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Why Capitalism?

Author

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  • Meltzer, Allan H.

    (Carnegie Mellon University)

Abstract

The financial crisis caused many genuinely to reconsider the desirability and feasibility of capitalism. In Why 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 on 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.

Suggested Citation

  • Meltzer, Allan H., 2012. "Why Capitalism?," OUP Catalogue, Oxford University Press, number 9780199859573.
    • Handle: RePEc:oxp:obooks:9780199859573
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    Cited by:

    1. Vlad Tarko, 2017. "Neoliberalism and Regulatory Capitalism: Understanding the "Freer Markets More Rules" Puzzle," Working Paper Series 2017-02, Dickinson College, Department of Economics.
    2. repec:ces:ifodic:v:13:y:2015:i:3:p:19172605 is not listed on IDEAS
    3. Weede Erich, 2012. "Ergänzende Anmerkungen zum chinesischen Wunder / Some Supplementary Comments on the Chinese Miracle," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 63(1), pages 129-134, January.
    4. Shahrokhi, Manuchehr, 2011. "The Global Financial Crises of 2007–2010 and the future of capitalism," Global Finance Journal, Elsevier, vol. 22(3), pages 193-210.
    5. Diana Thomas, 2014. "Allan H. Meltzer: why capitalism?," Public Choice, Springer, vol. 158(1), pages 293-295, January.
    6. Paul Dragos Aligica & Vlad Tarko, 2015. "Crony Capitalism," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 13(3), pages 27-32, October.
    7. Robert Pollin, 2013. "Austerity Economics and the Struggle for the Soul of U.S. Capitalism," Working Papers wp321, Political Economy Research Institute, University of Massachusetts at Amherst.

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