Capitalism is taught in schools as evil. And some of that is the fault of the Capitalists, using terms like “greed” to describe how free markets work.
Ultimately, however, Capitalism is about freedom (and some would argue is necessary for freedom). Free markets are, as the name suggests free.
If you’re curious about what Capitalism really is and why it’s benefits far outweigh the drawbacks, see our detailed list below of the best books on Capitalism.
Capitalism and Freedom
One of the greatest economic thinkers of the 20th Century, Milton Friedman’s ideas shaped the policies of President Donald Regan and Prime Minister Margaret Thatcher.
In “Capitalism and Freedom” Friedman argues not just for the benefits of a free market, but that it is actually necessary in order to have a politically free society.
Philosophical yet understandable, it’s core to understanding the true benefits of Capitalism.
Basic Economics
The best way to understand Capitalism, is to understand it in the contest of other theories of economics. And that’s exactly what Thomas Sowell does in “Basic Economics.”
He outlines, in accessible language, the basic principles of Capitalism, Socialism and more. Then he details their outcomes, not what they claim to achieve, but the actual results of implementing their policies in the real world.
From there, Sowell goes into detail how our modern economy functions.
Human Action: A Treatise on Economics
A great intellectual achievement, Ludwig von Mises was a leader of the Austrian School of economics, which informed the beliefs of the Chicago school and economists like Milton Friedman.
In “Theory and History” Mises sets the stage for Friedman’s arguments by detailing how free markets are essentially the cumulative actions of all human beings acting based on their own needs, wants and desires. In essence, he argues, that a free market is the result of free individuals.
That said, he argues that the only suitable economic system, is the one that arises naturally from free people acting in their own interests.
Liberty Versus the Tyranny of Socialism: Controversial Essays
A collection of essays from Walter E Williams on numerous topics, from education to the environment, in “Liberty Versus the Tyranny of Socialism” he puts particular emphasis on the struggle between Capitalism and the theory of wealth distribution.
More than just an attack on socialism, Williams outlines how free market economics can be used to improve the lives of citizens.
The End of Prosperity: How Higher Taxes Will Doom the Economy–If We Let It Happen
The redistribution of wealth may sounds like noble cause but it will actually make life worse for everyone affected.
In “The End of Prosperity” co-authors Laffer, Moore and Tanous detail how the policies of President Ronald Regan got American back on track to a booming economy and how all that is at risk now.
While the tax-and-spend economic theory of socialism may sound appealing on the surface, particularly when it comes to supporting the less fortunate, it runs contrary to the basic tenants of a free society and will make everyone worse-off as a result.
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