Since the dawn of the Industrial Revolution, capitalism has unleashed unimaginable growth in opportunity and prosperity. And yet, at key points in American history, economic disruption has led to a greater role for government, ostensibly to protect against capitalism's excesses. Today, government regulates, mandates, subsidizes, and controls a growing share of the American economy. Based on his book, The Triumph of Economic Freedom: Debunking the Seven Great Myths of American Capitalism (Rowman & Littlefield Publishers, 2025), Phil Gramm examines the seven events and issues in American history that define, for most Americans, the role of government and how the 21^st century world works. To many Americans, these five periods of American history, which include the Industrial Revolution, Progressive Era, Great Depression, decline of America's postwar preeminence in world trade, and the Great Recession, along with the existing levels of income inequality and poverty, represent strong evidence for expanding government in American life. Sen. Gramm argues that the evidence points to a contrary verdict: government interference and failed policies pose the most significant threat to economic freedom.

Phil Gramm has had a long and distinguished career in public service, academia, and the private sector. He served in the United States Congress representing Texas for more than two decades, first as representative for the 6^th congressional district representative in the House, then later as Senator. Sen. Gramm currently serves as a visiting scholar at the American Enterprise Institute (AEI). He was Vice Chairman of UBS Investment Bank and is now Vice Chairman of Lone Star Funds. Sen. Gramm taught economics at Texas A&M University for 12 years before becoming a member of Congress.

Sen. Gramm's legislative record includes landmark bills like the Gramm-Latta Budget – which reduced federal spending, rebuilt national defense and mandated the Reagan tax cut – and the Gramm-Rudman Act, which placed the first binding constraints on federal spending. As chairman of the Senate Banking Committee, Sen. Gramm steered legislation modernizing banking, insurance, and securities laws. The Gramm-Leach-Bliley Act amended the 70-year-old Glass-Steagall Act, allowing banks, security companies and insurance companies to affiliate through a financial services holding company.

Sen. Gramm has published numerous articles and books, including his most recent book The Triumph of Economic Freedom: Debunking the Seven Great Myths of American Capitalism (Rowman & Littlefield Publishers, 2025) (co-authored with Donald J. Boudreaux of George Mason University).