How False Beliefs about Racism and Meritocracy Broke Our Economy (and How to Fix It): The Myth That Made Us

“Increasingly, race and economic opportunity are at the center of our national economic conversation. In the important book, Jeff Fuhrer takes on dogmas he believes have stalled progress and points the way towards new transformative policies. Agree or disagree, Fuhrer’s arguments deserve close attention.”—Larry Summers, University Professor and President Emeritus at Harvard University; former Secretary of the Treasury for President Clinton; Director of the National Economic Council for President Obama  “After a stellar career in central banking, Jeffrey Fuhrer has now taken an anguished but insightful look at an even more fundamental set of problems confronting our economy and our society.  His new book is an urgent call to action for America.  Even those who disagree with his proposals will respect the hard force of Fuhrer’s analysis and admire the moral commitment that stands behind it.”—Benjamin M. Friedman, Professor, Harvard University; author of The Moral Consequences of Economic Growth and Religion and the Rise of Capitalism “The Myth That Made Us compels us to recognize that wealth and affluence are built upon compounded advantages provided to the successful by others—not simply one’s own hard work and talent. Opening with a surprising reinterpretation of the Horatio Alger stories, this is a rigorous, profound, and entertaining study in truth-telling about social disparity in America.”—William Darity Jr., Samuel DuBois Cook Professor of Public Policy, African and African American Studies, Economics, and Business, Duke University“Jeff Fuhrer has written a tour de force, amassing a wide array of facts, figures, and features of institutional history to document that the US economy is characterized by high levels of income inequality, wealth inequality, and economic insecurity. The data and history reveal that the simplistic notion that hard work and motivation are enough to propel someone to economic success in the United States is naïve fiction. Fuhrer does not argue against capitalism but rather puts forward a positive vision—complete with a menu of specific policy reforms—for a US capitalist system that offers more opportunities to marginalized people and groups and yields more egalitarian results.”—Melissa S. Kearney, Neil Moskowitz Professor of Economics, University of Maryland; Director, Aspen Economic Strategy Group; author of The Two-Parent Privilege"The link between narrative and policy is undeniable. Fuhrer brilliantly demonstrates the divisive ways in which race has been weaponized to forge a so-called laissez-faire and meritocracy  policy apparatus, which has facilitated the resource deprivation of the many for the hoarding of the few. What’s more, he presents a set of authentic policy solutions that democratize economic power and redress resource deprivation so that we may actually achieve the meritocracy in which we purport." —Darrick Hamilton, University Professor, Henry Cohen Professor of Economics and Urban Policy, and founding director of the Institute on Race, Power and Political Economy at The New School"Jeffrey Fuhrer’s remarkable journey from a mainstream economist to a passionate advocate for racial and economic equity is grounded in empirical data, experiences, and proven solutions. The Myth That Made Us is a brilliant intervention backed by critical insights into capitalism’s intentional warping of work, income, wealth, education, and the damaging attribution of success and failure. Fuhrer’s insights helps us understand how inequality is by design while ignoring his solutions imperils democracy. —Thomas M Shapiro. Research Professor, The Heller School for Social Policy, Brandeis University