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The Morality of Capitalism: What Your Professors Won't Tell You, by Tom G. Palmer
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- Published on: 2011
- Binding: Paperback
Most helpful customer reviews
32 of 39 people found the following review helpful.
Excellent essays, concise viewpoint, required reading
By Keith Walters
Just received this brief book from Atlas Economic Research Foundation and Students For Liberty along with a request to donate. The book is targeted at college age students to help combat the socialist bias in most university cultures. I thought I'd glance through the book quickly to make a decision if I'd follow up with a donation. I'd read half the essays in the book before I put it back down. Wisely, the publishers lead with an essay from the CEO of Whole Foods - certainly a company that most college students and many 'liberals' relate to. The essays in the book are well written (the Whole Foods essay is actually an invterview, not an essay) and concise with their thesis well articulated. The book explores ideas such as the difference between free-market capitalism and crony capitalism; the value of creative destruction; how capitalism and competition is about cooperation; etc.
My immediate reaction to the book is to buy dozens more to hand out to both like minded and opposite minded. I highly recommend this book as well as the organizations
28 of 35 people found the following review helpful.
Thorough and Easy to Understand Collection!
By Kevin Currie-Knight
Capitalism takes the blame for a lot of things, particularly in the academy. It produces gross inequalities, perpetuates the status quo, values profits above people, leads to the survival of the fittest and cultural hegemony, etc. This collection of essays, geared toward college students and layreaders, is designed to address where these attributions about capitalism are wrong and, in fact, to show that the opposite of them is often true. Capitalism leads to an increase of wealth for all, cooperation, an upsetting of the status quo over time, etc. Below, I will list just some of the very good essays found in this book.
Section 1 - "The Virtues of Entrepreneurial Capitalism" - contains essays celebrating how capitalism creates incentives for people to create value for others. Economic historian Diedre McCloskey writes that we can trace the industrial revolution primarily to an improvement in how society values its entrepreneurs and creative market actors. David Boaz dispels the idea that capitalism is dog-eat-dog competition, but revolves around cooperation between traders. Tom Palmer relays his personal experience frequenting a for-profit and not-for-profit hospital, arguing that the profit motive - far from leading to duplicity and dis ingenuity, leads people to perform more effectively and honestly.
Section II - "Voluntary Interaction and Self-Interest" - contains essays celebrating capitalism's ability to channel people's self-interest into social benefits. (I gain most when I provide products and services that others value, etc.) Chinese economist Mao Yushi writes about the "paradox of morality" - the idea that society functions best and most cohesively when we all a bit self-interested. Philosopher David Kelley writes in defense of rational self-interest as the most moral guide of our action.
Section III - "The Production and Distribution of Wealth" - has essays dealing with how markets distribute wealth. Commonly, we speak about the market as a thing that distributes wealth and thus, it can distribute justly or unjustly. But the market isn't a thing, but a process of millions of people interacting with each other, deciding where to spend their money, what goods to create, and what goods to buy. Economist Ludwig Lachmann's essay is concerned with dispelling the idea that that market simply perpetuates status-quo distributions. But, he notes, the market is not a fixed distributor, but a dynamic process, where people rise and fall in income over time more often than not. African political scientist Temba Nolutshunga writes about the positive benefits for the poor that African and other countries have witnessed once they liberalize their markets. Why is this? Because capitalism revolves not around exploitation so much as mutual gains from trade: someone can only get rich by trading with others. You can only "exploit" me if I decide to trade what you want from me for what I want from you. And this, way more often than not, benefits both parties, and even those outside of the transaction.
Lastly, section IV - "Globalizing Capitalism" - is a brief set of essays about the virtues of globalization. Novelist Mario Vargas Llosa writes to dispel the myth that globalization destroys local cultures, by pointing out what should have been obvious: first, capitalism doesn't compel anything that people don't want, and secondly, it is a myth to think that cultures are tings that don't change over time ALL the time. Nobel economist Vernon Smith writes about the culmination of lab research he and others have done about markets, noting that the larger the market, the better everyone in it tends to do. He suggests that 'outsourcing' is not the evil thing we think it is, but is simply a form of market specialization where those who can produce x more cheaply and efficiently (good for consumers) do so, freeing up others to produce what THEY produce most effectively (again, good for consumers).
All in all, I very much enjoyed this very thorough and easy-reading collection. Not all the authors agree on all things and I found a few things here and there to disagree with (David Kelley's arguments for one, as I am not a fan of Ayn Rand and find her, and him, inconsistent at times). Some essays are a bit more academic and "dense" than others, but I wouldn't say any of them is a terribly hard read.
This is a great collection for college students who want to explore the "other side" of the arguments they likely often hear about capitalism. (The book ends with a short bibliography of other recommended readings.) For the price, and the quality, I wholeheartedly recommend it to others.
1 of 1 people found the following review helpful.
The Morality of Capitalism: What Your Professors Won't Tell You
By Boggie Writer
This little book by Tom G. Palmer is a compilation of essays by authors from around the globe. Each one was a fascinating read. I recommend this book to everyone--particularly to those who want more information on how to articulate the benefits of capitalism for themselves as well as others. Today we are facing many challenges to free market capitalism--crushing regulations and confiscatory taxes, government dependency by crony capitalists and more and people who have decided that it is their right to demand others take care of them, and leaders who constantly tell us by their words and actions that "they know best." The messages in this book provide a rebuttal to all of these situations and misconceptions.
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