The Politically Incorrect Guide Of Capitalism By Robert Murphy

The first editorial, “The Federal Reserve Politicians,” discussing the expanding power the federal reserve has. The federal reserve officials have become the most important economic decision makers in the government. The author believes that under a healthy government the Fed or any party should not have so much power without more accountability.

In the article, "Moral Criticism of the Market", author Ken S. Ewert lays out a formidable rebuttal of the Christian Left's criticism of the free market economic system. This view has taken a stronger rise in the past couple years, along with the rise in popularity among many around socialism. Since I have the luxury of having lived long enough to see several attempts at socialism/communism rise and fall, I found its resurgence in popularity during the last election somewhat surprising.

In A Capitalist Manifesto, Gary Wolfram provides an explanation of how free market systems work in society and highlights their benefits compared to socialist economies. The first chapters of the book are an introduction to microeconomics: how marginal analysis, supply, demand, market equilibrium, opportunity cost, and profits work. According to him there are three fundamental advantages to a market economy: it allocates resources efficiently, consumers determine wages and therefore income distribution is fair, and finally it’s the only method of organizing society that is consistent with individual liberty. He explains that socialism is an economic system that is is unable to provide a decent standard of living for people and that it cannot survive, giving as an example the fall of the Iron Curtain. The reason is that

One topic subject to never-ending debate that is reviewed, revised, then and disputed among scholars, is the market and the economy. In the book, "The Mind and The Market" by Jerry Muller (2002), he discusses the different viewpoints of scholars about capitalism in the market and the influence society holds on it. This writing is comprised of summaries of several reviews from a variety of authors, which will include their viewpoints, their criticism, and an overall review from Muller 's work. These authors include Brian Fox, Patrick Murray, Charles Tilly, and Fritz Ringer. Each author originates from respected and prestigious journals from different universities, programs, and other education systems. All intellectuals are experts in their field of study with a background in either philosophy, history, or economy, making their viewpoints meaningful, insightful, and relevant. Following the summary of each review will be a comparison and contrasting piece, continuing into an evaluation addressing if they captured the book in an appropriate way. Concluding the essay will have an input of my own personal review of the book. As shown, the reviews vary with their personal opinions regarding the positives and negatives of Muller 's work.

Today, more than ever, there is great debate over politics and which economic system works the best. How needs and wants should be allocated, and who should do the allocating, is one of the most highly debated topics in our current society. Be it communist dictators defending a command economy, free market conservatives defending a market economy, or European liberals defending socialism, everyone has an opinion. While all systems have flaws and merits, it must be decided which system is the best for all citizens. When looking at both the financial well being of all citizens, it is clear that market economies fall short on ensuring that the basic needs of all citizens are met. If one looks at liberty and individual freedom, it is evident

In the article "Moral Criticisms of the Market," Ken Ewert composed an educational article on the economic system of capitalism to address the moral issues that the “Christian Left” critics had raised. Christian socialists reprimand the system of the free market for its morals or lack thereof, as well as the system inherently created an environment where selfishness and impersonal and individual relations is encouraged, and economic oppression and exploitation of the weak thrives (Ewert, 1989).

The United States of America was once renowned for and demarcated by the size and successfulness of its middle class. Currently, America faces a shrinking middle class and a new rising oligarchy that is creating the largest wealth disparity in eighty years. Robert B. Reich wrote Saving Capitalism: For the Many, Not the Few, for the sole purpose of exposing the reasons why the wealthy get wealthier and poor get poorer. Reich contends that the free market vs government debate serves as a means of distraction, covering up the real issues of the top one percent reaping economic gains. Reich states in the book that the “free market” is a myth that prevents us from examining the rule changes and questioning who they serve. Reich further states “it is no accident that those with disproportionate influence over these rules, who are the largest beneficiaries of how the rules have been designed and adapted, are also among the most passionate supporters of the “free market” and the most ardent advocates of the relative superiority of the market over the government.”

