Customer Reviews

The Politically Incorrect Guide to Capitalism (Politically Incorrect Guides)

5 star:		(34)
4 star:		(11)
3 star:		(1)
2 star:		(1)
1 star:		(7)

 

 

Regnery Publishing bills its "Politically Incorrect Guides" (or PIGs) as the place to find "politically correct myths busted and an abundance of cold, hard facts." Robert P. Murphy certainly charges head-first against a lot of politically correct myths in "The PIG to Capitalism." He also provides many cold, hard facts, along with many arguably correct theories that deserve to be more widely known.

As a myth-buster, Murphy does not try to lead the reader gently toward a better-informed point of view. Instead, he starts throwing punches from page one. Windfall-profit taxes, pro-union laws, affirmative action, workplace-safety and antipollution regulations, Social Security -- these are among the sacred projects of left-liberalism that Murphy attacks, by explaining how free-market capitalism would do a better job of accomplishing what too many Americans think can be done only through government intervention.

If I were writing this book, my emphases would be different -- I'd devote more space to how prices (including wages) are emergent phenomena and to the concepts of economic efficiency and non-zero-sum interaction, and I'd spend less time (if any) on the history of slavery or explaining the difference between the monetarist and Austrian versions of what caused the Great Depression. But I agree with 95% of what Murphy says here.

If you have the time to take a deeper look at some of the issues Murphy touches on here, I highly recommend Thomas Sowell's Basic Economics: A Common Sense Guide to the Economy and John Steele Gordon's Empire of Wealth: The Epic History of American Economic Power (P.S.). Murphy also provides suggestions for further reading throughout the book, many of which were new to me.

If your time is limited and you want to get a concentrated dose of what left-liberals deride as "free-market fundamentalism" (but what I consider plain good sense), "The PIG to Capitalism" is a great place to start.

Is there anywhere in the world a more maligned, distorted, scapegoated, vilified, or simply misunderstood concept than that of the free market? It has done so much (certainly more than any and all governments) to feed the hungry, clothe the needy, promote the arts, sciences, and industry, prevent conflict, and build community. And yet, it is constantly under attack, blamed for the very ills it's best equipped to solve, and even many of its "defenders" think it needs to be hemmed in with a thick fence of regulation and taxation.

Part of the problem, of course, is that the free market is so complex. As Erik von Kuehnelt-Leddihn noted in "Leftism Revisited," a clear, simple -- and deadly -- idea like Marxism "can be explained to the merest child in a matter of minutes. (Conversely, to explain the workings of the free market economy to an adult would take weeks of hard work.)"

I'm sure Bob Murphy put in more than "weeks of hard work" to prepare this guide. As an "Austrian" economist, he is perfectly suited to write a book like this for a general audience. Apart from being right on the theory, Austrians are far less likely than members of other schools to get the reader lost in a maze of graphs, charts, and the minutia of comparative statistics. Instead, this is a powerful, lucid, and very readable book that, while concentrating on the fundamentals, will give any reader -- up to and including "dyed in the wool conservative" Republicans -- much to think about. But beware of exploding myths!

So much of the "Politically Incorrect Guide" series is devoted to an energetic goring of sacred cows, and "The P.I.G. to Capitalism" is no exception. A huge amount of what we take as revealed truth about how an economy functions, and the role of the government in "keeping the economy going," is revealed as so much propaganda. Certainly, it will take more than 200 pages to really convince people that "trade deficits" are meaningless, that outsourcing is good for workers, that the Depression wasn't a "market failure," among the many counterintuitive arguments the author presents here. But few books, in my experience, have done as good a job at laying out the essential arguments and pointing the way to further study.

It's a shame this book (and indeed this entire series) should be needed as badly as it is. But for the open-minded and thoughtful reader, or the defender of capitalism looking to shore up her argumentation, Bob Murphy's "Guide" is an entertaining read, a useful evangelical tool, and a reference worth keeping around.

This is a magnificent introduction to free market economics, the last best hope for civilization. This is a modernization, and in many ways an improvement over, Henry Hazlitt's justly famous, but now somewhat out dated book, Economics in One Lesson (1946). Ditto for my own far less famous and less worthy book Defending the Undefendable (1976). Speaking as an old coot of the free enterprise movement, I am delighted that this baton is now being passed on to very able young people such as Bob Murphy.

Walter Block

I debated with myself whether to give 4 or 5 stars to this book. Ultimately, I decided on 5 stars - as the content is tremendous - and I decided it was unreasonable to expect this book to be everything to everyone.

The book is a wealth of information and covers a wide range of subjects - with a good portion of those filling the "politically incorrect" category. Mr. Murphy - and I have read several of his articles outside this book - has the gift of providing some of the clearest and pointed critiques of `politically correct' thinking concerning capitalism. In reading the book, I didn't find all of his arguments equally convincing - but when they are good - they are INCREDIBLY good. Entertaining too - in talking about a particular Amtrak line, he offers "Your tax dollars would have been saved if the line had been scrapped and Amtrak's customers had been given plane tickets instead." Point and match to Mr. Murphy.

