Argues that the American economy has continued to decine since the late 1960s and includes ideas for America's revitalization.

"Wallace Peterson addresses the great economic puzzle of our time: the stubborn persistence of excessive inflation and unemployment. This condition, often described by the unlovely term "stagflation," is symptomatic of deeply rooted ills in the way our system of market capitalism operates. It is not a condition that can be cured by use of conventional economic tools--fiscal and monetary policies. Experience since the mid-1960s shows that such efforts usually make the situation worse. The answer to the problem lies elsewhere"--Book jacket.

The essays in this volume consider the nature of the war economy and the possibilities for change that the relaxation of the Cold War presents. They ask what the effects of a security policy of substantial disarmament on the economy and political climate of the USA might be.

The idea that military strength is virtually synonymous with security is deeply entrenched and widely held. But while the threat or use of military force may sometimes be necessary, it cannot keep us as safe as we would be by building relationships that replace hostility with a sense of mutual purpose and mutual gain. Economic relationships, says Lloyd J. Dumas, can offer a far more effective, and far less costly, means of maintaining security. After defining the right kind of economic relationship--one that is balanced and nonexploitative, emphasizes development, and minimizes environmental damage--Dumas then addresses some practical concerns in establishing and maintaining these relationships. He also considers the practical problems of the transition from military-based security arrangements to "economic peacekeeping," and the effects of demilitarized security on economic development and prosperity.

This text discusses the economic, social and political implications of redirecting labour and capital from a military-based to a post-Cold War economy.

In recent years there has been increasing discontent with the abstract nature of mainstream economics. Not only does this make the subject less relevant to real issues, it drives a wedge between economics and other disciplines ostensibly addressing the same issues. Borderlands of Economics explores the ways in which economics might be reconnected, both with the real world and with other disciplines.