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From Oxford University Press:
by Allan H. Meltzer
Oxford University Press
February 24, 2012
A review of the headlines of the past decade seems to show that disasters are often part of capitalist systems. Disenchantment with the market economy has reached the point that many even question capitalism itself. Allan H. Meltzer provides a resounding answer to the question, “why capitalism?” Only capitalism, he writes, maximizes both growth and individual freedom. Capitalism does require a strong legal framework and it does not solve all problems efficiently. But Meltzer finds that its problems stem from universal human weaknesses—such as dishonesty, venality, and expediency—which are not specific to capitalism. 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.
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