If we assume that the purpose of the economy is to serve and improve the welfare of the entire body of citizens, the U.S. model has clearly been a major failure. It has served a minority, and the majority have not only failed to share in the income gains yielded by the model, they have suffered from reduced benefits, greater job instability and stress, and a diminution of expectations and sense of hope for the future.
If we assume that the purpose of the economy is to serve and improve the welfare of the entire body o…
Edward Herman
Edward Samuel Herman (April 7, 1925 – November 11, 2017) . He wrote extensively on economics, political economy, foreign policy, and media analysis. Among his books are The Political Economy of Human Rights (2 vols, with Noam Chomsky, South End Press, 1979); Corporate Control, Corporate Power (Cambridge University Press, 1981); The "Terrorism" Industry (with Gerry O'Sullivan, Pantheon, 1990); The Myth of the Liberal Media: An Edward Herman Reader (Peter Lang, 1999); and Manufacturing Consent (with Noam Chomsky, Pantheon, 1988 and 2002). In addition to his regular "Fog Watch" column in Z Magazine, he edited a web site, inkywatch.org, that monitors the Philadelphia Inquirer.