"Centrism is of vital importance today because the global economy is in a terrible meltdown — perhaps worse than any cyclical slump since the Great Depression of the 1930s. Alas, many textbooks have strayed too far toward over-complacent libertarianism. They joined the celebration of free-market finance and supported dismantling regulations and abolishing oversight. The bitter harvest of this celebration was seen in the irrationally exuberant housing and stock markets that collapsed and led to the current financial crisis. The centrism we describe is not a prescription that is intended to persuade readers away from their beliefs. We are analysts and not cult prescribers. It is not ideology that breeds centrism as our theme. We sift facts and theories to determine the consequences of Hayek-Friedman libertarianism or Marx-Lenin bureaucratic communism. All readers are free to make up their own minds about best ethics and value judgments. … The follies of the left and right both mandate centrism. Tightly controlled central planning, which was widely advocated in the middle decades of the last century, was abandoned after it produced stagnation and unhappy consumers in communist countries. … Only by steering our societies back to the limited center can we ensure that the global economy returns to full employment where the fruits of progress are more equally shared."