A World of Wealth: How Capitalism Turns Profits into Progress (Hardcover)

~ (Author)
Key Phrases: average pretax income, congestion tax, Social Security, United States, World War (more...)

Editorial Reviews

Product Description

"Thomas Donlan's defense of free market capitalism is especially timely today given all the pressures to regulate and stifle it. The anti-globalization movement wants more trade protectionism and less immigration. The global credit crisis is putting pressure on governments to bail out irresponsible lenders and borrowers at taxpayers' expense. Instead, Donlan convincingly and clearly explains why we would all prosper more by doing all we can to make markets freer." --Ed Yardeni, President, Yardeni Research, Inc. "Thomas Donlan reminds us all that capitalism is not simply one choice among different and equally valid economic systems, but instead that hard work and the accumulation of wealth is the natural tendency of successful people and healthy societies around the world." --Christopher Whalen, Managing Director, Institutional Risk Analytics "It has been several decades since Joseph Schumpeter observed that the philosophical defense of a free-market economy must never cease. Thomas Donlan has taken up that challenge, but this clear-eyed book is much more than a defense.It is a magnificently constructed explanation of how the world works and why free-market capitalism continues to offer the greatest hope for solving our greatest challenges. " --Carl J. Schramm, Ph.D., President, Kauffman Foundation "The author brings to the table a healthy skepticism of the conventional wisdom, an admirable ability to separate fact from fancy, and an undisguised repugnance for the mumbo-jumbo that's the curse of so much commentary on anything to do with economics or investment. A World of Wealth is not only a lively read, but an exceptionally enlightening and rewarding one to boot." --Alan Abelson, Barron's Columnist "With the facts of a primer laid out in the fast-paced narrative of a storyteller, Thomas Donlan's A World of Wealth lucidly explains today's marketplace. From the credit crisis to immigration and from oil prices to global warming, the book guides the reader through the economic issues of our day--jargon-free. It's a fast, fun read that illuminates while it entertains." --Thomas W.Hazlett, Professor of Law & Economics, George Mason University "An indispensable--and highly readable--primer on how the economic world really works, whether politicians of both left and right want it to work that way or not. If it were required reading for all political reporters, they might do a lot more reporting and carry a lot less water in the process."--John Steele Gordon, Author of Empire of Wealth: The Epic History of American Economic Power Acknowledgments xii About the Author xiii Introduction xv Chapter 1: The Capitalist Answer to the "Energy Crisis": Pay Higher Prices 1 Chapter 2: The Capitalist Approach to Environmental Pollution and Global Warming: Breathe Easy 23 Chapter 3: A Capitalist Prescription for Trade: Free Exchange Enriches Both Sides of Every Deal 43 Chapter 4: Capitalist Immigration Policy: Tear Down the Walls 65 Chapter 5: The Essential Elements of Capitalism: Investment and Invention 81 Chapter 6: The Capitalist Take on Taxes: Keep Taxes Low and Equal 93 Chapter 7: The Capitalist Struggle against Low Finance: Price Controls and Regulation Endanger the Free Market 113 Chapter 8: A Capitalist Diagnosis for the High Cost of Health Care: Pay What It's Worth 131 Chapter 9: The Capitalist Approach to Retirement Security: It's an Individual's Duty First 149 Chapter 10: A Capitalist Look at the Current Economy 169 Chapter 11: The Capitalist Quest for Productivity 185 Reading Further 201 Index 205

From the Back Cover

 “Thomas Donlan’s defense of free market capitalism is especially timely today given all the pressures to regulate and stifle it. The anti-globalization movement wants more trade protectionism and less immigration. The global credit crisis is putting pressure on governments to bail out irresponsible lenders and borrowers at taxpayers’ expense. Instead, Donlan convincingly and clearly explains why we would all prosper more by doing all we can to make markets freer.”

—Ed Yardeni, President, Yardeni Research, Inc.

