LEADER 03987nam 2200601 a 450 001 9910786171403321 005 20230126210101.0 010 $a0-674-07154-9 010 $a0-674-06781-9 024 7 $a10.4159/harvard.9780674067813 035 $a(CKB)2670000000319393 035 $a(StDuBDS)AH25018196 035 $a(SSID)ssj0000803624 035 $a(PQKBManifestationID)11484514 035 $a(PQKBTitleCode)TC0000803624 035 $a(PQKBWorkID)10811209 035 $a(PQKB)11421099 035 $a(MiAaPQ)EBC3301189 035 $a(DE-B1597)178057 035 $a(OCoLC)979588449 035 $a(DE-B1597)9780674067813 035 $a(Au-PeEL)EBL3301189 035 $a(CaPaEBR)ebr10642235 035 $a(OCoLC)823170549 035 $a(EXLCZ)992670000000319393 100 $a20120326d2012 uy 0 101 0 $aeng 135 $aur||||||||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe land of too much$b[electronic resource] $eAmerican abundance and the paradox of poverty /$fMonica Prasad 210 $aCambridge, Mass. $cHarvard University Press$dc2012 215 $a1 online resource (xiv, 327 pages )$cillustrations (black and white) 300 $aBibliographic Level Mode of Issuance: Monograph 311 $a0-674-06652-9 320 $aIncludes bibliographical references (p . 275-316) and index. 327 $aThe farmers' tour -- Comparing capitalisms -- A demand-side theory of comparative political economy -- The agrarian regulation of taxation -- The land of too much -- Progressive taxation and the welfare state -- The agrarian regulation of finance -- The democratization of credit -- The credit-welfare state trade-off -- Conclusion: American mortgage Keynesianism -- Notes -- References -- Acknowledgments -- Index. 330 $aThe Land of Too Much presents a simple but powerful hypothesis that addresses three questions: Why does the United States have more poverty than any other developed country? Why did it experience an attack on state intervention starting in the 1980's, known today as the neoliberal revolution? And why did it recently suffer the greatest economic meltdown in seventy-five years? Although the United States is often considered a liberal, laissez-faire state, Monica Prasad marshals convincing evidence to the contrary. Indeed, she argues that a strong tradition of government intervention undermined the development of a European-style welfare state. The demand-side theory of comparative political economy she develops here explains how and why this happened. Her argument begins in the late nineteenth century, when America's explosive economic growth overwhelmed world markets, causing price declines everywhere. While European countries adopted protectionist policies in response, in the United States lower prices spurred an agrarian movement that rearranged the political landscape. The federal government instituted progressive taxation and a series of strict financial regulations that ironically resulted in more freely available credit. As European countries developed growth models focused on investment and exports, the United States developed a growth model based on consumption. These large-scale interventions led to economic growth that met citizen needs through private credit rather than through social welfare policies. Among the outcomes have been higher poverty, a backlash against taxation and regulation, and a housing bubble fueled by "mortgage Keynesianism." This book will launch a thousand debates. 606 $aFiscal policy$zUnited States 607 $aUnited States$xEconomic policy 607 $aUnited States$xSocial policy 615 0$aFiscal policy 676 $a338.5/2120973 686 $aMG 70920$2rvk 700 $aPrasad$b Monica$01481042 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910786171403321 996 $aThe land of too much$93697862 997 $aUNINA