📚 Book Spotlight: The Power to Destroy: How Bad Economics Drove America’s Decline

Author: James K. Galbraith

Release Date: September 23, 2026 (Available for pre-order)

The Dissonance of Modern Economics

Acclaimed economist James K. Galbraith sounds an urgent alarm on how conventional economic ideas and policies have failed to adapt to the most daunting challenges of our geopolitical moment. (University of Chicago Press, 2026)

Amid a mounting sense of American decline, everyday citizens live with a strange contradiction: traditional economists keep announcing that everything is fundamentally fine. They point to steady growth, low unemployment, relatively stable prices, and high stock markets, asking: what’s there to worry about?

Synopsis

The Power to Destroy shows that this dissonance reflects a failure of the discipline to evolve. Galbraith’s incisive history of 21st-century economic policy centers on a fundamental flaw: today’s experts are still deploying tools from yesterday’s wars.

Relying on obsolete ideas, outdated measures, and crude indicators like standard output and price indexes—many honed a century ago for a vastly different social landscape—offers little hope in the face of today’s existential threats.

Galbraith argues that these conventional policies are accelerating the decline of the US economy. Key policy shortcomings include:

• Mismanaged Inflation: Weak responses to the post-pandemic inflation of 2021–2022.
• Geopolitical Miscalculations: Flawed strategies regarding the sanctions war against Russia and the economic rise of China.
• Stagnant Revival: Half-hearted and ineffective attempts at domestic industrial policy.
• Unaddressed Crises: Inadequate preparation for climate change and the impending demographic crisis.

All of these failures root back to a flawed body of economic thought sustained for ideological rather than practical reasons. As Galbraith makes plain, while market systems have their virtues, government policies are what make functioning markets possible in the first place. Sticking with outdated theories brings the power to destroy, making new, realistic ideas an urgent necessity for survival in an emerging multipolar world.

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About the Author

James K. Galbraith holds the Lloyd M. Bentsen, Jr. Chair in Government/Business Relations at the LBJ School of Public Affairs, The University of Texas at Austin.

His previous books include:

• Entropy Economics: The Living Basis of Value and Production (with Jing Chen)
• Inequality: What Everyone Needs to Know
• Welcome to the Poisoned Chalice: The Destruction of Greece and the Future of Europe

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