As a graduate from Business School in the 1980's, I have come to question most of the macroeconomics education I received at that time and since then through my own studies. Until recently, it seemed to me that nothing made sense anymore. Reading this book answered a lot of questions for me and helped me to see what is going on in the world.
Offshoring is NOT free trade. When you understand that, as well as the reasons why offshoring was able to gain momentum to the clear detriment of Western economies, everything else begins to make sense. The only way forward, then, is a complete overhaul of our systems of governance including legal and financial systems. Without understanding what is needed to maintain an orderly, productive socioeconomic system, how can we hope to preserve the abundance we have created in the West moving forward.
Paul Craig Roberts has an impeccable academic and public service background. Most notably he was the Assistant Secretary of the Treasury under President Ronald Reagan. He was one of the first supply-side economists and is noted for thinking outside the box. He lived and worked in Russia (Soviet Union) and is one of the few political economists who understands the current geopolitical-economic situation from a high level.
The Failure of Laissez Faire Capitalism is written concisely and clearly such that an intelligent layperson would grasp the concepts easily. It is also a properly executed book in the academic style with abundant references to support all aspects of the author's propositions. It is particularly helpful that he references other clear-thinking private and public sector intellectuals thus giving a strong foundation for further research on these subjects. Readers who enjoy the work of Michael Hudson, Nomi Prins, John Williams (ShadowStats), Dmitri Orlov, and other like-minded individuals will find this book very useful.
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