Vicious Cycle: Presidential Decision Making in the American Political Economy. By Constantine J. Spiliotes. College Station: Texas A&M University Press, 2002. 232p. $39.95

Extract

Of all the major issues on the American policy agenda, the media and the public arguably assign the most responsibility to presidents for the condition of the economy. It is entirely another question whether or not presidents can, in meaningful ways, directly affect markets in a system of separated institutions sharing power, and with the presence of a powerful and independent decision-making body (the Federal Reserve Board). Yet given the responsibility (blame or credit) assigned to presidents for the macroeconomy, it is important for scholars to understand their activities and efforts on the economy. In this latest book from the emerging presidency series edited by James Pfiffner, Constantine Spiliotes dives into this vital matter by developing and testing a theoretical framework of presidential decision making on the economy.