Robert P. Murphy - The Politically Incorrect Guide to Capitalism
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The Politically Incorrect Guide to Capitalism: summary, description and annotation
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Most commonly accepted economic facts are wrong Heres the unvarnished, politically incorrect truth. The liberal media and propagandists masquerading as educators have filled the world--and deformed public policy--with politically correct errors about capitalism and economics in general. In The Politically Incorrect Guide(tm) to Capitalism, myth-busting professor Robert P. Murphy, a scholar and frequent speaker at the Ludwig von Mises Institute, cuts through all their nonsense, shattering liberal myths and fashionable socialist cliches to set the record straight. Murphy starts with a basic explanation of what capitalism really is, and then dives fearlessly into hot topics like:
* Outsourcing (why its good for Americans) and zoning restrictions (why theyre not)
* Why central planning has never worked and never will
* How prices operate in a free market (and why socialist schemes like rent control always backfire)
* How labor unions actually hurt workers more than they help them
* Why increasing the minimum wage is always a bad idea
* Why the free market is the best guard against racism
* How capitalism will save the environment--and why Communist countries were the most polluted on earth
* Raising taxes: why it is never responsible
* Why no genuine advocate for the downtrodden could endorse the dehumanizing Welfare State
* The single biggest myth underlying the publics support for government regulation of business
* Antitrust suits: usually filed by firms that lose in free competition
* How tariffs and other restrictions protect privileged workers but make other Americans poorer
* The IMF and World Bank: why they dont help poor countries
* Plus: Are you a capitalist pig? Take the quiz and find out! Breezy, witty, but always clear, precise, and elegantly reasoned, The Politically Incorrect Guide(tm) to Capitalism is a solid and entertaining guide to free market economics. With his twelve-step plan for understanding the free market, Murphy shows why conservatives should resist attempts to socialize America and fight spiritedly for the free market.
* Outsourcing (why its good for Americans) and zoning restrictions (why theyre not)
* Why central planning has never worked and never will
* How prices operate in a free market (and why socialist schemes like rent control always backfire)
* How labor unions actually hurt workers more than they help them
* Why increasing the minimum wage is always a bad idea
* Why the free market is the best guard against racism
* How capitalism will save the environment--and why Communist countries were the most polluted on earth
* Raising taxes: why it is never responsible
* Why no genuine advocate for the downtrodden could endorse the dehumanizing Welfare State
* The single biggest myth underlying the publics support for government regulation of business
* Antitrust suits: usually filed by firms that lose in free competition
* How tariffs and other restrictions protect privileged workers but make other Americans poorer
* The IMF and World Bank: why they dont help poor countries
* Plus: Are you a capitalist pig? Take the quiz and find out! Breezy, witty, but always clear, precise, and elegantly reasoned, The Politically Incorrect Guide(tm) to Capitalism is a solid and entertaining guide to free market economics. With his twelve-step plan for understanding the free market, Murphy shows why conservatives should resist attempts to socialize America and fight spiritedly for the free market.
Robert P. Murphy: author's other books
Who wrote The Politically Incorrect Guide to Capitalism? Find out the surname, the name of the author of the book and a list of all author's works by series.
Robert P. Murphy
Robert P. Murphy
Robert P. Murphy
Robert P. Murphy
Robert P. Murphy
H. W. Crocker
Thomas J. DiLorenzo
William Kilpatrick
Robert Spencer
Nigel Latta
Weiner Tom
F. Roger Devlin
Kevin R. C. Gutzman
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Table of Contents
This book is dedicated to my father, whose subscription to the Conservative Chronicle and daily listening to Rush Limbaugh got me interested in free market capitalism.
ARE YOU A CAPITALIST PIG? TAKE THE QUIZ AND FIND OUT!
1. How much should a worker be paid?
a. On a sliding scale depending on how important his work is to society.
b. Enough to support his family.
c. Just enough to keep him from quitting.
2. How much should a business charge for its products?
a. Just enough to cover expenses.
b. Enough to keep employment high in the industry.
c. The highest price it can.
3. If you are a car producer, how many deaths should your product cause per year?
a. Zero, of course!
b. Obviously, as few as possiblethe goal should be to make cars the safest form of transportation.
c. Whatever number of deaths makes your firm the most money.
