Volume 44, Number 13 · August 14, 1997
In the Shadows of Prosperity
By Jeff Madrick
Money: Who Has How Much and Why
by Andrew Hacker
Scribner, 254 pp., $25.00
Andrew Hacker's new book, Money, arrives at a propitious time. With the US unemployment rate now around its lowest level in twenty-five years, inflation subdued, and stock prices high, many commentators are gushing over America's economic performance. The contrast with languishing European economies, where unemployment rates are two and three times higher than in the US, is making the economy look all the more enviable. A characteristic recent analysis by the brokerage firm Merrill Lynch, for example, was entitled 'Paradise Found: The Best of All Possible Economies.' Fortune Magazine exceeded even this optimistic appraisal when it pronounced this June that the US economy is 'stronger than it's ever been.'[1]
Review, 5823 words
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