{"product_id":"why-capitalism-hardcover","title":"Why Capitalism? - Hardcover","description":"\u003cdiv\u003e\u003cp style=\"text-align: right;\"\u003e\u003ca href=\"https:\/\/reportcopyrightinfringement.com\/\" target=\"_blank\" rel=\"nofollow\"\u003e\u003cb\u003eReport copyright infringement\u003c\/b\u003e\u003c\/a\u003e\u003c\/p\u003e\u003c\/div\u003e\u003cp\u003eby \u003cb\u003eAllan H. Meltzer\u003c\/b\u003e (Author)\u003c\/p\u003e\u003cp\u003eA 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. \u003c\/p\u003e\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 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\u003cbr\u003ethat 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 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. \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\u003ch3\u003eAuthor Biography\u003c\/h3\u003e\u003cp\u003e\u003cbr\u003e\u003cstrong\u003eAllan H. Meltzer\u003c\/strong\u003e is Allan H. Meltzer University Professor of Political Economy at Carnegie Mellon University. He is the author of \u003cem\u003eA History of the Federal Reserve\u003c\/em\u003e, Volumes 1 and 2.\u003cbr\u003e\u003c\/p\u003e\n            \u003cdiv\u003e\n\u003cstrong\u003eNumber of Pages:\u003c\/strong\u003e 168\u003c\/div\u003e\n            \u003cdiv\u003e\n\u003cstrong\u003eDimensions:\u003c\/strong\u003e 0.8 x 8.3 x 5.6 IN\u003c\/div\u003e\n            \u003cdiv\u003e\n\u003cstrong\u003ePublication Date:\u003c\/strong\u003e February 20, 2012\u003c\/div\u003e\n            ","brand":"BooksCloud","offers":[{"title":"Default Title","offer_id":47200857456889,"sku":"9780199859573","price":28.06,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0789\/2782\/3097\/files\/VCtmSmIrK0c2NmNudzRDdDBYOFUxQT09.webp?v=1767978718","url":"https:\/\/bookscloud.io\/products\/why-capitalism-hardcover","provider":"BooksCloud Book Dropshipping","version":"1.0","type":"link"}