This volume provides a rich understanding of the complexity of U.S. economic policy, explaining how public policies become embedded in bureaucracy and reinforced by organized beneficiaries and public expectations. This path-dependent layering process helps students better understand the underlying historical dynamics, which provide a clearer sense of the constraints faced by policymakers now and in the future.
The revisions to the second edition include:
Complete rewrite of the chapter on the recent financial crisis, adding in commentary on the debt ceiling, the fiscal cliff, and other recent events.
New material added and existing material updated in the chapter discussing the two welfare states.
Extensive updates to the coverage of the global economy
Expanded and updated discussion of Obama’s economic policies.
Updates to figures and data throughout the text.