Although political rhetoric and public perception continue to assume that the United States is the very definition of a free market economy, a different system entirely has in actuality come to prominence over the past half century.
This Corporate Welfare Economy (CWE) has come about as government come increasingly under the influence of corporate interests and lobbyists, with supposedly equalising factors such as regulation skewed in order to suit the interests of the privileged while an overwhelming majority of US citizens have experienced a decline in their standard of living.
James Angresano examines the characteristics of this mode of capitalism, both from the theoretical point of view but also with key reference to the different sectors of the economy – trade, manufacturing, industry and defense among them.
Biography
James Angresano is a retired Professor of Economics. He has taught and done research at colleges and universities in the United States and throughout Europe, China, and Egypt.
'How is it that Americans have become poorer and poorer over recent decades? Author James Angresano is back, relying upon his rich background in Comparative Economics to establish the roots of our decline. He establishes that the American economy has indeed evolved. Through the evolution of our institutions we are now subjects of a new regime, what Angresano describes as the “CWE.” This is short for the “Corporate Welfare Economy.” And, the emergence of this institution is what has left the earnest and hard working Americans waiting and hoping that some crumbs might fall to us from the corporate table.' — Professor John Hall, Portland State University, USA
