Author: Robert B. Reich
Format: Audible
Subject: Capitalism
Rating: 7/10
Summary:
Economics to be a pretty captivating subject, so long as it doesn’t get too deep into theory. I also enjoy listening to ideas that are somewhat counter to my own. Its an exceptionally effective way to broaden one’s views. Reich’s writing is based on the idea that we spend most of our time debating the wrong question: Free Market versus Government. He argues that (rightly so,) that the Free Market cannot exist without the government, and that the real question is how should the laws that govern the free market be determined.
Reich focuses a lot of his attention on laws governing bankruptcy, property, and contracts have changed over time. He highlights those changes as specifically helping corporations and the wealthy while weakening the every day citizen. Reich truly believes that capitalism can exist in a manner that is much more beneficial to the masses. His final call to action is that Americans don’t have to accept things the way they are.
What I liked Most About the Book: It served as an excellent reminder that the free market is fundamentally a human construct.
Memorable Quotes:
- The idea of a free market separate and distinct from government has functioned as a useful cover for those who do not want the market mechanism fully exposed. They have had the most influence over it and would rather keep it that way. The mythology is useful precisely because it hides their power.
- Government doesn’t intrude on the free market. It creates the market.
- The free market does not exist in the wilds beyond the reach of civilization. Competition in the wild is a contest for survival in which the largest and strongest typically win. Civilization, by contrast, is defined by rules; rules create markets, and governments generate the rules.
- Economic historian Karl Polanyi recognized, those who argue for less government are really arguing for a different government—often one that favors them or their patrons
- Moreover, people who believe the game is rigged are easy prey for political demagogues with fast tongues and dumb ideas.