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Allan H. Meltzer
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Why Capitalism? 1st Edition

by Allan H. Meltzer (Author)
4.3 4.3 out of 5 stars 41 ratings
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A review of the headlines of the past decade seems to show that disasters are often part of capitalist systems: the high-tech bubble, the Enron fraud, the Madoff Ponzi scheme, the great housing bubble, massive lay-offs, and a widening income gap. Disenchantment with the market economy has reached the point that many even question capitalism itself.

Allan H. Meltzer disagrees, passionately and persuasively. Drawing on deep expertise as a financial historian and authority on economic theory, he provides a resounding answer to the question, "why capitalism?" Only capitalism, he writes, maximizes both growth and individual freedom. Unlike socialism, capitalism is adaptive, not rigid--private ownership of the means of production flourishes wherever it takes root, regardless of culture. Laws intended to tamper with its fundamental dynamics, such as those that redistribute wealth, fail. European countries boasting extensive welfare programs have not surpassed the more market-oriented United States. Capitalism does require a strong legal framework, Meltzer writes, and it does not solve all problems efficiently. But he finds that its problems stem from universal human weaknesses--such as dishonesty, venality, and expediency--which are not specific to capitalism. Along the way, he systematically analyzes the role of government, positing that regulations are static, but markets are dynamic, usually seeking ways to skirt the rules. Regulation is socially useful if it brings private costs into line with social costs (for example, the cost of taxes to hire policemen compared to that of the impact of rampant crime); if it doesn't, regulation simply invites circumvention.

Vigorously argued, sweeping in scope, Why Capitalism? reminds us of the fundamental vitality of the one economic system that has survived every challenge, and risen to dominate the globe.
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  1. ISBN-10
    0199859574
  2. ISBN-13
    978-0199859573
  3. Edition
    1st
  4. Publisher
    Oxford University Press
  5. Publication date
    February 20, 2012
  6. Language
    English
  7. Dimensions
    0.8 x 5.6 x 8.4 inches
  8. Print length
    168 pages
  9. See all details
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Editorial Reviews

Review

"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

Book Description

A sweeping argument for the necessity of capitalism, stressing that, despite its flaws, only capitalism maximizes both growth and individual freedom

Product details

  • Publisher ‏ : ‎ Oxford University Press; 1st edition (February 20, 2012)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 168 pages
  • ISBN-10 ‏ : ‎ 0199859574
  • ISBN-13 ‏ : ‎ 978-0199859573
  • Item Weight ‏ : ‎ 12 ounces
  • Dimensions ‏ : ‎ 0.8 x 5.6 x 8.4 inches
  • Customer Reviews:
    4.3 4.3 out of 5 stars 41 ratings

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Allan H. Meltzer

Allan H. Meltzer

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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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4.3 out of 5 stars
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Customers find the book insightful and easy to read. It provides an introduction to market institutions and their potential for liberty and growth. Readers describe the author as a true scholar without pretensions.

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12 customers mention "Insight"12 positive0 negative

Customers find the book provides good insights into capitalist ideas. They appreciate the original insights and important points that refresh their thoughts. The book offers an outstanding introduction to how market institutions, although flawed, can further liberty and growth better. Readers describe the author as a true scholar with no pretensions. While some of the information is standard issue, the book has a good message and is wonderful for simple-minded people who think capitalism will solve most or all problems.

"This is a wonderful book for simple-minded folks who think capitalism will solve most or all problems of society; unfortunately, it ignores the..." Read more

"It is a good book which provides a good insight into the capitalist ideas...." Read more

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

"...A true scholar with no pretensions. The conclusion of this work is correct: capitalism is the only system that works and the only one that..." Read more

4 customers mention "Reading quality"4 positive0 negative

Customers find the book easy to read and well worth reading.

"...That said, it is well worth reading...." Read more

"It is a good book which provides a good insight into the capitalist ideas...." Read more

"Great book" Read more

"...Very easy reading from the Shadow Open Market Committee creator!!" Read more

Top reviews from the United States

  • Theodore A. Rushton
    5.0 out of 5 stars The real problem with capitalism is "free"
    Reviewed in the United States on October 15, 2012
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    This is a wonderful book for simple-minded folks who think capitalism will solve most or all problems of society; unfortunately, it ignores the basic problem of "free" in any society.

