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Why Capitalism?

Tuesday April 2012


Allan H. Meltzer The Allan H. Meltzer University Professor of Political Economy, Carnegie Mellon University

In recent years, we have experienced an array of economic disasters: a burst tech bubble, Madoff ’s Ponzi scheme, and fraud by major corporations, to name a few. Many would say these problems are an unfortunate result of a capitalist system. At a time like this, can we have any faith that capitalism is a system that is not only solvent but able to flourish? “Yes,” answers Allan H. Meltzer in his new book, Why Capitalism? Only capitalism, he writes, maximizes both growth and individual freedom. Meltzer passionately reminds us of the perseverance and success of capitalism, the one economic system that has survived every challenge and risen to dominate the globe.