Synopses & Reviews
Imagine this: a mere century ago, the purchasing power of an average American was one-tenth of what it is today. But what will it take to sustain that growth through the next century? And what can be said about economic growth to aspiring nations seeking higher standards of living for their citizens?
In this important book, William J. Baumol, Robert E. Litan, and Carl J. Schramm contend that the answers to these questions lie within capitalist economies, though many observers make the mistake of believing that capitalism” is of a single kind. Writing in an accessible style, the authors dispel that myth, documenting four different varieties of capitalism, some Good” and some Bad” for growth. The authors identify the conditions that characterize Good Capitalismthe right blend of entrepreneurial and established firms, which can vary among countriesas well as the features of Bad Capitalism. They examine how countries catching up to the United States can move faster toward the economic frontier, while laying out the need for the United States itself to stick to and reinforce the recipe for growth that has enabled it to be the leading economic force in the world. This pathbreaking book is a must read for anyone who cares about global growth and how to ensure Americas economic future.
Review
"In our lifetimes, humans passed a remarkable milestone. Most people now live in a capitalist economy. This is not, however, the end of history. As the authors of this path breaking book show, there are several distinctly different types of capitalism and it takes a mixture of two of these types to get all the economic, social, and political benefits that capitalism affords."and#8212;Paul M. Romer, STANCO 25 Professor of Economics in the Graduate School of Business at Stanford University
andnbsp;
andnbsp;
andnbsp;
Review
and#8220;
Good Capitalism, Bad Capitalism tells us that capitalism comes in different flavors, and some of those flavors taste very much better than others.andnbsp;One of these forms of capitalism, entrepreneurial capitalism, is a special treat.andnbsp;It leads to growth and prosperity.andnbsp;The other forms are to be avoided; they lead to stagnation.andnbsp;This new view of the wealth of nations offers a guide to economic policy in all countries, from richest to poorest.andnbsp;This is a daring book with big, bold, important ideas.and#8221;and#8212;George Akerlof, University of California, Berkeley, Nobel Laureate in Economics, 2001andnbsp;
andnbsp;
andnbsp;
Review
"Good Capitalism, Bad Capitalism helpfully moves the debate on from competing national models to the underlying structures that shape the relative effectiveness of different sorts of capitalism."and#8212;The Economist
Review
"Well worth a read by both academics and policy-makers. It is an interesting and promising departure from the standard debates."and#8212;Mark Zachary Taylor, Review of Policy Research
Review
"The issues here are complex, and the book is chock-full of wise suggestions on how to reform the patent system, bankruptcy laws, and antitrust policies to protect 'good capitalism.'" and#8212;Joel Mokyr, Technology and Culture
Synopsis
In this important book, three prominent economists propose that there are different varieties of capitalism in the world today--some good for economic growth, others decidedly bad. Writing in an accessible style, William J. Baumol, Robert E. Litan, and Carl J. Schramm documentfour different varieties of capitalism andand#160;identify the conditions that characterize Good Capitalismandmdash;the right blend of entrepreneurial and established firms, which can vary among countriesandmdash;as well as the features of Bad Capitalism. They examine how countries catching up to the United States can move faster toward the economic frontier, while laying out the need for the United States itself to stick to and reinforce the recipe for growth that has enabled it to be the leading economic force in the world. This pathbreaking book is a must read for anyone who cares about global growth and how to ensure Americaandrsquo;s economic future.
About the Author
William J. Baumol is Harold Price Professor of Entrepreneurship and academic director of the Berkley Center for Entrepreneurial Studies in the Stern School of Business, New York University, and senior economist and professor emeritus at Princeton University. Robert E. Litan is vice president for research and policy at the Kauffman Foundation and senior fellow at the Brookings Institution. Carl J. Schramm is president and chief executive officer of the Kauffman Foundation and a Batten Fellow at the Darden School of Business, University of Virginia.