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 their book, Carl J. Schramm, Robert E. Litan, and William J. Baumol 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. The authors dispel that myth, documenting four different varieties of capitalism, some “Good” and some “Bad” for growth.