How the U.S. Economy Works, Why it Matters, and How it Could Be Different
October 15, 2008
Magnuson (economics, Portland State Univ. & Portland Community Coll.) presents an intriguing perspective on the U.S. economy by describing the American capitalist system and its key institutions and economic issues, covering the most important consequences of the system and, finally, offering alternatives. His overview of the history and background of the U.S. economic system is thorough, including the development of capitalism, the U.S. financial system and Federal Reserve banks, the stock market, the structure of corporations, and international economic relations. The problems with the system Magnuson discusses include poverty, financial market instability, environmental destruction, and economic downturns. In the final section, he presents a notable study of a mindful economy, writing, "In a mindful economy, we seek to avoid debilitating crises and set out to follow a thoughtful and careful path toward change." He examines ways of achieving a mindful economy of values-based principles: the mindful economy is intrinsically democratic, equitable, just, based on respect for all life and natural processes, and stable. This book should be read by faculty and students studying economics and can be appreciated by those just learning about how the economy works. Highly recommended to academic library collections.Lucy Heckman, St. John's Univ. Lib., Jamaica, NY
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