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Why Capitalism? 1st Edition

3.8 out of 5 stars 22 customer reviews
ISBN-13: 978-0199859573
ISBN-10: 0199859574
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Editorial Reviews


"A concise alternative to current economic policies for those who look with suspicion at the writings of economists and financial specialists...A lively, politically challenging contribution to a developing discussion on how to change international monetary arrangements." --Kirkus Reviews

"Allan Meltzer's Why Capitalism is a thoughtful, historically-based analysis of the roles of government and free markets in a democratic society. Meltzer has thought deeply about the workings of both and has a good sense of which functions each best can be trusted to serve. His analysis of financial regulation in general and of the Dodd-Frank bill in particular is the best I have seen." --Robert Lucas, University of Chicago, 1995 Nobel laureate in Economics

"If you want a realpolitik view of the world, Meltzer's your guy. You know right away that you are in for quite a ride when, in the introduction, he acknowledges the range of his influences, from Immanuel Kant (for example, human nature as 'crooked timber') to Karl Popper to Friedrich Hayek, and to Milton Friedman, among others. He takes you back in time and sketches from a broad perspective the old battle of capitalism versus communism and socialism, and extols the genius of the freedom of capitalism. For those interested in recounting the perils of government regulation and failed attempts at income distribution, it's a treasure, especially in the last chapter. There, the author describes the role of the Federal Reserve, particularly in moderating inflation, Meltzer's specialty."--Journal of Environmental Investing

About the Author

Allan H. Meltzer is Allan H. Meltzer University Professor of Political Economy at Carnegie Mellon University. He is the author of A History of the Federal Reserve, Volumes 1 and 2.

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Product Details

  • Hardcover: 168 pages
  • Publisher: Oxford University Press; 1 edition (February 20, 2012)
  • Language: English
  • ISBN-10: 0199859574
  • ISBN-13: 978-0199859573
  • Product Dimensions: 8.4 x 0.8 x 5.8 inches
  • Shipping Weight: 9.6 ounces (View shipping rates and policies)
  • Average Customer Review: 3.8 out of 5 stars  See all reviews (22 customer reviews)
  • Amazon Best Sellers Rank: #637,086 in Books (See Top 100 in Books)

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Customer Reviews

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By Ira E. Stoll VINE VOICE on February 22, 2012
Format: Hardcover
This book is short -- just 160 pages -- but its simple, clear, and direct language makes a big point: that capitalism "is the only system known to humanity that increases both growth and freedom." As a result, far from ending, capitalism has spread to formerly socialist or communist enclaves such as Eastern Europe, India, and even China.

The book is not simply a paean to capitalism, though. It's also a look at some of the problems the country is facing, including the decline in the value of the dollar, the financial crisis and its aftermath, and the federal debt and deficit.

Mr. Meltzer's three laws of regulation help in part to explain the crisis. The first is that "lawyers and bureaucrats regulate," but "markets circumvent regulation." Second, and related, is that "regulations are static. Markets are dynamic." Third, "regulation is most effective when it changes the incentives of the regulated."

While Mr. Meltzer does not favor a return to a gold standard for the dollar, he does acknowledge that when it existed, "governments could not run large, continuous, peacetime budget deficits." The nation's current fiscal trajectory, he says, is unsustainable: "Either the United States voluntarily adopts fiscal discipline or eventually it will face a crisis with rising interest rates and a falling currency."

The book is sprinkled with policy recommendations. World Bank loans should go to "poor countries that adopt pro-growth policies," rather than to countries such as Brazil, China, India, Mexico, and Turkey that can borrow in the capital markets. The Federal Reserve "should adopt and announce a rule announcing what output and inflation combination they intend to seek over the next two or three years.
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Format: Hardcover Verified Purchase
I was hoping for a learned and stirring defense of capitalism. Instead, what I read was a good start, then a ramble about various subjects. The interesting generalities cited by other reviewers come mainly from the early part of the book. If they had been followed up by more detailed investigations of matters such as the theory or philosophy of regulation in a capitalist system, that would have been quite interesting. Alas, that subject, as an example, basically was abandoned.

I was disappointed.
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Format: Hardcover
In this brief book, the author presents a succinct, cogent defense of capitalism and highlights the practical limitations of government regulation. A strength of the book is that the author avoids reliance on abstractions and theoretical concepts, and relies heavily on concrete examples from past and recent history to illustrate, elaborate, and support his contentions and arguments.

In defense of capitalism, the author responds to the usual criticisms that: (1) it is based on greed and selfishness; (2) it is immoral, unjust and unfair; (3) it debases people and society; and (4) it repeatedly fails and provokes periodic, serious economic crises. In addition to addressing the criticisms of capitalism, the author affirmatively contends that: (a) capitalism is better than socialism, communism, or other alternatives as a working economic system; (b) capitalism is more practical and adaptable to the inherent limitations of human beings than the generally utopian economic alternatives proposed to replace it; (c) the inevitable failures that occur in economic activities are handled more effectively under capitalism than under other economic systems; and (d) capitalism is better suited to encourage economic growth and individual liberty than other kinds of economic systems.

The author's discussion of the practical limitations of government regulation is insightful, fascinating, and sobering.
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Format: Hardcover Verified Purchase
Professor Meltzer took time off from his current project of writing the final book in his "A History Of The Federal Reserve" to answer critics of capitalism in the aftermath of the "Great Recession". He shows the myriad advantages of capitalsm over socialism and its variants.Contrary to popular belief capitalism disperses power while socialism concentrates power and "begins with persuasion and almost always ends with coercion".
He examines the role of regulations in the latest financial crisis and says the recently passed Dodd Frank would not have prevented it. In his view getting rid of "too big to fail" is essential because "capitalism without failure is like religion without sin". It doesn't work.
Taking a world wide view he points out that capitalism has lifted entire countries out of poverty and foreign aid is mostly counterproductive.
He points out that voters generally vote for low taxes and less regulation when times are bad and more taxation and regulation when times are good. If this holds true this should help Romney in this years election.

In the final chapter the professor goes back to his monetarist roots and examines "Why Inflation Will Return". He explains that after a successful period in Federal Reserrve history (1985-2002) that the Bernanke Fed has gone back to relying on the Phillips Curve that got us into so much trouble in the 1970's. He does offer an alternative for low world wide inflation without a gold standard involving the three major currencies.

In summary an excellent, very contempory discussion of "Why Capitalism ?" in the aftermath of the recent financial crisis.
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