Saving Capitalism: For the many, not the few by Robert B. Reich a former Secretary of Labor and current Berkeley Economics Professor talks about capitalism. I decided to read this book based on a review in the New York Times.
Started: 6/20/2019
Completed: 7/4/2019
Recommendation: Recommended
Recommended By: New York Times
Review:
"In truth, income and wealth increasingly depend on who has the power to set the rules of the game."
Secretary Reich builds a compelling argument that the rules of the game are biased in favor of the rich. He does this along two primary paths--a hidden offset for Wall Street and manipulation of the concepts behind "free market." Reich, as usual, sets the ground that there is no such thing as a free market. The question is in whose favor the market is regulated. Obvious examples like copyright and patents rig the market in favor of companies over consumers. Anti-monopoly statutes rig the market in favor of the consumer. However one approaches the current "free market" it is not a free market and should not be one. The question is how and to what degree the market should be regulated.
In the end, there is just too much power held by the rich right now. The market bends far too much in their favor. Clearly, some of this needs to be resolved within market regulations. What I find enticing, however, is Secretary Reich's call back to Thomas Paine, who, in Common Sense, called for a universal basic income.
"However it is accomplished, the rules must be adapted toward creating a more inclusive economy."
This is a good book and it spells out the serious issues Capitalism faces in the United States. It was written before Trump's tax law that further pushed money to the rich.
"In truth, income and wealth increasingly depend on who has the power to set the rules of the game."
Secretary Reich builds a compelling argument that the rules of the game are biased in favor of the rich. He does this along two primary paths--a hidden offset for Wall Street and manipulation of the concepts behind "free market." Reich, as usual, sets the ground that there is no such thing as a free market. The question is in whose favor the market is regulated. Obvious examples like copyright and patents rig the market in favor of companies over consumers. Anti-monopoly statutes rig the market in favor of the consumer. However one approaches the current "free market" it is not a free market and should not be one. The question is how and to what degree the market should be regulated.
In the end, there is just too much power held by the rich right now. The market bends far too much in their favor. Clearly, some of this needs to be resolved within market regulations. What I find enticing, however, is Secretary Reich's call back to Thomas Paine, who, in Common Sense, called for a universal basic income.
"However it is accomplished, the rules must be adapted toward creating a more inclusive economy."
This is a good book and it spells out the serious issues Capitalism faces in the United States. It was written before Trump's tax law that further pushed money to the rich.
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