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Why Capitalism?

ISBN: 9780199859573 | 0199859574

Format: Hardcover
Publisher: Oxford University Press, USA
Pub. Date: 2/20/2012

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Summary Author Biography

The financial crisis caused many genuinely to reconsider the desirability and feasibility of capitalism. InWhy Capitalism?,renowned economist Allan Meltzer addresses what he feels are key issues that critics of capitalism routinely fail to adequately recognize . These include the power of incentives and capitalism's adaptability to varying morals, ideals, and cultures. Meltzer argues that while capitalism is not perfect, it is the best option for providing growth and personal freedom. Citing Kant, he stresses that most of the faults and flaws o... MOREn which critics dwell are human faults and are not systemically inherent to capitalism. Other topics he addresses include the regulated welfare state and how it invites corruption, arbitrary decisions, and circumvention; and irresponsible deficit spending and the unsustainable, unfunded promises by politicians eager to please. Why Capitalism?is a short, powerful book that will raise the level of the current debate among politicians, scholars in the political sciences, and general readers interested in the political issues brought to light by the recent financial crisis, written by one of the strongest voices the public dialogue on the fundamental economic ideas on which the United States economy is based.

Why Capitalism? addresses the current debate among politicians, scholars in the political sciences, and general readers on the benefits and the supposed shortcomings of capitalism.

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.

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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