March 2, 2013 by History in a Hurry
Did capitalism cause the crash of 2008? Did the bailouts save America from another Great Depression? David Stockman, President Reagan’s budget director, says “no” to both these ideas in an exhaustive new book called The Great Deformation. He defends the free market and gives a sweeping account of U.S. economic history from the 1930s to the present.
The US Corporate State
by Llewellyn H. Rockwell, Jr.
It didn’t take long for opponents of the market to pounce after the events of 2008. The crash was said to prove how destructive “unregulated capitalism” could be and how dangerous its supporters were – after all, free-marketeers opposed the bailouts, which had allegedly saved Americans from another Great Depression.
In The Great Deformation, David Stockman – former US congressman and budget director under Ronald Reagan – tells the story of the recent crisis, and takes direct aim at the conventional wisdom that credits government policy and Ben Bernanke with rescuing Americans from another Great Depression. In this he has made a seminal contribution.