The Politically Incorrect Guide to Capitalism
Encyclopedia
The Politically Incorrect Guide to Capitalism
, published in 2007 and authored by Austrian school
economist Robert P. Murphy
, is the ninth book in the popular libertarian
series The Politically Incorrect Guide
s.
Written as a result of a poll by P.I.G. readers that stated a book on economics
was one of the most essential addition to the burgeoning series, The Politically Incorrect Guide to Capitalism aims to refute what it sees as common misconceptions resulting from Keynesian economics
about what capitalism actually is.
The Politically Incorrect Guide to Capitalism argues against criticisms of capitalism, amongst which are:
Instead, Murphy argues that they result from government efforts to regulate the free market that have the effect of distorting laissez-faire supply and demand that would encourage the most rational allocation of resources possible, as well as their conservation for future generations. For example, with endangered species
such as rhinos
it is argued that if they were freely traded those who used their parts would have a stake in maintaining supply and conservation would improve (page 49). It is likewise argued that antitrust laws are unnecessary and that the "robber baron
s" actually benefited the US' poor much more than any government aid has ever done.
Capitalism
Capitalism is an economic system that became dominant in the Western world following the demise of feudalism. There is no consensus on the precise definition nor on how the term should be used as a historical category...
, published in 2007 and authored by Austrian school
Austrian School
The Austrian School of economics is a heterodox school of economic thought. It advocates methodological individualism in interpreting economic developments , the theory that money is non-neutral, the theory that the capital structure of economies consists of heterogeneous goods that have...
economist Robert P. Murphy
Robert P. Murphy
Robert P. "Bob" Murphy is an Austrian School economist and anarcho-capitalist.-Education and personal life:Murphy completed his Bachelor of Arts in economics at Hillsdale College in 1998. He then moved back to his home state of New York to continue his studies at New York University. Murphy earned...
, is the ninth book in the popular libertarian
Libertarianism
Libertarianism, in the strictest sense, is the political philosophy that holds individual liberty as the basic moral principle of society. In the broadest sense, it is any political philosophy which approximates this view...
series The Politically Incorrect Guide
The Politically Incorrect Guide
The Politically Incorrect Guide is a book series by Regnery Publishing presenting conservative or what the publishers of the books consider, politically incorrect beliefs on various topics. Each book is written by a different author and generally presents a conservative or libertarian viewpoint on...
s.
Written as a result of a poll by P.I.G. readers that stated a book on economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
was one of the most essential addition to the burgeoning series, The Politically Incorrect Guide to Capitalism aims to refute what it sees as common misconceptions resulting from Keynesian economics
Keynesian economics
Keynesian economics is a school of macroeconomic thought based on the ideas of 20th-century English economist John Maynard Keynes.Keynesian economics argues that private sector decisions sometimes lead to inefficient macroeconomic outcomes and, therefore, advocates active policy responses by the...
about what capitalism actually is.
The Politically Incorrect Guide to Capitalism argues against criticisms of capitalism, amongst which are:
- it causes ecological destruction
- it causes vast income inequality, as well as racismRacismRacism is the belief that inherent different traits in human racial groups justify discrimination. In the modern English language, the term "racism" is used predominantly as a pejorative epithet. It is applied especially to the practice or advocacy of racial discrimination of a pernicious nature...
- it causes an unpredicatable boom and bustBoom and bustA credit boom-bust cycle is an episode characterized by a sustained increase in several economics indicators followed by a sharp and rapid contraction. Commonly the boom is driven by a rapid expansion of credit to the private sector accompanied with rising prices of commodities and stock market index...
cycle
Instead, Murphy argues that they result from government efforts to regulate the free market that have the effect of distorting laissez-faire supply and demand that would encourage the most rational allocation of resources possible, as well as their conservation for future generations. For example, with endangered species
Endangered species
An endangered species is a population of organisms which is at risk of becoming extinct because it is either few in numbers, or threatened by changing environmental or predation parameters...
such as rhinos
Rhinoceros
Rhinoceros , also known as rhino, is a group of five extant species of odd-toed ungulates in the family Rhinocerotidae. Two of these species are native to Africa and three to southern Asia....
it is argued that if they were freely traded those who used their parts would have a stake in maintaining supply and conservation would improve (page 49). It is likewise argued that antitrust laws are unnecessary and that the "robber baron
Robber baron (industrialist)
Robber baron is a pejorative term used for a powerful 19th century American businessman. By the 1890s the term was used to attack any businessman who used questionable practices to become wealthy...
s" actually benefited the US' poor much more than any government aid has ever done.