4. Youre hiring a receptionist. One applicant is efficient and the other is gorgeous. Which should you choose?
a. The efficient one.
b. The gorgeous one.
c. Hire the gorgeous one if she attracts enough extra business to compensate for her inefficiency, otherwise hire the efficient one.
5. Whats your opinion of commercials?
a. They are an insidious form of corporate brainwashing that cater to our baser instincts and prejudices.
b. Theyre occasionally clever, especially during the Super Bowl, but in general commercials are banal and tiresome.
c. They can be a great way to boost sales, so long as youve correctly identified your target audience.
If you answered (c) to three of the questions above, you might be a capitalist pig. And if you are, oink away, because, as well see, its betterfor everybodyif we have more capitalist pigs and fewer bureaucratic swine.
Chapter One
CAPITALISM, PROFITS, AND ENTREPRENEURS
These days, everyone has an agenda. Feminists demand equal pay for equal work. Environmentalists want to save the earth from the ravages of industry. Social scientists want to reconstruct society on rational grounds. Natural scientists want to promote biodiversity and develop alternative energy sources. Consumer advocacy groups want to improve product safety. Moralists decry commercialization. Luddites yearn for the simple agrarian society of the past. Beneath their differences, all these groups share one passion: they despise capitalism.
Guess what?
The word capitalism was originally a Marxist smear.
No economic system has ever been more successful at continuously raising standards of living than capitalism.
Profits are proof that resources are used effectively.So what is capitalism, anyway?
Capitalism is the system in which people are free to use their private property without outside interference. Thats why its also known as the free enterprise (or free market) system, because it allows people freedom to choose: freedom to choose their own jobs, freedom to sell their products at whatever prices they like, and freedom to choose among products for the best value.
In the United States, many of us take capitalism for granted, but under a socialist government or in a tribal system, jobs are assigned by the authorities. In managed economies, prices might be set and import and export quotas might be enforced. In many socialist countries there is no right to private property at all: everything is ownedor could be confiscatedby the state for the benefit of the people.
Laissez-faire versus regulation
Of course, the capitalist system of the United States is different from the capitalist system in, say, Norway. And, for that matter, Americas capitalist system today is far different from what it was in 1900. A country can have private property and allow certain economic freedom, but also fence it in with heavy government regulation.
A Book Youre Not Supposed to Read
Planned Chaos by Ludwig von Mises; Irvington-on-Hudson, NY: Foundation for Economic Education, 1947.
Most modern critics of capitalism fear freedomthey fear the results of allowing people to decide their own economic affairs and letting the unregulated market run its course. They think regulators and bureaucrats know better than private citizens making their own voluntary arrangements. To show how baseless these fears are, in this book we will examine pure capitalism, even though it doesnt exist in this form today.
Free to starve?
Critics of capitalism will concede, Yes, in a market economy the workers are free to choose their jobs. But, theyll add, so what? Workers are at the mercy of employers.
But better to be at the mercy of an employer in a free marketwhere you have a choice, the employer has competitors, and the worst he can do is cease giving you his moneythan to be at the mercy of a state bureaucrat who makes choices for you with the force of the government behind him. The political implicationsnot just the economic onesof a free market versus a socialist economy are obvious, so much so these days that they are an embarrassment to enemies of the free market.
Yes, a single mother with no savings may have to put up with quite a lot from a lecherous boss for her childrens sake. But if it ever gets to be too much, she can always quit. In contrast, under a socialist system, the dissatisfied citizens only recourses are to leave the country (if thats even allowed), or to start a revolution. So which person will likely suffer more abusethe worker under capitalism or the comrade under socialism? Are we simply to assume that powerful people in a capitalist system are evil, while powerful people in other systems are benevolent?
Mass production for the masses
A common objection to capitalism is that it exploits the poor to serve the interests of the rich. Historically, this is precisely backward. In the alleged good old days of medieval Europe (idealized by thinkers such as John Ruskin and Hilaire Belloc), the vast majority of people either toiled in the fields to which they were bound or worked at a craft heavily regulated by a guild. Meanwhile, the elite aristocracy had a virtual monopoly on luxury goods.
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