Twenty-first Century Capitalism

In order to examine the possible direction of capitalism the author first identifies the nature of the beast and provides a succinct overview of what it is not. Once he has established how capitalism and the market work in contrast to other coordinative mechanisms in society, such as tradition and command, Heilbroner explores capitalism as both an economic system and a political order and demonstrates how these two interrelate. Finally, after a thorough enquiry into the inner workings of the market system, he briefly describes and compares past scenarios for capitalism proposed by Adam Smith, Karl Marx, John Maynard Keynes, and Joseph Schumpeter, then discusses what might be in store for us in years to come. In a time of growing uncertainty about what lies ahead, this book serves as an introduction to past and present economics and provides food for thought on where we might be heading.