 

“Thomas Donlan reminds us all that capitalism is not simply one choice among different and equally valid economic systems, but instead that hard work and the accumulation of wealth is the natural tendency of successful people and healthy societies around the world.”

—Christopher Whalen, Managing Director, Institutional Risk Analytics

 

“It has been several decades since Joseph Schumpeter observed that the philosophical defense of a free-market economy must never cease. Thomas Donlan has taken up that challenge, but this clear-eyed book is much more than a defense. It is a magnificently constructed explanation of how the world works and why free-market capitalism continues to offer the greatest hope for solving our greatest challenges.”

—Carl J. Schramm, Ph.D., President, Kauffman Foundation

 

“The author brings to the table a healthy skepticism of the conventional wisdom, an admirable ability to separate fact from fancy, and an undisguised repugnance for the mumbo-jumbo that’s the curse of so much commentary on anything to do with economics or investment. A World of Wealth is not only a lively read, but an exceptionally enlightening and rewarding one to boot.”

—Alan Abelson, Barron’s Columnist

 

“With the facts of a primer laid out in the fast-paced narrative of a storyteller, Thomas Donlan’s A World of Wealth lucidly explains today’s marketplace. From the credit crisis to immigration and from oil prices to global warming, the book guides the reader through the economic issues of our day—jargon-free. It’s a fast, fun read that illuminates while it entertains.”

—Thomas W. Hazlett, Professor of Law & Economics, George Mason University

 

“An indispensable—and highly readable—primer on how the economic world really works, whether politicians of both left and right want it to work that way or not. If it were required reading for all political reporters, they might do a lot more reporting and carry a lot less water in the process.”

—John Steele Gordon, Author of Empire of Wealth: The Epic History of American Economic Power

 

Acknowledgments xii

About the Author xiii

Introduction xv

 

Chapter 1: The Capitalist Answer to the “Energy Crisis”: Pay Higher Prices 1

Chapter 2: The Capitalist Approach to Environmental Pollution and Global Warming: Breathe Easy 23

Chapter 3: A Capitalist Prescription for Trade: Free Exchange Enriches Both Sides of Every Deal 43

Chapter 4: Capitalist Immigration Policy: Tear Down the Walls 65

Chapter 5: The Essential Elements of Capitalism: Investment and Invention 81

Chapter 6: The Capitalist Take on Taxes: Keep Taxes Low and Equal 93

Chapter 7: The Capitalist Struggle against Low Finance: Price Controls and Regulation Endanger the Free Market 113

Chapter 8: A Capitalist Diagnosis for the High Cost of Health Care: Pay What It’s Worth 131

Chapter 9: The Capitalist Approach to Retirement Security: It’s an Individual's Duty First 149

Chapter 10: A Capitalist Look at the Current Economy 169

Chapter 11: The Capitalist Quest for Productivity 185

 

Reading Further 201

Index 205

See all Editorial Reviews

Product Details

• Hardcover: 240 pages
• Publisher: FT Press; 1 edition (May 18, 2008)
• Language: English
• ISBN-10: 0132350009
• ISBN-13: 978-0132350006
• Product Dimensions: 9.1 x 6.1 x 1.1 inches
• Shipping Weight: 1 pounds (View shipping rates and policies)
• Average Customer Review: 3.9 out of 5 stars  See all reviews (84 customer reviews)
• Amazon.com Sales Rank: #654,012 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

9 of 11 people found the following review helpful:

5.0 out of 5 stars Straight Talk, July 26, 2008

By	Robert Adams (Panama City, Panama) - See all my reviews (REAL NAME)

I find it very easy to accept the Washington Times review posted here. It is a very good overview of Mr. Donlan's book. Too good, perhaps, as it almost convinced me not to bother writing one of my own, but this book deserves some comments.

