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Capitalism and Commerce: Conceptual Foundations of Free Enterprise

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Edward Younkins' new book, Capitalism and Commerce, is an impressive work on modern social and economic policy. However, what makes this book a true masterpiece is the philosophic foundation that Dr. Younkins provides to support his political and economic claims. This link between philosophy and economics is reminiscent of the works of Adam Smith.
Dr. Younkins contends that the basis for society should be individual liberty and that people have certain inalienable negative rights. He argues that the individual is a moral agent, and brilliantly lays the foundation for free trade.
Another superb aspect of this book is the author's writing style. He has great command of language and is able to write in a style that is straightforward and easy to comprehend. He gets right to the crux of issues and makes this book entertaining to read, a direct contrast to many others who create a tedious and dull reading process.
If one has any interest in political economy or philosophy, this book is an absolute must. It provides brilliant commentaries on contemporary issues such as environmentalism, tariffs, and many others. Capitalism and Commerce is truly a remarkable work, one that is both enjoyable and insightful.

There is today a strong presence of free-market ideas in public debates. Although collectivist ideologies still dominate the academic world, they have been on the defensive for quite some time, following the systematic disintegration of all their utopian promises. More people are finding alternative interpretations on the Internet. And if this trend towards a better understanding of libertarian ideas and values is to continue, it will be in part because of books like Capitalism and Commerce: Conceptual Foundations of Free Enterprise, by Edward Younkins.

As Younkins writes in his Preface, "In a world of change, the viability of the market economy is at stake unless those who live and participate within it possess a rational understanding and appreciation of its underlying concepts and values. Present and future participants in the business system need to have access to a "bank" of fundamental ideas that provide the groundwork for the free enterprise system this book provides such a bank. Its purpose is to be a clear, consistent, and accessible introduction and guide for anyone wishing to pursue the study of the theoretical and moral foundations of capitalism."

The book magisterially fulfills its promise. It is well-written and concise, and it presents all the fundamental arguments that anybody who supports the capitalist system should know about. Its 29 chapters cover all the main aspects of a free society: individual rights, civil society, private property, the corporation, entrepreneurship, etc. Younkins also devotes 10 chapters to refuting various ideologies and criticizing arrangements like protectionism and antitrust laws that are "Obstacles to a Free Society."

Anybody who wants to get acquainted with the classical liberal tradition of individualism, free markets, and limited government faces one big hurdle: where to start? Should one begin with the classical authors, like Adam Smith and David Ricardo, and risk wasting time and being misled trying to understand theories and issues of interest to economic historians only?

What's more, the disputes between various brands of Austrians, neoclassicals, objectivists, supply-siders, anarchists, and minarchists reflect genuine theoretical differences, but they are often of little relevance for the newcomer to the discipline. When trying to spread libertarian ideas among the uninitiated, it is no use fighting others who share major parts of our philosophy. What is important is to fight the real opponents the statists and collectivists and let people find their own path as they pursue their study.

That is the purpose of this book. Arguments are never narrowly focused on one perspective. Younkins uses all those that he finds compelling to make his point, and he leaves the others out. The chapter on inflation and money, for example, is squarely in the Austrian tradition the only one of all the free-market schools that is consistently antistatist in this field.

But the book covers all the major issues with an "ecumenical" approach, which can appeal to people from various schools of thought who share common philosophical assumptions. Its goal is not to advance the cause of one school in particular, but rather to offer a general overview of the best arguments in defense of capitalism and individual freedom. Since it is aimed at students and educated readers who are trying to familiarize themselves with the free-market perspective, this is probably the best approach.

At the end of each chapter, the reader will also find a comprehensive and useful list of authors who have written on the subject and will be able to follow his own path if he wants to study the matter further. The book's Appendix offers a 24-page Reader's Guide to Free-Market Organizations and Periodicals. Although such lists are easy to find on the Internet, this may be useful for beginners trying to find their way in this new philosophical world....


Capitalism and Commerce is not a polemical essay. Ed Younkins writes in a dispassionate, systematic, and highly effective way something one might expect from a professor of accountancy and business administration. And his message is anything but wishy-washy. His perspective is, as he writes, "uncompromising laissez-faire capitalism." His conclusion is a clear-cut exhortation to "work to create a culture of liberty that would serve as the foundation for a free society."

At a time like now, when the foundation that remains is again threatened by collectivist hysteria, we need more books like this that do away with the fallacies and reaffirm the tenets of a "just and proper political and economic order that is a true reflection of the nature of man and the world properly understood."

The problem nowadays with discourse on political and economic issues is that there is much confusion over the definition of terms. Two groups demand rights but they're in conflict because one group wants welfare rights while the other wants liberty rights. Whose claim for rights is legitimate? Well, that all depends on what is the definition of a right.

Younkins' wonderful contribution with this work is not only to demonstrate that words like `rights', `justice', and `dignity' have specific meanings, but from the view point that man prefers freedom over slavery, he eloquently lays out the ontological framework of a free society.

Today many would argue that there's a natural tension between `rights' and `justice' with a tendency for one to happen at the expense of the other. That is not true, according to Younkins. He argues that when these terms are properly understood within the context a free society, they not only fulfill their roles unfettered, they work symbiotically towards producing a happy society.

Younkins covers much in his work and in the process he clears the fog by defining the role of the law, government, corporations, education, etc. within a free society. Younkins book is so systematic, consistent and thorough that it can be used as a litmus test to measure the degree of freedom within a particular society.

