The Big Myth : How American Business Taught Us to Loathe Government and Love the Free Market
Other Available Formats
Overview
" A] scorching indictment of free market fundamentalism . . . and how we can change, before it's too late."-Esquire
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 landmark 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 trenchant 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.Customers Also Bought
- 1
Details
- ISBN-13: 9781635573572
- ISBN-10: 1635573572
- Publisher: Bloomsbury Publishing
- Publish Date: February 2023
- Dimensions: 9.47 x 6.43 x 1.75 inches
- Shipping Weight: 2.04 pounds
- Page Count: 576
Related Categories
Naomi Oreskes and Erik M. Conway call their deeply researched new book, The Big Myth, “the true history of a false idea.” The false idea in question is not really a single idea but rather many connected assertions, promoted throughout the 20th century, that have gelled into the “quasi-religious belief that the best way to address our needs—whether economic or otherwise—is to let markets do their thing, and not rely on government.” Both Oreskes and Conway are highly praised historians of science and technology. Their blockbuster 2010 book, Merchants of Doubt, examined the effort by a small number of scientists to undermine the evidence of climate change. One common denominator they found among these scientists was a distrust of government. The scientists’ ideological and economic biases led them to oppose anything that would admit a need for governmental action. In the introduction to their new book, Oreskes and Conway say that this discovery was what led them to do a deep dive into the ideology of neoliberal, free-market, anti-government thought, which has persuaded many Americans that unregulated markets are inseparable from democracy and freedom. But are those things really inseparable, the authors wonder. In an early chapter, Oreskes and Conway point out that Adam Smith, a seminal theorist of capitalism, believed that government regulations were in fact needed to preserve a competitive playing field. Another chapter examines the moment in American history when power companies decided it was just too expensive to bring electricity to rural farming communities. They believed the market was too small, but at the same time, they resisted community alternatives. In the end, it was the government, not business, that literally brought power to the people. This leads the authors to wonder, how do markets alone supposedly make people free? In later chapters, they examine the economic, political and public relations efforts that have fostered our belief in this pervasive myth that government is the problem and markets are the solution. The Big Myth is deeply detailed in its argument. Readers will be intellectually enlivened by chapters such as “No More Grapes of Wrath,” which looks at the ideological shift in the movie industry, and the revelatory chapter “The American Road to Serfdom,” which explores the popular rise of economist Milton Friedman and the “Chicago school,” which deftly promoted the libertarian argument against government involvement in markets. The way the book challenges each component of market mythology is hugely impressive—but the book is sometimes so detailed in its pursuit of the truth that some readers will surely become intellectually exhausted. Still The Big Myth’s arguments do add up. “Markets are good for many things,” the authors write, “but they are not magic.” In a world facing existential threats like climate change, markets alone do not suffice, they argue. Governments must act.
Naomi Oreskes and Erik M. Conway call their deeply researched new book, The Big Myth, “the true history of a false idea.” The false idea in question is not really a single idea but rather many connected assertions, promoted throughout the 20th century, that have gelled into the “quasi-religious belief that the best way to address our needs—whether economic or otherwise—is to let markets do their thing, and not rely on government.” Both Oreskes and Conway are highly praised historians of science and technology. Their blockbuster 2010 book, Merchants of Doubt, examined the effort by a small number of scientists to undermine the evidence of climate change. One common denominator they found among these scientists was a distrust of government. The scientists’ ideological and economic biases led them to oppose anything that would admit a need for governmental action. In the introduction to their new book, Oreskes and Conway say that this discovery was what led them to do a deep dive into the ideology of neoliberal, free-market, anti-government thought, which has persuaded many Americans that unregulated markets are inseparable from democracy and freedom. But are those things really inseparable, the authors wonder. In an early chapter, Oreskes and Conway point out that Adam Smith, a seminal theorist of capitalism, believed that government regulations were in fact needed to preserve a competitive playing field. Another chapter examines the moment in American history when power companies decided it was just too expensive to bring electricity to rural farming communities. They believed the market was too small, but at the same time, they resisted community alternatives. In the end, it was the government, not business, that literally brought power to the people. This leads the authors to wonder, how do markets alone supposedly make people free? In later chapters, they examine the economic, political and public relations efforts that have fostered our belief in this pervasive myth that government is the problem and markets are the solution. The Big Myth is deeply detailed in its argument. Readers will be intellectually enlivened by chapters such as “No More Grapes of Wrath,” which looks at the ideological shift in the movie industry, and the revelatory chapter “The American Road to Serfdom,” which explores the popular rise of economist Milton Friedman and the “Chicago school,” which deftly promoted the libertarian argument against government involvement in markets. The way the book challenges each component of market mythology is hugely impressive—but the book is sometimes so detailed in its pursuit of the truth that some readers will surely become intellectually exhausted. Still The Big Myth’s arguments do add up. “Markets are good for many things,” the authors write, “but they are not magic.” In a world facing existential threats like climate change, markets alone do not suffice, they argue. Governments must act.