Deaths of Despair and the Future of Capitalism
Publication Date: March 17, 2020
From economist Anne Case and Nobel Prize winner Angus Deaton, a groundbreaking account of how the flaws in capitalism are fatal for America's working class.
Life expectancy in the United States has recently fallen for three years in a row — a reversal not seen since 1918 or in any other wealthy nation in modern times. In the past two decades, deaths of despair from suicide, drug overdose, and alcoholism have risen dramatically, and now claim more than 150,000 American lives each year.
Anne Case and Angus Deaton, known for first sounding the alarm about deaths of despair, explain the overwhelming surge in these deaths and shed light on the social and economic forces that are making life harder for the working class. They demonstrate why, for those who used to prosper in America, capitalism is no longer delivering.
“Deaths of Despair and the Future of Capitalism” paints a troubling portrait of the American dream in decline. For the white working class, today’s America has become a land of broken families and few prospects. As the college educated become healthier and wealthier, adults without a degree are literally dying from pain and despair.
In this critically important book, Case and Deaton tie the crisis to the weakening position of labor, the growing power of corporations, and, above all, to a rapacious health-care sector that redistributes working-class wages into the pockets of the wealthy. Capitalism, which over two centuries lifted countless people out of poverty, is now destroying the lives of blue-collar America.
This book charts a way forward, providing solutions that can rein in capitalism’s excesses and make it work for everyone.
Anne Case is the Alexander Stewart 1886 Professor of Economics and Public Affairs Emeritus at Princeton University. Angus Deaton, winner of the 2015 Nobel Memorial Prize in Economics, is the Dwight D. Eisenhower Professor of Economics and International Affairs Emeritus at Princeton University and Presidential Professor of Economics at the University of Southern California. His books include The Great Escape: Health, Wealth, and the Origins of Inequality (Princeton). They live in Princeton, New Jersey, and both hold joint appointments with Princeton's School of Public and International Affairs.