For years, a pervasive belief has reigned in American politics-that two of our most recent presidents had drastically opposing views of our economy and our world. Historians and economists alike have explored, extolled and criticized Ronald Reagan's presidency, particularly the theory of "Reaganomics," which affirmed that big government was the cause, not the solution, to our problems. In public, President Bill Clinton positioned his approach as the antidote to Reaganomics. But in reality, his governing philosophy was the logical corollary to the Reagan Revolution. Clintonomics explores how Clinton's presidency marked the return of fiscal discipline and the end of big government. Political scientist Jack Godwin reveals how Clinton succeeded where Reagan failed and how Clinton's ability to demystify, but not simplify, the world around us made him one of the most successful politicians of all time. He shows how Clinton succeeded by repairing the flaws in Reaganomics and then presenting a governing philosophy appropriate for the 21st century and equal to the powerful forces of globalization. Controversial and insightful, this book will redefine how we see the legacies of these two leaders-and the forces that helped define their influence on the world.

Table of Contents:
Contents Acknowledgments xiii Introduction 1 Part One: Political Economy 1. The Purpose of Politics 15 The Old Dogmas 19 The Stormy Present 28 2. The Philosophical Foundation 32 John Locke: The Labor Theory of Value 34 Jean-Jacques Rousseau: The Social Contract 35 Adam Smith: The Invisible Hand 36 Jeremy Bentham: The Greatest Good 38 David Ricardo: Free Trade 39 Friedrich List: Limits of Free Trade 40 Henry Charles Carey: Benefits of Fair Trade 42 John Stuart Mill: The National Debt 43 Karl Marx: The Capitalist System 44 John Maynard Keynes: Deficit Spending 45 Joseph Schumpeter: Entrepreneurship 48 Friedrich Hayek: Limited Government 50 John Kenneth Galbraith: The Social Balance 52 3. The Reagan Legacy 56 The Genealogy of Reaganomics 61 Public Versus Private Ownership 67 Civil Rights and Social Issues 73 The Conservative Deficit 76 4. The Global System 85 The Laws of Complexity 90 A Web of Mutuality 94 5. Reflections on Change 104 Typology of Change 105 Future Preference 121 Part Two: Public Policy 6. The Role of Government (A) 129 The End of Big Government 134 The New Covenant 145 7. The Role of Government (B) 151 The Third Way 153 The Two Friedmans 159 New Federalism 171 8. Theory of Constraints 181 Budgeting 185 Healthcare 198 Welfare 204 Diversity 208 Education 217 Immigration 224 Trade 230 Defense 240 9. Bridge to the Future 248 Select Bibliography 257 Notes 263 Index 285