Oxford Institute press 2006.

Paul Streitz has written a very valuable book of under 200 pages that explains how America's first Treasury Secretary, Alexander Hamilton planned an economic system that would provide opportunities for all Americans and encourage American national development. He explicitly wanted to avoid the formation of a disconnected elite of the British colonial or southern slave owning type.

Move on to the new millennium, and the author shows beyond doubt that America is now the unfortunate host to a new elite who enjoy wealth and power beyond the imagination of British colonials or Southern planters.

They are loosely described as "special interests" (i.e. not the interests of the 95% of other Americans) and have erected a series of complex barriers to protect their power and wealth. These include direct political contributions (money for laws), political revolving door directorships, neo-conservative think tanks and university departments and the media repeating neo-liberal free trade dogma and engaging in ferocious culture war attacks on any form of patriotism while promoting all forms of identity politics.

Streitz interestingly doesn't take political sides, he doesn't believe in big government tax and welfare or trade unions, seeming to agree with what Ayn Rand actually said about the dangers of Communism/Socialism, while at the same time he emphasises the need for GOOD government but not NO government, of the kind more or less advocated by Milton Friedman and supported by Reagan inspired free market activists. He sees the climax of this thinking under the Clinton administration with the repeal of Glass-Steagall  (top)
(giving Wall St access to main street bank deposits) and the passing of NAFTA (an invitation to move whole sectors of industry to Mexico).

The author provides a very complete look at the "Comparative Advantage" argument for Free Trade and shows beyond doubt that 1) the offshoring of whole industries is harmful to the U.S., 2) off shored industrial jobs are not replaced by higher paying service jobs 3) anything that can be done by a computer can also be off shored i.e. high skilled service jobs 4) offshoring generates unemployment, trade deficits and budget deficits that become debt which is just dumped onto the 95% of onshore U.S. taxpayers.

Combine all this with mobile capital and technology and the quote of Gilbert Williamson, president of NCR could sum up the views of many corporate leaders, "I was asked the other day about U.S. competitiveness, and I replied that I don't think about it at all. We at NCR think of ourselves as a globally competitive company that happens to be headquartered in the United States".

Or Brian Valentine, a senior vice-president at Microsoft, nš2 in the Windows development unit, urging managers to, "pick something to move offshore today." In India you can get, "quality work at 50% to 60% of the cost. That's two heads for the price of one."

All Americans absolutely need to buy and read this book..