PDF Ebook Capitalism: The Unknown Ideal
PDF Ebook Capitalism: The Unknown Ideal
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Capitalism: The Unknown Ideal
PDF Ebook Capitalism: The Unknown Ideal
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Audible Audiobook
Listening Length: 14 hours and 14 minutes
Program Type: Audiobook
Version: Unabridged
Publisher: Blackstone Audio, Inc.
Audible.com Release Date: May 6, 2005
Whispersync for Voice: Ready
Language: English
ASIN: B0009MZ7DY
Amazon Best Sellers Rank:
A few years ago, after living through the worst presidency I've witnessed, that of Bush 43, I began to pay more attention to econo-political ideas. I was a moderate leftist, believing that conservatives and their Wall St partners had bankrupted the world economy. I was very receptive to liberal criticisms of so-called capitalism and the profit motive as the conduit for the greed that led to the aforesaid bankruptcy. It really seemed to me that the only solution was a more stringent regulatory environment. Looking back on it, I can still understand why I believed as I did.Somewhere along the line, I began to start questioning my beliefs. I went back to school to earn an MBA and learned more about finance and economics. I hypothesized my own views about all this as though I were a business owner or CEO, facing turbulent market conditions. Then I noticed something. No business owed me a job, no gov't agency owed me survival, no one else owed me anything. In simple terms, my needs place no justifiable moral obligation on anyone else.Although I was familiar with this book, I felt for a long time that I wasn't ready for it. Should all those liberal beliefs I'd adopted turn out to be wrong? In some ways, no. I was still sure that bigotry and nationalism weren't defensible. In basically every other way, yes. Liberal economic ideas are, once you're honest about policy ideas, fully indefensible.Conservative or liberal leaning, I definitely recommend one take the ideas advanced in this book seriously. Consider them and be honest with yourself. The most extraordinary idea for me is that the cause of most of the problems of which we lament is the same regulatory power we hope will fix them. After this I'll be studying economic history of this regulatory environment to determine if/how it led to market imbalances and distorted incentives. So long as gov't has legal power over commerce, crony capitalism (NOT REAL CAPITALISM) will never end. Yet I'm curious to see how the regulatory machinery may create more problems than it solves. For now, I'd consider myself tentatively in favor of laissez faire capitalism.I can also fully recommend the blog talk radio podcast of Dr Yaron Brook. It's a very thought provoking show for those tired of being locked into the outdated liberal-conservative buckets.
This is a 5 star book to understand the philosophy of Capitalism and the horrors of other systems. It does not endeavor to explain capitalism nor should it. I'm not sure Adam Smith felt the same way as Ayn Rand about "why" capitalism is so virtuous, but his book is better to understand the foundations of the system. Rand helps understand why it is better than any other. I believe that she also understood the need for government and implicit in that is "a mixed economy." Once you have government protecting any right of free man, it will infringe on what someone else feels is his/her right. If you have no basis in philosophy, this book can be cumbersome, full of "-isms" and "-ibilities." It is fun and educational whether you believe in capitalism or not.
The chapter What is Capitalism takes one back a bit, because it goes into the roots of why in any free or semi-free society, we must have property rights and individual rights to trade, i.e. capitalism. The chapter, The Roots of War is completely brilliant, and should be required reading in public schools IMO. More could have been said about how EVERY market is ALREADY regulated by supply and demand, and all gov regulations can possibly do is offer counter-orders to the inescapable laws and effects of demand and supply, mucking up how free markets regulate themselves in various brilliant ways. (There is no such thing as an unregulated market). Another example, not only are monopolies not possible in a free market, (a point driven ad nauseam by libertarians), but it's also true that shortages and surpluses are impossible, as these can only occur when price controls are instituted by economically illiterate bureaucrats. (Realize that shortages and scarcity are two different things). Shortages will cause scarcity, but scarcity CANNOT cause shortages in a free market. The chapter The Property Rights of Airwaves seems a bit out of place and an academic exercise that's a bit irrelevant. For anyone interested in how free markets self-regulate, I recommend The Government Against The Economy, by economist George Reisman. A brilliant short book. 'Not to be confused with his magnum opus titled Capitalism.
Published 60 years ago this year, this book is still relevant not only because of Ayn Rand's deep insight, but despite all the social and technological changes the world has seen, much of the same machinery is in place.Ayn explains the flaws with critiques of capitalism and how they often aren't rational, why the 'capitalism' of today isn't the capitalism she advocates, why aiming to profit by taking advantage of others isn't congruent with capitalism, and why the laissez faire capitalism she *does* advocate is based on goodwill and justice, not deceit and plunder.As such, she presents capitalism as an economic system almost as an aside: she focuses on it as a moral system, and tells you why it's superior to its predecessors and various alternatives.While there are a few things out of place, and the overall philosophy isn't perfect, this book presents a powerful case for why laissez faire capitalism should be the bedrock of a peaceful, rational society.
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