It's fashionable to bash capitalism, blaming it for all our social ills. This book, by former Federal Reserve chairman Alan Greenspan and Adrian Wooldridge, political editor of The Economist, presents a more optimistic story. It "celebrates the American thirst for self-improvement" and argues that the country has long benefited from the "creative destruction" wrought by the market and entrepreneurs", as Tim Stanley puts it in The Spectator.
The book's argument "snaps, crackles and pops", using anecdotes, mini-biographies, and pithy quotes from to make "a unique blend of economic, business, and political history", says Robert Gordon in the Financial Times. Still, even these optimists have to concede that "the omens are bleak" for capitalism. Productivity growth since 2010 has slowed, business dynamism is fading, labour mobility is ossifying, and business concentration is rising.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The book makes a "strong case" for free enterprise and markets, says Diane Coyle in The Economist. The authors' proposed solution for our current ills is "to reduce dramatically the scale" of welfare entitlements and social security payments. This may be attractive "from an economist's point of view", but is "hardly politically realistic". It's a shame the book does not reflect more on how to "restore a political environment conducive to economic dynamism".
-
Pension warning: one in five don’t know how much is going into their pensionHow to check your pension contributions and why it matters
-
50,000 power of attorney applications rejected – how to avoid common mistakesA freedom of information request shows that thousands of lasting power of attorney (LPA) applications are rejected due to errors. We explain how to avoid mistakes and reveal tips to make the process as straightforward as possible