Tom Donlan has done an exceptionally good job of describing the capitalist system and its operation in terms that are, at one and the same time, sufficiently sophisticated to attract specialists, yet intelligible to a much broader public. Mr. Donlan's viewpoint is very obvious; he's "pro-capitalism" and not ashamed to say so, yet he does not beat you over the head with it. When discussing climate change, for example, he presents Vice President Gore's viewpoint and his own, but without the overly-emotionally, anti-intellectual verbiage so common these days from both sides of this issue. Rather, he discusses what Gore's conclusions may mean in terms of the capitalist system's response. As he says, "Global warming is not just an environmental problem; it is also an economic problem." Donlan rightly emphasizes a subject that will become increasingly important as we move from debate to action.

"A World of Wealth" is not a polemic so much as it is a patient and intelligent explanation of a system that most of us think we understand, but few of us can explain in any detail. By focusing on how capitalism and free markets work in a straightforward manner, Donlan brings us back to the basics of the system that has provided is with so much wealth to enjoy and to squander. His emotional commitment to capitalism is clear, but it is his plain-spoken analysis that makes this book worth reading by anyone, socialists included.

I enjoy reading books on finance and economics. Books like Mohamed el-Erian's "When Markets Collide," Nicholas Taleb's "Fooled by Randomness," and Robert Shiller's "Irrational Exuberance" inform me and provide deeper insight into important ideas and trends. But I would liken Thomas Donlan's "A World of Wealth" to Fareed Zakaria's "The Post-American World". They stand in a somewhat different class. They are intelligent, thought-provoking, and deal with very important topics, yet they are also eminently readable and understandable by anyone with a decent education, regardless of their technical training. This should be no surprise. Both Zakaria (formerly editor of Foreign Affairs and currently editor of Newsweek International) and Donlan are professional journalists and both have many years of editorial experience for publications that demand excellence. They know how to communicate their thoughts clearly and succinctly on topics of great importance. That is worth the price of a book like "A World of Wealth" in itself.

6 of 8 people found the following review helpful:

3.0 out of 5 stars Starts out with promise, falls flat from no citing or sources., October 12, 2008

By	D. Schaefer (Joliet, IL USA) - See all my reviews (REAL NAME)

(What's this?)

Economics is an incredibly complex field. It remains one of the most esoteric ideals for the layman - us average folks really don't study it much beyond balancing the checkbook on average, and what work we put into retirement funds. However, one could argue in the world in which we live it's prudent to do so. A World of Wealth is a great starting point for this daunting venture. It has it's flaws to be sure. Overall, if you are already immersed in studying economics, it will merely accent what you know. If you're a neophyte to the world of how capitalism works, and how it makes the world run, it's a decent place to begin.

My biggest complaint was that the author did not cite sources for his claims. For instance, there is a chapter on how capitalism effects the enviroment. I may disagree with some of his statements (such as global warming being more or less hype), but none of the sources used to make his points are cited at all. This is disappointing for me, because the text makes several interesting points I would not have minded expounding on, but cannot, due to there being no available means to see where he garnered the information.

The book is overall well-written and easily understandable, even without a background in economics. If you'd like a better understanding for the global impacts of capitalism, and also a review of recent history regarding its efficiency, this book shines here. I only wish it had more citing/notation. Admittedly, that is a personal bias and preference of mine...but for a book that professes to be a textbook of all things, it seems odd that there is none. So, fewer stars for that. Otherwise, it's recommended for being a well-rounded (if biased) review of capitalism and what it does for the world.

1 of 1 people found the following review helpful:

5.0 out of 5 stars A fantastic primer on Economics, May 21, 2009

By	Nicholas Scopelliti "Nico" (Gaithersburg, MD) - See all my reviews (REAL NAME)

(What's this?)

I consider this book to be a fantastic primer on Economics, a subject that is not understood nearly well-enough, especially when you consider the state our economy is in currently. Where does wealth come from? How is value created and what systems of government help as versus impede the creation of capital? What role do taxes play? The book is very well written and easy to read even for someone without a background on the subject, and though the author's viewpoints do not come entirely unburdened from any political agenda, I feel it's as objective as one can expect. Regardless of whether you agree with the direction the country is going in, a general understanding of these theories and concepts is something that will benefit everyone, most especially at the voting-booth.