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The Future of Capitalism: A Manifesto, by Paul Collier
Download The Future of Capitalism: A Manifesto, by Paul Collier
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Review
A leading economist...takes a hard look at today's economic and social inequalities and suggests ways to fix them by addressing flaws in capitalism itself. For both left-wing and right-wing readers.-- "Library Journal"A powerful, bracing call for a return to New Deal ethics in the age of Trump and Brexit.-- "Kirkus Reviews"
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About the Author
Paul Collier is a professor of economics at St. Antony's College, Oxford. His book The Bottom Billion has won the Lionel Gelber Prize, the Arthur Ross Prize awarded by the Council on Foreign Relations, and the Corine Prize.
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Product details
MP3 CD: 1 pages
Publisher: HarperCollins B and Blackstone Audio; Unabridged MP3CD edition (December 4, 2018)
Language: English
ISBN-10: 198255276X
ISBN-13: 978-1982552763
Product Dimensions:
5.3 x 0.7 x 6.8 inches
Shipping Weight: 2.9 ounces (View shipping rates and policies)
Average Customer Review:
4.3 out of 5 stars
11 customer reviews
Amazon Best Sellers Rank:
#1,022,460 in Books (See Top 100 in Books)
The Future of Capitalism is an immensely ambitious book. Written for an educated but non-technical audience, Collier explicitly states that he wants the ideas in this book to heal the current socio-economic crisis and ground capitalist states for the next generation.Instead of trying to argue about whether Collier’s effort is successful, something impossible to achieve in a brief review, I would rather summarize Collier’s major ideas. In this way the prospective reader can judge for himself/herself whether the book’s project is something they would entertain reading.Collier’s primary diagnosis of the ills confronting capitalism is that it relies on an oversimplified understanding of the individual. Based on the ideas of Bentham and Mill, economists have tended to view human beings as simply making rational decisions to maximize utility. By doing so, they’ve left out key dimensions of human psychology, primarily the need for social esteem or respect. Because of this highly individualistic philosophy Western societies have lost the social cohesion that marked the period from 1945-1970.Added to this is an increasingly simplified notion of the firm. Based on the ideas of Milton Friedman, the firm is supposed to solely maximize profits. Any responsibilities outside of this to its employees/consumers is ignored.In keeping with these two fallacious notions, conservatives have increasingly viewed their task as simply removing government from the market. Liberals have tended to see themselves as an enlightened elite who must steer the economy to monetarily compensate those whom the market hasn’t sufficiently rewarded.In place of this Collier calls for social maternalism. A state which, eschewing ideology, makes pragmatic policy choices to build a true national community and makes certain that all citizens have the possibility for a life resulting in social respect.Collier’s analysis is, of course, much more detailed and his pragmatic policy recommendations are manifold. But I hope I’ve given the prospective reader an idea of how ambitious this book is and whether the type of ideas conveyed would be of interest.Personally, for what it’s worth, I found myself agreeing with Collier’s depiction of the current socio-economic climate but doubtful as to whether his policy prescriptions would be enough to provide a remedy. But I still gave the book five stars because, to my knowledge, there are few academics willing to write for a non-technical audience a book with ambitions such as these.Relatively easy to read, with clear prose and ample examples to drive the narrative, I hope the book is given the serious consideration it deserves. In short, for those who worry about the future of capitalist societies a must read.
Paul Colliers’ title is a poor rendering of the book it covers, it bespeaks a dusty edifice and this is a bedazzling erection of possible solutions to the troubles of modern times. Backing up to Colliers’ favorite time ‘the social democratic era from 1945 to 1970’* there were a collection of ‘wise men’ who slowly hammered out social institutions build upon the social democratic systems of western European countries and the FDR New Deal policies in America to cover the interactions of local governments for their citizens and affairs among nations. The characteristics they shared were reciprocity and generosity. For the citizen some form of support and concern from birth to death, and for nations a willingness to care for the disadvantaged – America’s Marshall Plan being one proud example. Then things changed. The institutions became dictatorial and lost their initial purpose the philosophical under-structure destroyed.Collier list Robert Putnam’s Bowling Alone as a reference but there are many noting where the collective disappeared and individualism became the ruling ideology; in the extreme case governments became agents for corporations and the financial centers and their lobbyists.The results: inequalities arising among the highly educated successful and the bulk of society, wealthy metropolitan centers and failing cities and towns, and the fracturing of such elementary units as the family. Collier is an economist and his presentation flows from utilitarian based price theory but he knows its shortcomings and aims to speak to the general citizen not to the politicians. There is a sociological undertone where he imagines the redeeming characteristic of mankind and views a way to reactivate these and use them to solve existing dystopian natures of capitalism, governments, and individuals.One can take that with a grain of salt and still find exciting ideas for communities to redo their failed states of existence bringing in core conditions for new developing industries, educational systems to turn to the child at kindergarten as the most important developmental age, link businesses and workers using the TVET** methods of Germany and Switzerland, and states recapturing economic rent seekers as major taxing possibilities. These and other are the high points of the presentation and there are many.There likely will never be a Collierism to replace other lingering ideology that he despises, but there surely will be people finding exciting notions to pursue where they can enlist like minded individuals to good effect.*** He is right it is time for ‘Facing the New Anxieties.’ Leadership will be needed. It can happen.“We can do better: we once did so, and we can do it again.†p.2234 stars*There is not a good name for this period in America. the right has hung the ungracious title of ‘Welfare Liberalism’ on it, but ‘Post-War Prosperity’ is also seen.**Technical, vocational, education and training; an idea that seems to be spreading. See: The once and Future Worker, Oren Cass.***â€We have never had an ethical world, but in the period from 1945 to 1970 we made more progress towards this goal than during any other period of history, progress that has been unravelling. In restoring forward momentum we need to return to the realistic approach of prudent pragmatism. Providing effective redress for those in need of rescue is affordable and feasible; the looming global anxieties are best met not by Utilitarian moralizing, but through clubs that build new reciprocal obligations among the affluent societies to meet the duties of rescue.†p. 218
Fine analysis of how we got into trouble, if a bit overweight on the impact of intellectual history. Interesting proposals, although many will disagree. Concise book, well worth the time and money.
He describes the problems of Capitalism very well. And the changes in lifestyle, that will be required to solve these problems.If people will only understand their problems correctly.
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