Read A Capitalism for the People: Recapturing the Lost Genius of American Prosperity by Luigi Zingales Free Online
Book Title: A Capitalism for the People: Recapturing the Lost Genius of American Prosperity|
The author of the book: Luigi Zingales
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Reader ratings: 3.4
Edition: Basic Books
Date of issue: June 5th 2012
ISBN 13: 9780465029471
Format files: PDF
The size of the: 5.67 MB
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Born in Italy, University of Chicago economist Luigi Zingales witnessed firsthand the consequences of high inflation and unemployment—paired with rampant nepotism and cronyism—on a country’s economy. This experience profoundly shaped his professional interests, and in 1988 he arrived in the United States, armed with a political passion and the belief that economists should not merely interpret the world, but should change it for the better.
In A Capitalism for the People, Zingales makes a forceful, philosophical, and at times personal argument that the roots of American capitalism are dying, and that the result is a drift toward the more corrupt systems found throughout Europe and much of the rest of the world. American capitalism, according to Zingales, grew in a unique incubator that provided it with a distinct flavor of competitiveness, a meritocratic nature that fostered trust in markets and a faith in mobility. Lately, however, that trust has been eroded by a betrayal of our pro-business elites, whose lobbying has come to dictate the market rather than be subject to it, and this betrayal has taken place with the complicity of our intellectual class.Because of this trend, much of the country is questioning—often with great anger—whether the system that has for so long buoyed their hopes has now betrayed them once and for all. What we are left with is either anti-market pitchfork populism or pro-business technocratic insularity. Neither of these options presents a way to preserve what the author calls the "lighthouse” of American capitalism. Zingales argues that the way forward is pro-market populism, a fostering of truly free and open competition for the good of the people—not for the good of big business.
Drawing on the historical record of American populism at the turn of the twentieth century, Zingales illustrates how our current circumstances aren’t all that different. People in the middle and at the bottom are getting squeezed, while people at the top are only growing richer. The solutions now, as then, are reforms to economic policy that level the playing field. Reforms that may be anti-business (specifically anti-big business), but are squarely pro-market. The question is whether we can once again muster the courage to confront the powers that be.
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Read information about the authorLuigi G. Zingales is a finance professor at the University of Chicago Booth School of Business, and the author of two widely-reviewed books. Saving Capitalism from the Capitalists (2003) is a study of "relationship capitalism". In A Capitalism for the People: Recapturing the Lost Genius of American Prosperity (2012), Zingales "suggests that channeling populist anger can reinvigorate the power of competition and reverse the movement toward a 'crony system'."
Zingales received a bachelor's degree in economics, from the Bocconi University in Milan. In 1992 he earned a Ph.D. in Economics from the Massachusetts Institute of Technology. In the same year he joined the faculty of University of Chicago Booth School of Business, where he is the Robert C. McCormack Professor of Entrepreneurship and Finance.Zingales also serves as a member of the Committee on Capital Markets Regulation. He was the winner of the 2003 Germán Bernácer Prize to the best European economist under 40 working in macro-finance.
In July 2012, Zingales took part in the 'No-Brainer Economic Platform' project of NPR's program Planet Money. He supported a six-part reform plan that involved eliminating all American income, corporate, and payroll taxes as well as the war on drugs and replacing the system with a broad consumption tax (including taxing formerly illegal substances).
In 2012, he was named by Foreign Policy magazine to its list of FP Top 100 Global Thinkers, "For reminding us what conservative economics used to look like."