The Economists' Hour: The Rise of a Discipline, the Failures of Globalization, and the Road to Nationalism by Binyamin Appelbaum Summary

1. Free-market economists prioritized efficiency over equality, fracturing societies globally
2. Reaganomics and Thatcherism traded public welfare for deregulation-fueled corporate growth
3. Chicago School's antitrust erosion directly enabled modern monopoly power dominance
4. Economists' cost-benefit analyses devalued human life in policy decisions
5. Post-Bretton Woods currency flexibility sparked inflation crises and wealth instability
6. Chilean "Miracle" exposed dictatorship-era free market experimentation's human costs
7. Behavioral economics emerged as correction to rational market theory failures
8. TARP bailouts marked endpoint of economists' 50-year policy dominance
9. Appelbaum traces how economist-driven policies fractured modern societies
10. Tax cut evangelists ignored wealth concentration's democracy-endangering effects
11. Economists' hour created growth but abandoned fairness as policy priority
12. Market fundamentalism weakened labor while empowering financial speculators

About the Author of The Economists' Hour: The Rise of a Discipline, the Failures of Globalization, and the Road to Nationalism

Binyamin Appelbaum, author of The Economists’ Hour: False Prophets, Free Markets, and the Fracture of Society, is a Pulitzer Prize-finalist journalist and leading voice on economic policy. As lead writer for business and economics at The New York Times editorial board, Appelbaum combines decades of investigative rigor with a historian’s lens to analyze how economists reshaped global governance.

His reporting on the 2008 subprime mortgage crisis for The Charlotte Observer—which exposed predatory lending practices and triggered federal investigations—won a George Polk Award and established his reputation for uncovering systemic financial risks.

Appelbaum’s work bridges economic theory and real-world impact, informed by his prior roles at The Washington Post, The Boston Globe, and The Charlotte Observer. The Economists’ Hour, lauded for its critique of free-market ideology’s social consequences, expands on themes from his award-winning journalism.

The book has been widely cited in debates about inequality and globalization, reflecting Appelbaum’s ability to translate complex policy debates into accessible narratives. He resides in Washington, D.C., where he continues to shape economic discourse through editorials read by millions worldwide.

FAQs About The Economists' Hour: The Rise of a Discipline, the Failures of Globalization, and the Road to Nationalism

What is The Economists' Hour by Binyamin Appelbaum about?

The Economists' Hour examines how economists reshaped global policy from 1969 to 2008, advocating free markets, deregulation, and globalization. Appelbaum critiques how their influence prioritized efficiency over equity, leading to income inequality, corporate dominance, and environmental neglect. The book blends historical analysis with case studies on topics like inflation fighting and tax policies, arguing for rebalancing economic priorities.

Who should read The Economists' Hour?

This book suits readers interested in economic history, policy-making, and critiques of free-market ideology. Policymakers, students of economics, and anyone seeking to understand the roots of modern inequality or the 2008 financial crisis will find it valuable. Appelbaum’s journalistic style makes complex ideas accessible to non-experts.

Is The Economists' Hour worth reading?

Yes, for its incisive critique of economic policymaking’s unintended consequences. Appelbaum’s rigorous research and engaging storytelling reveal how technocratic decisions eroded social safety nets and amplified corporate power. It’s particularly relevant for debates on climate policy, antitrust laws, and wealth redistribution in the 2020s.

What are the main arguments in The Economists' Hour?

Appelbaum argues that economists overly prioritized markets, leading to:

• Deregulation: Weakened consumer and environmental protections.
• Globalization: Accelerated job displacement without safety nets.
• Tax cuts: Short-term growth at the expense of infrastructure and education. He contrasts these outcomes with the promised efficiency gains, highlighting systemic fractures.

How does The Economists' Hour critique Milton Friedman’s ideas?

The book challenges Friedman’s belief that markets self-correct, citing examples like the 2008 crisis and rising inequality. Appelbaum argues Friedman’s influence led policymakers to undervalue government’s role in addressing market failures, particularly in labor rights and environmental regulation.

What historical events does Appelbaum highlight in The Economists' Hour?

Key moments include:

• Paul Volcker’s inflation-fighting policies at the Federal Reserve.
• The repeal of Glass-Steagall, contributing to financial instability.
• The rise of cost-benefit analysis in regulatory decisions. These examples illustrate economists’ growing authority over public policy.

How does The Economists' Hour address income inequality?

Appelbaum links deregulation and tax policies to widening wealth gaps. He notes how prioritizing shareholder value and free trade suppressed wages while enriching corporations. The book advocates reviving antitrust enforcement and progressive taxation to rebalance economic power.

What quotes from The Economists' Hour are significant?

Notable lines include:

• “Efficiency became the overriding goal, but not everyone benefited.”
• “Markets need rules, and rules require democratic oversight.” These emphasize Appelbaum’s call for reining in unfettered capitalism.

How does The Economists' Hour compare to Capital in the Twenty-First Century?

Both critique economic inequality, but Piketty focuses on wealth concentration data, while Appelbaum emphasizes policy decisions and institutional failures. The books complement each other in analyzing capitalism’s modern challenges.

Why is The Economists' Hour relevant in 2025?

With debates over AI regulation, climate financing, and post-pandemic recovery, Appelbaum’s warnings about technocratic overreach remain urgent. The book provides context for current efforts to regulate Big Tech and address gig economy worker rights.

What criticisms exist about The Economists' Hour?

Some conservatives argue Appelbaum underestimates markets’ role in lifting billions from poverty. Others note the book focuses more on U.S. policy than global impacts. However, even critics praise its accessible synthesis of complex economic shifts.

How does Binyamin Appelbaum’s journalism background influence the book?

His investigative rigor shines through in case studies like the subprime mortgage crisis (which he covered for the Charlotte Observer). The book combines archival research with interviews, offering a reporter’s lens on economic history.