In a recent poll taken by Rasmussen Reports, 64% of those polled said that America is moving in the wrong direction. This result however does not give us any indication of what the right direction is. Ask anyone (including presidential candidates) and you will get a different answer. Principled Policy asserts that policies advocated by Republicans and Democrats have become unmoored from the founding principles of America resulting in a Gordian knot of confusing and often contradictory policies and programs. The only way we can get America on the right track is to define a coherent set of principles that are supported by a general consensus of the population and then make sure that the policies of the government adhere to those principles. Principled Policy begins with an analysis of the founding principles of the country that are the foundation of the American social contract. This analysis shows that the basic principles of government by the people, equality of opportunity and the free market economic system are inextricably bound together. It shows that the free market system (mistakenly called capitalism) is morally and ethically superior to other economic systems. The book notes that the many failings of the free market system arise from our human weaknesses (misbehavior as defined by behavioral economist Dr. Richard Thaler) and shows that other economic systems also suffer from this problem. Human-made systems and institutions are inherently flawed by our human inadequacies. When these human inadequacies combine with the coercive power of the state the result is tyranny. The American Social Contract sets forth the pluralistic nature of our system based on political and economic liberty. This pluralistic society is a counterbalance to the coercive power of the state and protects us from tyrants and dictators to which other systems are prone. The book offers policy proposals that at first appear radical but upon reflection are consistent with these principles. These include revamping the tax system, unwinding the social welfare state and reasserting America's role in the world. The book closes by noting that instituting these reforms will be difficult but offers a number of recommendations on how to move forward.
About the Author: Victor Bolles Victor has worked in the Office of Technical Assistance of the US Treasury Department for over twelve years specializing in the issuance and management of government debt. He has just wrapped up an assignment working with the Vice Minister of Public Credit in the Ministry of Hacienda of the Dominican Republic on several projects including modifying the legal framework for debt management, developing the debt management strategy, developing an office of Investor Relations, and improving communications between the Ministry and Central Bank. Victor has also finished and copyrighted a new book, Principled Policy, which at the relevance of the American social contract as envisioned by the Founders in today's modern world. Previously he was a resident advisor in the Ministry of Hacienda of the Republic of El Salvador and was the Resident Advisor in Tegucigalpa, Honduras where he worked with the Minister of Finance and the President of the Central Bank. Victor was also an intermittent advisor working with the Consejo Centroamericano, an organization of the central banks of all the countries of Central America. Prior to joining Treasury, Victor was an independent investment banker working out of San Antonio, TX. Victor worked at Citibank for many years in New York, Mexico City, Quito, Ecuador and Lagos, Nigeria where he was head of the investment bank and regional treasurer. His first job after graduate school was with Swiss Bank Corporation (now a part of UBS). Victor has lived overseas for 16 years, speaks Spanish fluently and has traveled extensively. Victor has an MBA in Finance from the University of Michigan. He is married to Diane and has three children and three grandchildren.