Phil Gramm served six years in the U.S. House of Representatives and eighteen years in the U.S. Senate where he was Chairman of the Banking Committee. Gramm is a Visiting Scholar at the American Enterprise Institute. He was Vice Chairman of UBS Investment Bank and is now Vice Chairman of Lone Star Funds. He taught Economics at Texas A&M University and has published numerous articles and books including The Myth of American Inequality: How Government Biases Policy Debate, coauthored with Robert Ekelund and John Early, a Wall Street Journal Best Book of 2022 and winner of the 2024 Hayek Book Prize. Gramm lives in the Helotes, TX. Donald J. Boudreaux is an American economist, author, professor, and co-director of the Program on the American Economy and Globalization at the Mercatus Center at George Mason University in Fairfax, Virginia.? His writings have appeared in the New York Times, Wall Street Journal, Investor’s Business Daily, The Washington Times, and many scholarly publications.

Gramm and Boudreaux tackle seven longstanding historical myths about American capitalism that still influence economic discussion today.

• Preface and Introduction: How the Lessons we Learn from History Affect Our Political ValuesChapter 1. The Genesis Myth: the Industrial Revolution Impoverished WorkersChapter 2. Progressive Era Regulation: the Myth and the HistoryChapter 3. The Myth that the Great Depression was a Failure of CapitalismChapter 4. The Myth of Trade Hollowing Out American ManufacturingChapter 5. The Financial Crisis Myth: Deregulation Caused the Financial Crisis Chapter 6. The Myth and Reality of Income Inequality in AmericaChapter 7. The Myth that Poverty is a Failure of American CapitalismChapter 8. Lessons and Conclusions

Phil Gramm served six years in the U.S. House of Representatives and eighteen years in the U.S. Senate where he was Chairman of the Banking Committee. Gramm is a Visiting Scholar at the American Enterprise Institute. He was Vice Chairman of UBS Investment Bank and is now Vice Chairman of Lone Star Funds. He taught Economics at Texas A&M University and has published numerous articles and books including The Myth of American Inequality: How Government Biases Policy Debate, coauthored with Robert Ekelund and John Early, a Wall Street Journal Best Book of 2022 and winner of the 2024 Hayek Book Prize. Gramm lives in the Helotes, TX. Donald J. Boudreaux is an American economist, author, professor, and co-director of the Program on the American Economy and Globalization at the Mercatus Center at George Mason University in Fairfax, Virginia.? His writings have appeared in the New York Times, Wall Street Journal, Investor’s Business Daily, The Washington Times, and many scholarly publications.

Gramm and Boudreaux tackle seven longstanding historical myths about American capitalism that still influence economic discussion today.

• Preface and Introduction: How the Lessons we Learn from History Affect Our Political ValuesChapter 1. The Genesis Myth: the Industrial Revolution Impoverished WorkersChapter 2. Progressive Era Regulation: the Myth and the HistoryChapter 3. The Myth that the Great Depression was a Failure of CapitalismChapter 4. The Myth of Trade Hollowing Out American ManufacturingChapter 5. The Financial Crisis Myth: Deregulation Caused the Financial Crisis Chapter 6. The Myth and Reality of Income Inequality in AmericaChapter 7. The Myth that Poverty is a Failure of American CapitalismChapter 8. Lessons and Conclusions