It is quite obvious that many posting reviews on this book have not actually read it. This may seem fantastic, but one should not be terribly shocked at human irrationality (it's all around us). In fact, the author of the book in question wrote in some length of the anti-capitalistic mentality that contributes to this kind of behavior.
I comment specifically on the "review" by A. Epstein as his protests are typical. However, it is clear that "Arwin Ascendi", "Panopticonman", "Sgt. Rock", "Steven S.", and "F Hayek" also have not read the book (at least, their "reviews" contain no information to suggest so). Epstein wrote:
"25,000 children die every day around the world from hunger. 1 in 4 American children go starving every day. And this is the proud economic system that the author talks about? Capitalism has shown to be nothing but a smoke screen to make the rich richer. Unfortunately, the rest of the world hasn't figured out the trick just yet."
1. Societies of the world are not organized under capitalism. Therefore, the reference to the number of child deaths in this world is irrelevant.
2. The use of the word "starving" in this case is a dysphemism. Compare the "hunger" experienced by the thousands of dead children invoked by Epstein with the "starving" experienced by 1 in 4 Americans. The words of a Russian immigrant who fled soviet Russia during the 1980's illustrate my position well. When asked why he decided to leave the Soviet Union for the United States, this immigrant replied "Why would anyone not want to live in a country where the poorest members of society are also the fattest!"
3. The statistics cited in this book (compiled by the U.S. government) illustrate nicely that not only are the "rich" getting richer, but the poor are getting richer faster than the rich. If Epstein had actually read the book, then perhaps he would have decided to attack these figures and/or the author's reasoning and conclusions directly. Personally, I believe Epstein to be motivated by envy of those who are more intelligent, industrious, talented, vigorous, and lucky than himself and others. He does not want equality of opportunity, but equality of results... for himself and every other envious and mindless sloth. Many fail to understand that the less gifted and even the lazy see greater and greater return on their efforts under capitalism. In fact, everyone sees a greater return. Epstein is merely upset that there exist some individuals who will always be more efficacious than others. Epstein's position is in opposition to human nature... to reality itself. Murray Rothbard expressed this truth well when he wrote: "On the free market, every man gains; one man's gain, in fact, is precisely the consequence of his bringing about the gain of others. When an exchange is coerced, on the other hand - when criminals or governments intervene - one group gains at the expense of others."
4. A good proportion of this book is devoted to the argument that America's economic organization has been becoming less and less capitalistic over the last 150 years, and that we have never had a purely capitalistic system. All of the legitimate complaints that Epstein may have about our current economic organization should be redirected to the system known as mercantilism which the author painstakingly compares and contrasts with a free market (i.e. capitalism). If Epstein had read the book, then he would know this and any argument that he has would reflect this.
Epstein also wrote:
"They're too busy working all their lives just to put food on the table to realize the capitalistic system would collapse if more than 1% of the people owned wealth. They don't realize the Federal Reserve, the World Bank, IMF, et al, does the dirty work of the wealthy by making sure recessions take place about once every 10 years and all poor countries are taken advantage of. To fight inflation, or a better word is "to fight more people trying to make a living."
1. Under capitalism there would be separation of government and economics, and the wealthiest members of society would also be those individuals who are the most efficient at providing for the "common man". Capitalism would allow the common man to make poor people rich and rich people poor. Under capitalism, the consumers (actually, the producers spending their earned dollars... i.e. "certificates of performance") are sovereign. Our centrally controlled and manipulated economy today entrenches the power of the largest corporations and mingles their power with that of government. This is not capitalism. This, as the author emphasizes, is mercantilism. Epstein does not seem to know that the author emphasized time and again in his book that WE HAVE MUCH LESS CAPITALISM IN AMERICA THAN EVER... and that this trend continues.
2. Epstein's diatribes against the Fed, World Bank, IMF, et al are actually right on point... however, he demonstrates his lack of understanding by subtly associating these organizations with capitalism. Capitalism, once again, is the separation of economics and government... i.e. economic freedom. Epstein truly shows his ignorance by associating with capitalism these government-sanctioned organizations designed to manipulate our economy.
3. Epstein's brief description of the business cycle (periodic recessions), and its cause being rooted in the actions of these government-sanctioned institutions are right on target... no doubt more than he understands. Once again, under capitalism there is no place for such institutions and their insane monetary policies. These policies and institutions are more suited to (and necessitated by) mercantilism and other forms of central planning like socialism. They don't fight inflation as they claim... they literally cause it... robbing the common man in the process and rewarding political pressure groups at our expense. THIS HAS NOTHING TO DO WITH CAPITALISM.
Epstein also writes:
"I await the future when people sit back and figure out it's better to work together and make sure everybody has a great life, rather than this constant competition where you grab what you can and don't think twice about that poor person over there."
1. The only way to organize society such that everyone has "a great life" is to give individuals the freedom to pursue their own values... that is, they're OWN LIVES. In other words, economic freedom... i.e. CAPITALISM.
2. Capitalism also provides the same freedom to assist those in need. It used to be, during the most capitalistic period of U.S. history (the early to mid 1800's) that when a farmer experienced a series of unfortunate events he was actually wealthier than before his misfortune... due to good will from neighbors.
3. Under capitalism it is every businessman's purpose to enhance the lives of the common man. The capitalist entrepreneur accomplishes this by taking resources at a given market value (that is, valued by members of society) and transforms this capital using intelligence, labor, and additional capital (tools, mechanization, etc.) to create something of increased value. The entrepreneur literally creates value in the world... HE IS AN ARTIST IN EVERY RESPECT. The collective results of the actions taken by the many entrepreneurs who have been fostered and rewarded by capitalism has ensured our increased standard of living. The profits GIVEN to these men of ability BY THE MASSES has not only rewarded them and provided to them the incentive to continue their great acts, it has given to them the means to continue and improve upon their production. Hence today the common man can purchase his food and housing, indeed all of his values, at a tiny fraction of what was once required. The entrepreneurs have along the way also eradicated child labor, long work weeks, poor working conditions, and horrid back-breaking labor. Capitalists have done far more to enhance the welfare of human beings than have all the humanitarians to have ever lived.