My only criticism of this work (and it is very minor) is that though his intended audience are lay persons in philosophy, economics and political science, Younkins' language does get a bit recondite at times. But overall this is thoughtful and brilliant work from a fine scholar. Every person who cares and thinks about sustaining a free society must have this work included in their library.

In "Capitalism and Commerce," Edward W. Younkins provides a clear and understandable defense of capitalism. The book covers such topics as: the individual, communities, the proper role of the state, law and justice. The author calls for a "return to the political and economic foundations upon which our nation was born." Dr. Younkins rightly contends that society should be based on a commitment to individual freedom, the free market, and the right to private property. It is through these methods that we can overcome the "obstacles to a free society." I recommend this book to any "seeker of the truth." "Capitalism and Commerce" is both well thought-out and well written. Finally, a book about economics that a student can understand.

In Capitalism and Commerce, the fundamental concepts of a free-market economy are thoroughly discussed and extensively examined. The book is written in a manner that is easily understood, yet remains extremely thought provoking through the presentation of its content. While seemingly written as a philosophy book, Capitalism and Commerce offers much more. Through commentary on morality, law, justice, the common good, work, and personal flourishing and happiness, Dr. Younkins creates a work that brilliantly articulates what many people have a difficult time explaining when it comes to the roots of capitalism. Each chapter builds upon the last; yet, Dr. Younkins has also cunningly written each chapter as an end in itself. Other works are referenced throughout the text, giving the reader a more concise description of the instruments found in capitalism. Also, at the end of each chapter the reader is greeted with a list of recommended readings, serving as a wonderful segway for further reference and/or enjoyment. Upon completion of Capitalism and Commerce, any person will have a clear and definite understanding of what it means to live in a capitalistic society; this, in itself, is priceless.

Capitalism and Commerce is a must read for anyone involved in political science or business. Dr Younkins sets the standards for anyone in public office or business. If the principles and ethical conduct espoused by Dr. Younkins had been followed by our captains of industry and politicians this past decade, we would not have suffered through the Enrons and World Comms or endured the California blackouts and western wildfires.

This book is the handbook on how to do it right.

Capitalism and Commerce provides an interesting and accessible introduction to the best moral and economic arguments for capitalism. If you like ABC reporter, John Stossel's specials, Greed and Mr. Stossel Goes to Washington, or the newspaper columns of Walter Williams and Thomas Sowell, then you will love this book. Younkins thoroughly and clearly discusses the morality of capitalism by focusing on its fundamental principles. His presentation draws on and successfully integrates insights from Austrian economists, Ayn Rand, the Public Choice School, the Chicago School, economic personalism, and the Human Flourishing School. This book is destined to become a free-market classic!

In his book, Capitalism and Commerce, Dr. Edward Younkins succeeds in providing the reader with two benefits from reading his book. First the book provides an education on free enterprise and a capitalistic society. Secondly upon digesting the information provided in the book, the reader is stimulated into thinking about our society and how it actually operates. I believe that many people just accept the way our economic society operates and leaves it at that. Dr. Younkins not only explains how things are today, but he points out how things were. Many of us are probably unaware of how our government was originally designed to operate. We man not have known that drastic changes occurred because of the "New Deal" implemented by the President F. D. Roosevelt's administration during the 1940s. Capitalism and Commerce provides a plethora of examples detailing how our current government interferes with the true concept of free enterprise. Topics such as Labor Unions, Antitrust Laws, and the State are just a few of the many factors covered by Dr. Younkins.

One concept that is given ample coverage by Dr. Younkins is that of morality and capitalism. The concept is that in a truly capitalistic society morality will flourish. I also believe this to be true. This concept helps to shed the image of businessmen as greedy and immoral monsters. When our exchange of goods or services occurs between two parties and is deemed satisfactory by both parties, then pure capitalism has taken place. In conclusion, Capitalism and Commerce is an easy to read book well worth your investment in time and purchase price.

We all know capitalism works, that it creates wealth and encourages prosperity. But Younkins shows, with clear and thoughtful arguments, that capitalism is also an essential element of the moral life of a liberal society. In a series of short, crisp chapters, it lays out the case for natural rights, negative freedoms, free markets, and a narrowly limited government. These elements of the capitalist system, he contends, are good not only for the wallet, but also for the soul. Capitalism, he writes, "not only generates enormous wealth but also creates an environment in which morality and virtue can flourish." This book should be required reading for college students. A great accomplishment.

As a business administration student who is still learning the basics of a complex U.S. economy, and how it operates, Capitalism and Commerce provides an excellent insight on the moral values, limited government, and contractual agreements that Younkins claims are the foundations to a Capitalistic society.
Dr. Younkins is brilliant in his explanation of capitalism, and presents arguments that are routed in morals and individual choices. He supports these arguments with the writings of philosophers such as Aristotle, Plato, and others that offer an insight that is both radical and logical in it's dealings. Dr. Younkins assumes a liberal stance as he explains free markets, negative freedoms, and government controls. He argues against "obstacles to a free society", that prevent one from having individual responsibility, and having the freedom to make individual choices. The book covers all the main issues as it supports the argument for a capitalistic society and true individual freedom, and examines the flaws of a liberal point of view. It is written without emotion, and offers a philosophical point of view that any person can appreciate.
Any student that is a business major should read Capitalism and Commerce. The book has opened my eyes to our economic system that we call Capitalism for better or worse. It shows one that people are human in nature, and that there must be more to a capitalistic economy than just a free market. This book should be part of every business curriculum in the United States, and will offer International students a raw look at Capitalism. Dr. Younkins offers an excellent point of view that is eye opening for anyone interested in business or the economy.