The Great Deformation was published in April of 2013. Since then, it has become a secret weapon in economic research done on capitalism in America. Beginning from the United States early roots, David Stockman describes the various effects that several infamous statesmen have had on the U.S economy including Dwight Eisenhower, Bill Clinton, and Harry Truman. Stockman describes this deformation in detail and communicates to us the importance of understanding capitalism and the ill effects that it can create.
The Great Deformation is an in-depth look at the issues within the U.S economy in response to the financial crisis. The work explains how the U.S may not be able to come back from where it once was economically. This knowledge packed read will allow you to form your own opinions based on Stockman’s findings from his time in business.
"The breakdown of sound money has now finally generated a cruel end game. The fiscal and central banking branches of the state have endlessly bludgeoned the free market, eviscerating its capacity to generate wealth and growth. This growing economic failure, in turn, generates political demands for state action to stimulate recovery and jobs. But the machinery of the state has been hijacked by the various Keynesian doctrines of demand stimulus, tax cutting, and money printing. These are all variations of buy now and pay later—a dangerous maneuver when the state has run out of balance sheet runway in both its fiscal and monetary branches. Nevertheless, these futile stimulus actions are demanded and promoted by the crony capitalist lobbies which slipstream on whatever dispensations as can be mustered. At the end of the day, the state labors mightily, yet only produces recovery for the 1 percent.”
The Great Deformationis written in great detail regarding the issues that the economy potentially faces moving forward. Will the U.S be able to grasp the effects that present policies have on it’s economy? The answer may be found with this well-rounded book.