The book does not dwell needlessly on each issue - but gets right to the point - and there are several in each chapter. Hence, my reference to a shotgun blast in the title. The points come and go quickly, and if you don't have some background in some of the items, it is possible to simply read the conclusion without fully appreciating the argument. This is not a quibble with the text - which is extremely readable. If you are in possession of matrix-like "bullet speed" capabilities, be sure to use them as needed to slow down and appreciate some of the elegantly crafted explanations in the book (I've read many books three times the size with nowhere near the amount of information contained here.)

Would I recommend this book to an absolute economic newcomer? No. If you have never heard of the phrase "GDP" then I don't think this is the place to start. This was my 4/5 star debate. I finally figured out I was getting hung up on the cartoon cover (sad - isn't it?) But, if you have watched the business channel or read the business section, you will easily understand and enjoy this book. And the upper limit? I'm the wrong one to ask. But after reading the book, I'd pay money to see Mr. Murphy debate just about anyone.

My husband is an economist, and well, I'm not. I like to know what he's up to though (and understand his conversation), and this book is incredibly entertaining and informative. He enjoyed reading it as well, and he has a PhD in the subject, so I think this is a must-read for anyone with a hint of interest in markets.

To have someone explain this thing called "capitalism" in a practical, pleasing voice was certainly a new experience for this Creative Writing Grad Student. I've NEVER been compelled to write one of these reviews, but Murphy's book certainly deserves the praise. It is an easy read and a must-have for anyone who wants to learn about capitalism and enjoy the learning, as well!

I highly recommend PIG: CAPITALISM to anyone who thinks any form of government regulation is "Patriotic" or "Noble." This book was an eye-opener to say the least.

Before I read Dr. Murphy's book, I had a very very light understanding of economics and even had to have a dictionary near me for a few definations (GDP and Fair Market were terms I haven't used since the ONE required economics course in college).

I took my time to read it through, not because of the writing (which was very easy to understand) but because each chapter, and sometime every other page, brought up a concept that directly challanged every goverment action that I ever believed was "Good" or "True". Most especially in regards to "social laws" like Labor Laws and Anti-Discrimination Laws.

In two related chapters, Dr. Murphy explained, in very plain language, that although the intent these social law is to protect children from labor abuse or provide minorities with equal opportunities for employement/education/etc, the impact is exactly the opposite. By regulating these things with "superficially imposed" rules, we have forced the most underprivledged children out of the sweatshops AND ONTO THE STREETS or into illegal forms of employement (prostitution, drug smuggling, etc) simply to contribute to the family livelihood. And when we require that colleges recruit a "fair" percentage of each race - we've established that we will only take X number of fully-qualified students into our organization (regardless of race) - after that we will ensure that the next few are of the appropriate race (a decision based PRIMARILY on race!). What a complete disadgantage - for both the majority AND the minority!

Needless to say, it was a "tough read" only because of the extreme paradigm shift I underwent throughout the reading process. I would say to anyone who fancies themself a knowledgable citizen/voter to read this book and THEN see if you knew so much before.

In consideration of the 5-start rating system, I give the book 4 stars rather than 5, if only because my ego couldn't hardly stand the blatent and flawless contradiction of my previously-held opinion. However, now that I've comfortably settled into a broader understanding of economics, government, and legislation - I can genuinely say that Dr. Murphy's book was a terrific, enlightening, enjoyable read.

As other reviewers have noted, this book is a thorough introduction to economics. While Murphy's witty turns of phrase and humorous examples are sure to keep the lay reader (or listener) amused, even those who are well-acquainted with economic history from a free-market perspective will find insightful interpretations of market phenomenon. This selection is great for a popular audience, but is certainly nothing at which the more serious reader ought to turn his nose up.

I was reading this book with several roommates in the room and couldn't help but read a few passages aloud for their reactions. Murphy's memorable explanations, punctuated with amusing discussions (ex: standards of living have improved except when measured by "castles per capita") are entertaining while they are illustrative of the concepts discussed.

This PiG guide is arguably the most compelling since Woods' inaugural volume. I finished this book the same day I received it--I couldn't put it down. I even bought several copies for friends and family. Kudos to Dr. Murphy!

Arguably the best part of Murphy's book is its appeal to readers of all types, ranging from genuine experts in the field to the casual reader who is merely looking to throw his or her two cents in at the next cocktail party. Murphy does not dumb down any of the theory, yet his style is such that even a beginner can appreciate his ideas. Subtle interjections of humor and interesting examples, such as the value of a 90 mph baseball pitcher in comparison to a math teacher, keep the book fresh and atypical of the stereotypical stuffy economics book.

Totally witty and interesting, this book caters to all knowledge levels and interests. A must-read for sure!