Why Capitalism?

Business & Finance, Economics, Economic Conditions, Nonfiction, Social & Cultural Studies, Political Science, Politics, Economic Policy
Cover of the book Why Capitalism? by Allan H. Meltzer, Oxford University Press, USA
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Allan H. Meltzer ISBN: 9780199930104
Publisher: Oxford University Press, USA Publication: January 23, 2012
Imprint: Oxford University Press Language: English
Author: Allan H. Meltzer
ISBN: 9780199930104
Publisher: Oxford University Press, USA
Publication: January 23, 2012
Imprint: Oxford University Press
Language: English

A review of the headlines of the past decade seems to show that disasters are often part of capitalist systems: the high-tech bubble, the Enron fraud, the Madoff Ponzi scheme, the great housing bubble, massive lay-offs, and a widening income gap. Disenchantment with the market economy has reached the point that many even question capitalism itself. Allan H. Meltzer disagrees, passionately and persuasively. Drawing on deep expertise as a financial historian and authority on economic theory, he provides a resounding answer to the question, "why capitalism?" Only capitalism, he writes, maximizes both growth and individual freedom. Unlike socialism, capitalism is adaptive, not rigid--private ownership of the means of production flourishes wherever it takes root, regardless of culture. Laws intended to tamper with its fundamental dynamics, such as those that redistribute wealth, fail. European countries boasting extensive welfare programs have not surpassed the more market-oriented United States. Capitalism does require a strong legal framework, Meltzer writes, and it does not solve all problems efficiently. But he finds that its problems stem from universal human weaknesses--such as dishonesty, venality, and expediency--which are not specific to capitalism. Along the way, he systematically analyzes the role of government, positing that regulations are static, but markets are dynamic, usually seeking ways to skirt the rules. Regulation is socially useful if it brings private costs into line with social costs (for example, the cost of taxes to hire policemen compared to that of the impact of rampant crime); if it doesn't, regulation simply invites circumvention. Vigorously argued, sweeping in scope, Why Capitalism? reminds us of the fundamental vitality of the one economic system that has survived every challenge, and risen to dominate the globe.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

A review of the headlines of the past decade seems to show that disasters are often part of capitalist systems: the high-tech bubble, the Enron fraud, the Madoff Ponzi scheme, the great housing bubble, massive lay-offs, and a widening income gap. Disenchantment with the market economy has reached the point that many even question capitalism itself. Allan H. Meltzer disagrees, passionately and persuasively. Drawing on deep expertise as a financial historian and authority on economic theory, he provides a resounding answer to the question, "why capitalism?" Only capitalism, he writes, maximizes both growth and individual freedom. Unlike socialism, capitalism is adaptive, not rigid--private ownership of the means of production flourishes wherever it takes root, regardless of culture. Laws intended to tamper with its fundamental dynamics, such as those that redistribute wealth, fail. European countries boasting extensive welfare programs have not surpassed the more market-oriented United States. Capitalism does require a strong legal framework, Meltzer writes, and it does not solve all problems efficiently. But he finds that its problems stem from universal human weaknesses--such as dishonesty, venality, and expediency--which are not specific to capitalism. Along the way, he systematically analyzes the role of government, positing that regulations are static, but markets are dynamic, usually seeking ways to skirt the rules. Regulation is socially useful if it brings private costs into line with social costs (for example, the cost of taxes to hire policemen compared to that of the impact of rampant crime); if it doesn't, regulation simply invites circumvention. Vigorously argued, sweeping in scope, Why Capitalism? reminds us of the fundamental vitality of the one economic system that has survived every challenge, and risen to dominate the globe.

More books from Oxford University Press, USA

Cover of the book Beer:Tap into the Art and Science of Brewing by Allan H. Meltzer
Cover of the book The Character of Consciousness by Allan H. Meltzer
Cover of the book Fantastic Worlds : Myths Tales and Stories by Allan H. Meltzer
Cover of the book Austerity: The History of a Dangerous Idea by Allan H. Meltzer
Cover of the book A Genius For Deception : How Cunning Helped The British Win Two World Wars by Allan H. Meltzer
Cover of the book Losing The News : The Future Of The News That Feeds Democracy by Allan H. Meltzer
Cover of the book The Walls Came Tumbling Down : The Collapse of Communism in Eastern Europe by Allan H. Meltzer
Cover of the book The Power of Place: Geography, Destiny, and Globalization's Rough Landscape by Allan H. Meltzer
Cover of the book Burma/Myanmar: What Everyone Needs to Know by Allan H. Meltzer
Cover of the book The Classical Tradition : Greek and Roman Influences on Western Literature by Allan H. Meltzer
Cover of the book Transforming the Twentieth Century:Technical Innovations and Their Consequences by Allan H. Meltzer
Cover of the book Max/MSP/Jitter for Music : A Practical Guide to Developing Interactive Music Systems for Education and More by Allan H. Meltzer
Cover of the book The Number Sense : How the Mind Creates Mathematics by Allan H. Meltzer
Cover of the book The Hopkins Touch: Harry Hopkins and the Forging of the Alliance to Defeat Hitler by Allan H. Meltzer
Cover of the book Fanny Brice : The Original Funny Girl by Allan H. Meltzer
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy