 44 years. The New York Times reporter charged with covering the Federal Reserve, Smialek shows in Limitless how this formerly behind-the-curtains institution has been forced into greater transparency by rising inequality, falling global economic prospects, and the ravages of pandemic. A political reporter for the Daily Beast who has spent the last several years tracking QAnon, Sommer explains what it is, why it has gained traction, what dangers it poses, and how to shake adherents loose from its dogma in Trust the Plan (100,000-copy first printing; originally scheduled for March 2022).Chief Justice Earl Warren Professor of Constitutional Law and executive director of the Meltzer Center for Diversity, Inclusion, and Belonging, respectively, at NYU School of Law, Yoshino and Glasgow investigate how we can Say the Right Thing in an era when issues of race, gender equity, and LGBTQ+ inclusiveness are at the forefront.
Copyright 2022 Library Journal, LLC Used with permission.
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Publisher's Weekly
November 21, 2022
Historians of science Oreskes and Conway (Merchants of Doubt) return with a persuasive examination of how corporate advocates, libertarian academics, and right-wing culture warriors have collaborated to try to convince the American people that economic and political freedom are indivisible, and that regulation leads inexorably to tyranny. Tracing the rise of “market fundamentalism” across the 20th century, the authors detail how business leaders formed groups like the National Organization of Manufacturers and the American Liberty League to fight government regulations and progressive social programs. In addition to legal and political battles, these groups waged extensive propaganda campaigns and funded the careers of like-minded academics. Throughout, Oreskes and Conway reveal the distortions that originated from these intellectual circles, noting, for instance, that Chicago School economist George Stigler’s edited version of Adam Smith’s The Wealth of Nations “expunged nearly all of Smith’s caveats about free market doctrine.” Blaming free market orthodoxy for stymieing efforts to combat climate change and expand healthcare, the authors advocate for a middle path that is both “pro-market and pro-government.” Polemical yet scrupulously researched, this wake-up call rings loud and clear. Agent: Ayesha Pande, Ayesha Pande Literary. -
Kirkus
December 1, 2022
A thoughtful denunciation of the economic dogma that the market knows best. "How did so many Americans come to have so much faith in markets and so little faith in government?" So ask Oreskes and Conway, continuing the line of research they began in their seminal 2010 book, Merchants of Doubt. Where that book focused on the co-optation of scientists to dispute the realities of climate change and the linkage of tobacco to cancer, this joins that co-optation to carefully planted "free market" fundamentalism that holds that any attempt to regulate business is a form of tyranny. This dogma was fomented by economists such as Friedrich von Hayek and Milton Friedman, who argued that market efficiency was the sine qua non of freedom, as if efficiency were the only dimension of an economy. Oreskes and Conway argue convincingly that this ideology "denies capitalism's failures and refuses to endorse the best tool we have to address those failures, which is government." The demand for an unregulated economy precedes the Chicago School of economics, of course: As the authors note, business leaders vehemently objected to child labor laws more than 100 years ago, using the familiar argument that such laws should be left to the states. The National Association of Manufacturers, formed to resist such regulation, pressed the argument that humans were naturally unequal and that neither the government nor business was responsible for leveling the playing field. "Even today," write the authors, "NAM continues to fight workplace safety regulation and stands with the fossil fuel industry in its attempts to escape accountability for climate change caused by its products." Other entities foster this denialism and economic inequality, from the Federal Reserve and its "pursuit of low inflation, rather than low unemployment, [as] the nation's primary goal" to libertarian think tanks at universities around the country that preach the government-bad, market-good ideology. A timely, well-argued contribution to the literature of economic inequality and regulation.COPYRIGHT(2022) Kirkus Reviews, ALL RIGHTS RESERVED.
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