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The Case for Legalizing Capitalism
What's the "American system" of economics? Most people would say it is capitalism, which thereby deserves all fault when anything goes wrong. Well, Kel Kelly responds to this myth in this fast-paced and darn-near comprehensive treatment of the truth about the free market and intervention.
His thesis is that the problem isn't capitalism; it is that capitalism in the sense of a free market is not even legal in the United States. Sure, we have private property and some measure of commercial freedom, and enterprise thrives wherever it is permitted. But it is also strangled, hobbled, injured, and suffocated in nearly every aspect of American economic life.
He considers every important banking, education, taxation, labor, environment, trade, war and peace, safety, medicine, drugs, and far more. He presents the reader with a basic explanation of how capitalism is supposed to work and how society functions when commerce is free. He then turns to all the areas of life that are distorted and destroyed by the great "helping hand" of government.
Kel Kelly had several ambitions in writing this book. He wanted a final and decisive answer to the constant attacks on economic freedom that have emerged since the housing bust. As in the 1930s, the enemies of capitalism are having a field-day with - but with bad analytics, bad economics, and a dreadful prescription that only makes matters worse. Also, Kel wanted to bring the energy, rigor, enlightenment, and fun of the website of the Mises Institute to the printed page.
In both respects, he has succeeded many times over. It is a book that every freedom lover can rally around and give to the deeply confused. And it is true that this book is very it can convince those who are looking for answers in the ever-lasting recession.
His thesis is that the problem isn't capitalism; it is that capitalism in the sense of a free market is not even legal in the United States. Sure, we have private property and some measure of commercial freedom, and enterprise thrives wherever it is permitted. But it is also strangled, hobbled, injured, and suffocated in nearly every aspect of American economic life.
He considers every important banking, education, taxation, labor, environment, trade, war and peace, safety, medicine, drugs, and far more. He presents the reader with a basic explanation of how capitalism is supposed to work and how society functions when commerce is free. He then turns to all the areas of life that are distorted and destroyed by the great "helping hand" of government.
Kel Kelly had several ambitions in writing this book. He wanted a final and decisive answer to the constant attacks on economic freedom that have emerged since the housing bust. As in the 1930s, the enemies of capitalism are having a field-day with - but with bad analytics, bad economics, and a dreadful prescription that only makes matters worse. Also, Kel wanted to bring the energy, rigor, enlightenment, and fun of the website of the Mises Institute to the printed page.
In both respects, he has succeeded many times over. It is a book that every freedom lover can rally around and give to the deeply confused. And it is true that this book is very it can convince those who are looking for answers in the ever-lasting recession.
- GenresEconomics
492 pages, Paperback
First published January 1, 2001
1 person is currently reading
55 people want to read
About the author
Kel Kelly
3 books2 followersKel Kelly has spent over 13 years as a Wall Street trader, a corporate finance analyst, and a research director for a Fortune 500 management consulting firm. Results of his financial analysis have been presented on CNBC Europe, and the online editions of CNN, Forbes, BusinessWeek and the Wall Street Journal.
Kelly holds a degree in Economics from the University of Tennessee, an MBA from the University of Hartford, and an MS in Economics from Florida State University. He has devoted many years to the study of economic thought, focusing on business cycles, financial markets, and monetary policy.
More of his economic literature can be found at http://mises.org.
Kelly holds a degree in Economics from the University of Tennessee, an MBA from the University of Hartford, and an MS in Economics from Florida State University. He has devoted many years to the study of economic thought, focusing on business cycles, financial markets, and monetary policy.
More of his economic literature can be found at http://mises.org.
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Displaying 1 - 2 of 2 reviews
January 21, 2015
Two and a half stars. This is not a bad book by any means, it is just trying to do much too much at once. It tries to rationalize Austrian free-market economics with Anarcho-Capitalism and succeeds at neither. It lacks the clarity of Economics in One Lesson: The Shortest & Surest Way to Understand Basic Economics and, while more modern, it lacks the dedicated focus ofFor a New Liberty: The Libertarian Manifesto. There are momements of pure brilliance and they are why I kept reading; they were just buried in a meandering and circular oratory.
I think an interesting opportunity was missed; but it would have to have better focus and tighter writing before it could replace the 'classic' texts it tries to join together. Over all, it was twice as long and half as well written and either work.
I think an interesting opportunity was missed; but it would have to have better focus and tighter writing before it could replace the 'classic' texts it tries to join together. Over all, it was twice as long and half as well written and either work.
April 7, 2011
Kel Kelly is not only one of the most attractive libertarians writing today, but one of the most astute. The Case for Legalizing Capitalism will make you stop being ashamed of being a capitalist.
It can become exhausting to be exposed to constant arguments about why you should be ashamed that you're productively improving the state of the human race. It's comforting to read a fellow-traveler explain not only why socialism fails but why capitalism is so effective at generating higher living standards.
His section on why progressive taxation is particularly well-done. Many will shy away from arguing against taxing the rich (because it's so popular), but Kelly uses a fine distinction between savings, investment, and consumption to explain the reasoning.
The largest error that conventional economists make is to fail to distinguish between those three forms of economic activity. Kelly is more succinct than most Austrian economists in discussing the important differences.
It can become exhausting to be exposed to constant arguments about why you should be ashamed that you're productively improving the state of the human race. It's comforting to read a fellow-traveler explain not only why socialism fails but why capitalism is so effective at generating higher living standards.
His section on why progressive taxation is particularly well-done. Many will shy away from arguing against taxing the rich (because it's so popular), but Kelly uses a fine distinction between savings, investment, and consumption to explain the reasoning.
The largest error that conventional economists make is to fail to distinguish between those three forms of economic activity. Kelly is more succinct than most Austrian economists in discussing the important differences.
Displaying 1 - 2 of 2 reviews