Saving Capitalism: For the Many, Not the Few

Full of Ideas for making things better

This is an inspiring book. The copyright date is 2016, and it was clearly written before the emergence of Donald Trump as President. In fact, Trump is only mentioned in the book once, and this is because of his infamous bankruptcy issues over his Atlantic City properties. The author actually talks about some prominent Republicans voting for Hillary Clinton, in anticipation of her becoming President in 2017. So much for that prediction or insight. But as this is review is written, and the Presidential era of Joe Biden has begun, it is as if this book may be even more relevant in the current events of American history. The thesis of this book is that there is nothing inherent in capitalism that should lead to “mounting insecurity and economic inequality.” He says that this has been the case in American history, in varying degrees over time, but that it can be changed. When this increasing inequality is unchecked by government intervention, it feeds upon itself and has to be “saved from its own excesses.” If this is not done, we get to a point where the rich and powerful have most of the money and political power. Per Reich, this is not good for anyone, including the rich and powerful. He questions whether the “free market” has every really been free. He says that there can be a government that is there to “make and enforce the rules of the game.” He does not think the size of government is a major issue. What is more important is that government be there to stabilize things, especially when they get out of whack. He says that there are five building blocks of capitalism: property, monopoly, contract, bankruptcy and enforcement. He sees the accumulation of money and power as linked to the core. He talks about how real and intellectual property have been the basis for wealth for centuries. And he shows how some giant corporations, such as Pfizer and Monsanto have been able to monopolize products to produce huge financial gains. He cites Amazon as an entity that sucks...