Controversial and unavoidable, it shapes our society and our lives – but what really is capitalism? Does it mean greed is good? Are inequality and poverty its inevitable consequences? Can economic growth continue forever or are constant cycles of boom and bust a foregone conclusion? Indeed is capitalism in a fatal crisis – and what, if any, are the alternatives?
From capitalism’s history, core theories and key institutions to its current-day political power and social impact, this book explains everything you need to understand the world’s dominant economic system. Jonathan Portes demystifes the fundamental concepts of capital, creative destruction, the market and the invisible hand; dissects the rival ideologies of socialism, liberalism and Keynesianism; predicts what capitalism means for immigration, the environment and the future of work; and much more – all in 50 concise and authoritative essays.
Here is the essential one-volume guide to capitalism: its strengths and weaknesses, past and future – a future that will affect us all.