The Big Myth

The Big Myth by Naomi Oreskes and Erik M. Conway is a groundbreaking exploration of a persistent and perilous falsehood that has shaped American society: the myth of the "free market." In this meticulously researched work, Oreskes and Conway delve into the historical origins and enduring impact of this ideology, revealing its deep-seated influence on the economic and political landscape of the United States.

Building on the critical acclaim of their previous bestseller Merchants of Doubt, the authors embark on an illuminating journey through the 20th century. They uncover how a coalition of business elites, trade associations, wealthy powerbrokers, and media allies orchestrated a campaign to dismantle the notion of "big government" and champion unfettered markets. This campaign involved rewriting educational textbooks, combating labour unions, and defending exploitative practices such as child labour, all in the name of economic freedom.

Oreskes and Conway present startling archival evidence that brings to light the strategies used to popularise the free market ideology. They document the efforts to transform hardline economists like Friedrich von Hayek and Milton Friedman into household names. The narrative also unravels the libertarian underpinnings of culturally significant works such as the Little House on the Prairie series and highlights the role of General Electric's TV shows in spreading free-market doctrines, which eventually catapulted Ronald Reagan into the political arena.

By the 1970s, the relentless promotion of free market principles had achieved significant success, embedding itself within both Republican and Democratic administrations. This ideology fostered an environment that led to crises such as the housing market collapse, the opioid epidemic, climate destruction, and the mishandling of the Covid-19 pandemic. Oreskes and Conway argue that only by comprehending this history can we envision a future where markets enhance rather than hinder democratic values.

“A carefully researched work of intellectual history, and an urgently needed political analysis." --Jane Mayer

“[A] scorching indictment of free market fundamentalism … and how we can change, before it’s too late.”—Esquire, Best Books of Winter 2023

With compelling prose and rigorous analysis, The Big Myth challenges readers to reconsider the pervasive belief in the "magic of the marketplace" and underscores the need for a balanced approach where markets serve democracy and promote collective well-being.

An essential read for anyone interested in the economic and political fabric of the United States, The Big Myth offers profound insights into the consequences of unchecked market fundamentalism and provides a thought-provoking blueprint for reimagining our future.