In America, there exists many differing approaches towards solving economic problems. From the far left to the far right, there is intense disagreement on even basic economic questions, such as poverty, the role of the government, and the role of individuals. The perspectives of Liberals and Conservatives will be discussed in this paper. Between Liberals and Conservatives, the ideological contrast is clear. While both agree on the virtues of capitalism, this is where the similarities end.

As citizens of the United States, we are members of the leading capitalist economy in the world. Our production and distribution is mostly done privately and we operate in a “profit” or “market” system. The capitalist system has been a target for criticism throughout the last three hundred years and is being discussed now more than ever due to the recent recession and financial crisis (Shaw and Barry n.d., 1). Its effects,

Capitalism and Freedom, written by Milton Friedman, seems to focus significantly on the connections between the economics and politics, and the effect that those have in various aspects of society. This relationship was referred to throughout the book, and the topics Friedman discusses ranged between governmental control of money, to foreign policy and trade and the effect that has on our economy. Through the course of the book, Friedman constantly refers to his “classical liberal” view, which focuses on the freedoms and power of the individual in society. Friedman shows his support of this view during the book using the idea of a laissez-faire government. For Freidman, government involvement in issues regarding society should

Milton Friedman’s Capitalism & Freedom is one of the most important books regarding economics of the 20th century. His thoughts laid the groundwork for the emerging modern conservative movement, which was an evolution of the 19th century beliefs surrounding liberalism. Friedman’s major themes of his most famous work consist of the roles of competitive capitalism, as well as the role that government should play in a society “dedicated to freedom and relying primarily on the market to organize economic activity.” The book touches on a multitude of other economic issues; however, his first two chapters regarding the major themes of the book are most

In Ha-Joon Chang’s 23 Things They Don't Tell You About Capitalism, he tries to break it down to the readers some of the unexplored issues in regards to capitalism. He cleverly engages the reader into thinking critically about capitalism from a broader perspective. His perceptions are not only eye-opening, they are also relevant, especially with the current dynamic economy in the wake of the 2008-2009 economic crunch. He exposes the problem with the masses and why the economies still remain unstable. Acceding to Chang (2010), we do not see economic crisis coming because we are unaware about certain aspects about capitalism and we do not make an effort to enquire. It is important to note that he is not against capitalism as the title of the book might

Nowadays, monetary and central bank policy become more and more important. Besides, many references are regularly made to the function of central bank as lender of last resort(LOLR). LOLR contributes a lot to solve the financial crises. As central banks are independent from government, they seem to have strong priorities. In modern society, with the growth of the global economy, central banks have been playing especially important roles in finance systems of modern society(Goodhart& Illing,2002) . The main responsibility of a central bank is to manage the monetary policy in order to keep the economy as well as currency stable. Then, the central banks can manage inflation

The two primary components of government revenue sources are taxes and borrowing money. Most governments operate in two modes by using both monetary policy and fiscal policy to help stabilize the ecomony as well as achieve certain economic goals. In the U.S. the Federal Reserve, known as “the Fed”, is a governmental agency in which their most important task is to regulate the nation’s money supply (Miller p. 331). Monetary policy consists of deliberate changes in the money supply to influence interest rates and thus influencing spending in the economy. Key factors that the Fed uses to influence the price and quantity money will be explored along with the reasons why people desire to possess it. Money is the medium that is primarilly used for the exchange of goods and services.

Capitalism is essentially the economic system in which private owners are able to control industry, rather than the government. This system fundamentally drives American society and what makes America particularly attractive to foreigners especially. In a capitalist society, class is not solely based on birthright, but one has the ability to change his/her class based on income. Ideally, the more income a person has, the more freedom and power this person is able to exercise. However, business moguls and government have been known to exploit this fundamental feature of market economy and use it to their advantage by harboring money (power). But before I put on my tin foil hat and start spewing on about the government, allow me to ask this question: “Where does this system come from?” I believe in order understand the oppressive issues of this system, it’s crucial to understand the conditions that formulated it.