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Michael C. Munger

Is Capitalism Sustainable? Paperback – July 22, 2019

by Michael Munger (Author)

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In, “Is Capitalism Sustainable?” Senior Fellow at the American Institute of Economic Research, Michael Munger, explains the benefits, and in fact the necessity, of capitalism in organizing human cooperation at scale, and urges the consideration of some problems inherent in capitalism.

Karl Marx called some of these problems “contradictions,” and while he was wrong about many things, including a value theory based on embodied labor, his perceptions of capitalism were very accurate.

The problem for Marxists is simple, Munger says: every flaw in markets is worse under socialism. At the micro level, every flaw in consumers is worse, and in fact much worse, in voters. Unless you are willing to advocate monarchism, or actual communist dictatorship, markets and democracy are the only two mechanisms we have for organizing society.

So while Marx’s theory about the flaws of capitalism has some merit, he was utterly blind to the problems of democracy. Looking back now, with the benefit of the contributions of the Public Choice branch of political economy, we are in a position to evaluate markets and democracy on an even playing field.

And most of the time, for most purposes, capitalism wins.

Michael Munger is a Professor of Political Science, Economics, and Public Policy at Duke University. His Economics PhD was awarded from Washington University in St. Louis in 1984. He worked as a Staff Economist for Dr. Wendy Gramm at the Federal Trade Commission in the first Reagan Administration, and has had academic appointments at Dartmouth College, University of Texas-Austin, and University of North Carolina-Chapel Hill. He directed the MPA Program at UNC, and chaired the Political Science Department at Duke from 2000 to 2010. He currently directs the interdisciplinary Philosophy, Politics, and Economics Program at Duke.

His research interests include regulation, political institutions, and political economy. His most recent book was Tomorrow 3.0: Transaction Costs and the Sharing Economy, published by Cambridge University Press in 2018. Munger is a Senior Fellow of the Independent Institute and the AIER, and is a former President of the Public Choice Society (1996-1998). He served as an editor of Public Choice (2005-2010) and Independent Review (2015 to present). He lives in Raleigh, North Carolina with wife Donna Gingerella and loyal dogs Murphy and Skippy Squirrelbane.

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Publisher ‏ : ‎ American Institute for Economic Research (July 22, 2019)
Language ‏ : ‎ English
Paperback ‏ : ‎ 422 pages
ISBN-10 ‏ : ‎ 1630691739
ISBN-13 ‏ : ‎ 978-1630691738
Item Weight ‏ : ‎ 1.5 pounds
Dimensions ‏ : ‎ 6 x 1.06 x 9 inches

Best Sellers Rank: #526,682 in Books (See Top 100 in Books)
- #44,794 in Business & Money (Books)

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4.6 24 ratings

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Michael C. Munger

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Professor at Duke University in the Departments of Political Science, in Economics, and in Public Policy. PhD in Economics, but mostly work in Political Science and Political Theory. Early experience at the US Federal Trade Commission, and later taught at Dartmouth, University of Texas, University of North Carolina, and now Duke for more than 20 years. Ran for Governor of the state of North Carolina in 2008; it didn't go very well....

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Great insights, but feels like a bunch of compiled essays (which it is)

Reviewed in the United States 🇺🇸 on November 4, 2021

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I thought that this book was pretty interesting. I thought that Michael's insights were spot on. I think of it as a great primer for capitalism and why markets are often a better way of making decisions compared to voting or how "every flaw in markets is worse under socialism".

One major problem that I had with the book was that it felt like a bunch of compiled essays (which it is). It seems that there was a minor attempt at blending the essays or making sure that there were not copied materials between essays. I remember reading the same quote a couple of times (for example the quote about all women being married to Mel Gibson on page 307 and 343). The point that he was talking about for the different references to the quote was a bit different, but it just seems a little awkward to have the full quote in two places. He does not even acknowledge that he gave the quote earlier in the book which makes it really feel like it is just a bunch of compiled essays. I just wish he and his publisher spent a bit more time to edit the essays together a little better.

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Is Capitalism Sustainable? Paperback – July 22, 2019

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