This is a book on economic policy that takes the role of democracy seriously. It challenges the conventional wisdom espoused by leaders of both major political parties in the US, and increasingly by leaders of other nations, that markets and not democratic policy formation should determine the legitimate role of private interests in the conduct of the economy. The authors of the essays in this book reject the mainstream neoclassical view that the market should rule "über alles." Examining the problems existing in a number of crucial areas of economic policy, they demonstrate the inadequacy of orthodox view that markets can generate economic welfare without the guidance of democratically formulated economic policies. Using the principles of the original institutional economics (OIE), they fashion long-term strategies for the formation of economic policies that can accommodate institutional changes necessary to meet the ever-changing circumstances faced by nations in a global economy INDICE I: 1. Foundational concepts for Institutionalist Policy; P.D. Bush, M.R. Tool. II: 2. An Institutionalist View of Fiscal Policy; P.A. Klein. 3. Monetary Policy: An Institutionalist Approach; L.R. Way. Progressive Tax Policies; P.S. Fisher. III: 5. Promoting Economic Equity: The Basic Income Approach; C.M.A. Clark. 6. Welfare Reform; J. Peterson. 7. Universal Health Care in the United States: Analysis and Proposals; M. Keaney. 8. Social Security: Truth or Convenient Fictions?; L.R. Wray. IV: 9. Competing Perspectives on Economic Power and Accountability; E.S. Miller. 10. Market Failure in Public Utility Industries: An Institutionalist Critique of Deregulation; H.M. Trebing. 11. The Abuse of Economic and Financial Power in the New Economy: Historical Patterns in the Creation of Modern Remedies; M.F. Sheehan. V: 12. Toward Developmental Curriculum Reform: Teach What? To Whom? Why?; B. Ranson 13. Policies to Provide Non-invidious Employment; D.M. Figart. 14. Policy Implications of the