    He says capitalism is the world's finest economic system at producing goods and services needed to give everyone a "free" lunch; he fails to point out nothing in life is free even though people expect "free" government benefits and services. Someone always pays. In our society, taxpayers eventually "buy" the free lunch.

    That said, it is well worth reading. Meltzer asserts capitalism is the best solution, even taking into account that basic imperfections of people who like to maximize personal benefits and minimize costs. He vigorously condemns politicians of both parties; including Republicans who saw "that liberal governments gained votes by increased spending, they [Republicans] offered the same in reverse, attracting voters by tax reductions."

    Unfortunately, he ignores any corrective social or economic cure for the seduction of "free" -- the most powerful word in the English language. It is not "free" as in personal freedom, it's "free" as in government benefits ranging from welfare to healthcare to defense to tax cuts. The temptation since the Eisenhower years is that government benefits are "free" if financed through deficit financing.

    Meltzer writes, "Vice President Cheney expressed the viewpoint of many politicians when he told Treasury Secretary Paul O'Neill that President Reagan had shown that budget deficits don't matter." It's not just Obama, Bush or Reagan -- Bill Clinton is praised for three successive balanced budgets -- it's the fault of all politicians who promise increased benefits now without the cost of higher taxes or reduced services.

    Meltzer eloquently outlines the problem; he fails to explain how people can be led to adopt the self-restraint and personal sacrifice needed to end the current idea of "free" government benefits.

    Don't blame the politicians; they do what people expect. Unless voters change their attitudes about what governments can and cannot do, the problem will worsen. Capitalism can't solve greed. As the 'Pogo' comic strip by Walt Kelly said more than half-a-century ago, "We have met the enemy, and it is us."

    Meltzer asserts capitalism is tremendously adaptible and responsive to the public, far more so than any other economic system. If people expect a "free lunch," capitalism will cater it. But the bill must someday be paid -- as is becoming grimly evident in Greece -- or the society will collapse.

    Meltzer misses the point that our faults lie within ourselves, not in our politicians, economists or even vulture capitalists. Until wise economics professors such as Meltzer and readers of this book truly understand how self-indulgence is ruining the finest economic system, our problems will continue to worsen.
    6 people found this helpful
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  • borgia
    4.0 out of 5 stars Why Capitalism
    Reviewed in the United States on June 8, 2012
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    It is a good book which provides a good insight into the capitalist ideas. Is is primarily used for courses in economics at the university and has good examples of tools used in different years and governments with the consequences of such uses. The bibliography which contains is needed to go deeper into several areas which are visited with some speed.
    4 people found this helpful
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  • mike mork
    5.0 out of 5 stars WHY CAPITALISM ? IS ANSWERED
    Reviewed in the United States on April 19, 2012
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    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.
    9 people found this helpful
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  • adsmlt39
    5.0 out of 5 stars Meltzer recently died. All of his work is interesting ...
    Reviewed in the United States on May 26, 2017
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    Meltzer recently died. All of his work is interesting with original insights or observations. A true scholar with no pretensions. The conclusion of this work is correct: capitalism is the only system that works and the only one that increases freedom. If the time ever comes when it doesn't work, and the reason for its failure can be proven, then it will be replaced with something else. Don't hold your breath.
    3 people found this helpful
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  • william schaffer
    3.0 out of 5 stars Some good some not so good
    Reviewed in the United States on October 31, 2012
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    This book has a good message but some of it is pretty "standard issue" information. Other parts deal with more complicated economic concepts and are somewhat confusing. I consider myself reasonably informed about the complicated matters and I still found them difficult to grasp. Not a good choice for readers who are not reasonably familar with economic policy/philosophy.
    4 people found this helpful
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  • RCMP
    4.0 out of 5 stars OK argument for Capitalism
    Reviewed in the United States on December 19, 2013
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    only fault is that it covers the subject and its illustrations not incorrectly but with a too broad a brush.....kinda like a term paper required in 4 weeks so the student covers everything but without the time to give the details the paper deserves.
    2 people found this helpful
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  • T. Gearhart
    5.0 out of 5 stars Words of wisdom at a desperate time
    Reviewed in the United States on January 2, 2013
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    Dr. Meltzer is one of the few academics who teaches the strengths of capitalism. We need more like him. This book gives concrete examples of the strengths of a free market based system. Dr. Meltzer is cognizant of the challenges of implementing pure capitalism and speaks to the mixed economies in the world.
    One person found this helpful
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  • Amazon Customer
    5.0 out of 5 stars Good quality
    Reviewed in the United States on February 23, 2020
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    Great book
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  • Mabezwen
    3.0 out of 5 stars Three Stars
    Reviewed in Canada on July 21, 2016
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    Hmm, I wasn't sure I understood; maybe it was more about my understand more than the book itself.
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  • Jerome
    4.0 out of 5 stars Une recommandation de Bill Gates qui ne décevra pas les lecteurs avertis
    Reviewed in France on July 21, 2015
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    J'ai acheté ce livre (en format kindle) après l'avoir vu dans une liste de livres recommandés par Bill Gates himself. L'auteur n'est pas un débutant et son pédigré est plutôt impressionnant, c'est un grand spécialiste de la Federal Reserve et de tout ce qui touche aux politiques monétaires. Il a été également conseiller de Ronald Reagan en son temps. Bref, de toute évidence, l'auteur est un libéral (au sens français du terme) tout en restant objectif sur les limites du modèle capitaliste (et en particulier les fréquentes références à Kant).
    L'ouvrage se lit très bien et très vite, il faut malgré tout avoir quelques bases d'économie pour ne pas se retrouver perdu trop vite, mais l'ensemble est très abordable, et est une lecture plaisant pour qui s'intéresse au libéralisme et au capitalisme qui reste le seul système politique et économique à permettre un développement économique tout en respectant les libertés individuelles si souvent bafouées aujourd'hui. L'ouvrage a été écrit en 2012, est plutôt "US centric" mais reste d'une très grande actualité même si j'aurais apprécié de l'auteur l'analyse de la crise de l'euro (aussi appelée crise grecque !)...
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  • Martina
    5.0 out of 5 stars Why Capitalism?
    Reviewed in the United Kingdom on September 28, 2012
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    A must read book for anyone interested in economics! Gives a great insight why capitalism is the only way to go and why it is better than it's reputation.
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  • Chainsaw89
    2.0 out of 5 stars Much better books available on the same subject
    Reviewed in the United Kingdom on October 8, 2012
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    As someone who is a strong supporter of the free market I will start my review by warning people that this will not be an unbiased review. I was very excited to read this book. This was written by the author as a response to the anti-capitalist feelings that have become much louder and stronger during the recent recession and financial crisis so I was looking forward to hear what he had to say.

