A year inside the beltway : making economic policy in Washington / Sue Headlee.

American domestic and international economic policymaking is a sometimes bewildering mixture of economic expertise and political interests. Headlee elucidates the pivotal debates of the 2000-2001 economic policymaking cycle by walking readers through the major institutions and introducing the key actors involved. A section on domestic policy starts with a chapter on the state of the U.S. economy, followed by chapters on making fiscal policy, monetary policy, and labor policy. Each of these chapters on making policy is illustrated by case studies on Social Security reform, the Federal Reserve as financial crisis manager, and women and the economy. The international policy section starts with a chapter on the state of the global economy, followed by chapters on making trade policy, international monetary and financial policy at the U.S. Treasury, reforming the IMF, and the economic development of China. A useful introduction to the ins and outs of beltway policymaking for students of economics, politics, and policymaking.

Author Notes

SUE HEADLEE is Assistant Professor of Economics, Washington Semester Program in Economic Policy, American University, Washington, D.C. She is the author of The Cost of Being Female (Praeger, 1996), and The Political Economy of the American Farm: The Agrarian Roots of American Capitalism (Praeger, 1991).

Reviews (1)

Choice Review

Headlee (American Univ.) provides a basic introduction to economic policy decision making in Washington, DC. She offers an interesting perspective from her "roving" seminar on economic policy making, where she takes students to the sources of those economic decisions and lets them meet many of the actors. Her pride in the access she provides her students is evident. The first section of the book focuses on domestic policy, e.g., fiscal, monetary, and labor policies, and includes case studies. The second section, on international policy making, considers the global economy, trade policy, and international monetary and financial policy. This reviewer's reservation with this work is that the author never articulates a clear statement about how all the policy options tie together or about her beliefs on the underlying theory of economic policy. It would be helpful if readers knew the author's views on free markets, monetarism, flexible exchange rates, etc. By presenting all sides to all questions, the book seems fragmented. However, this volume, well written from a novel viewpoint, is worthwhile reading for general readers and lower-division undergraduate students. E. D. Craig University of Delaware

Preface	p. xiii
Introduction	p. 1
Part I Making Domestic Economic Policy in Washington	p. 17
1 The State of the U.S. Economy	p. 19
2 Making Fiscal Policy in Washington	p. 33
3 Case Study: the American Welfare State	p. 47
4 Making Monetary Policy in Washington	p. 61
5 Case Study: the Federal Reserve as Financial Crisis Manager	p. 73
6 Making Labor Policy in Washington	p. 87
7 Case Study: Women and the Economy	p. 103
Part II Making International Economic Policy in Washington	p. 121
8 The State of the Global Economy	p. 123
9 Making Trade Policy in Washington	p. 139
10 Case Study: Exchange Rates and the U.S. Treasury	p. 155
11 Making International Monetary and Financial Policy in Washington	p. 169
12 Case Study: Reforming the International Monetary Fund	p. 189
13 Making Economic Development Policy at the World Bank	p. 209
14 Case Study: Chinese Economic Development	p. 227
Conclusion	p. 243
Postscript	p. 253
Bibliography	p. 261
Index	p. 267
About the Author	p. 287

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