{"product_id":"why-capitalism-9780199859573","title":"Why Capitalism?","description":"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\u003cbr\u003ereached the point that many even question capitalism itself. \u003cp\u003e\u003c\/p\u003eAllan 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\u003cbr\u003esocialism, 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\u003cbr\u003eprograms 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\u003cbr\u003eexpediency--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 \u003cem\u003eif\u003c\/em\u003e it brings private costs into line with social\u003cbr\u003ecosts (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. \u003cp\u003e\u003c\/p\u003eVigorously argued, sweeping in scope, \u003cem\u003eWhy Capitalism?\u003c\/em\u003e reminds us of the fundamental vitality of the one economic system that has survived every challenge, and risen to dominate the globe.\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\u003cb\u003eBinding Type:\u003c\/b\u003e Hardcover\u003cbr\u003e\u003cb\u003ePublisher:\u003c\/b\u003e Oxford University Press, USA\u003cbr\u003e\u003cb\u003ePublished:\u003c\/b\u003e 02\/20\/2012\u003cbr\u003e\u003cb\u003eISBN:\u003c\/b\u003e 9780199859573\u003cbr\u003e\u003cb\u003ePages:\u003c\/b\u003e 168\u003cbr\u003e\u003cb\u003eWeight:\u003c\/b\u003e 0.70lbs\u003cbr\u003e\u003cb\u003eSize:\u003c\/b\u003e 8.30h x 5.60w x 0.80d\u003cbr\u003e\u003cbr\u003e\u003cstrong\u003eReview Citations: \u003c\/strong\u003e\u003ci\u003eKirkus Reviews\u003c\/i\u003e 11\/15\/2011\u003cbr\u003e\u003ci\u003ePublishers Weekly\u003c\/i\u003e 12\/19\/2011\u003cbr\u003e\u003ci\u003eBooklist\u003c\/i\u003e 02\/01\/2012 pg. 12\u003cbr\u003e\u003ci\u003eChoice\u003c\/i\u003e 09\/01\/2012\u003cbr\u003e","brand":"Allan H. Meltzer","offers":[{"title":"Default Title","offer_id":42132450771125,"sku":"9780199859573","price":22.09,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0473\/0804\/6492\/products\/img_4c0cf27f-5c38-4fd8-9501-f771e11b4b48.jpg?v=1652813179","url":"https:\/\/pastforward.org\/products\/why-capitalism-9780199859573","provider":"Past Forward","version":"1.0","type":"link"}