    Sadly, I can honestly say that I do not believe that this book will bring any new converts to the free market, heck if I wasn't already converted it wouldn't have really convinced me.

    Only the first chapter really addresses the question as to why capitalism is the best system despite it's flaws. The rest of the book focuses on specific issues such as welfare, foreign aid and debates that are currently happening in the American political scene at the moment. These chapters are unconvincing and don't seem to answer the central question that the author was attempting to answer.

    The book doesn't flow very well and I didn't think the book had much of a structure, it just went from one subject to another with little rhyme or reason. The author also repeats himself quite a lot which got very irritating.

    There were also points in the book where he seemed to contradict himself. One example I found particularly irritating. In the preface to the book the author argues that democracy refutes the criticisms made by anti-capitalists regarding the unequal income distribution. The author points out that democratic capitalism does not have this problem because in a democracy the voters can choose the level of income tax which is implemented or how much should be spent on particular welfare services. Yet almost in the next page the author condemns high levels of tax and income distribution as ways for governments to regulate capitalism. While I agreed with a lot of the points that the author made about high taxation and welfare I found myself asking "why say that voters deciding tax and welfare rates is a defence of capitalism then accuse both these things as a threat to the economic system?" I am not an expert in economics by any stretch of the imagination so I will be the first to admit that I may be picking the author up wrong but it just seemed counter-productive.

    In conclusion I have to say that anybody who has reservations about capitalism will not be convinced by this book and supporters of capitalism will probably be frustrated at the authors failure to defend the system which has brought prosperity and increased living standards to millions of people around the world. I myself was hoping for a better defence of free market thinking, especially when that current thinking is under so much attack. For much better defences of capitalism I would recommend Guy Sorman's "Economics does not lie". DO not waste your time with this book.
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  • Alex
    3.0 out of 5 stars Does what it says on the cover, however I'm still against most of what capitalism offers.
    Reviewed in the United Kingdom on August 17, 2018
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    If you want to understand why conservatives and capitalists and right-wingers think the way they do, Meltzer lays it out very cleanly for you. However even with a simple rational mind, it's easy to unpick his arguments and it's very obvious where capitalism falls completely flat.
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