Marx and Engels were right when they observed in The Communist Manifesto that free markets had in a short time created greater prosperity and more technological innovation than all previous generations combined. A century and a half later, all the evidence shows that capitalism has lifted millions from hunger and poverty.
Nonetheless, today’s story about global capitalism, shared by right-wing and left-wing populists – and by large sections of the political and economic establishment – accepts that prosperity has been created, but says it ended up in far too few hands. This in turn has made it popular to talk about the global economy as a geopolitical zero-sum game, where we must fight to control new innovations, introduce trade barriers and renationalize supply chains. More generally, capitalism is also accused of fuelling glaring inequality, populist revolts, climate change and China’s global conquest.
In this incisive and passionate investigation, Johan Norberg instead restates the case for capitalism and the vital role played by the free market in today’s uncertain world. Ultimately, he argues that a move away from global capitalism would not only squeeze the growth out of the economy but also deepen an already large social exclusion for the vulnerable – for the world’s poor, it would be a killing blow.
Johan Norberg is a historian, lecturer and commentator. He is a senior fellow at the Cato Institute in Washington DC and his books have been translated into twenty-five languages. His books include the international bestseller Progress and Open, which was an Economist book of the year. Norberg regularly writes for publications such as The Wall Street Journal, Reason and HuffPos...
