DiDonovan

Capitalism for Democrats: Why The Country Needs It Now is recommended reading for not just Democrats, but any American who needs a refresher course in what capitalism is, how it operates, and how to preserve its key elements.

Contrary to some popular beliefs, when organized and employed with a careful attention to its tenets, capitalism can be both a moral and ethical force for doing good in the world. Like any system, however, it needs regulation and attention to be sure that its underlying principles are preserved and not subverted or attacked.

Martin Lowy provides a concise primer that goes beyond reviewing the ideals of capitalism to examine the history and influence of business corporation processes and political regulations on capitalism's momentum. He considers the dangers of capitalist finance approaches, examines the history of its accomplishments and future, and analyzes the processes of economic justice in America. He supports these assessments and contentions with statistics and graphs, using them to consider changes in the nature of work and the composition of the workforce, pointing out that the "...fall in the earnings of lower-educated men is not peculiarly American; it has been occurring in many economically advanced nations."

Most importantly, Capitalism for Democrats encourages readers to not only better understand the system's origins, foundations, and processes; but to consider its future purposes with an eye to extending benefits to all under its umbrella: "Even if capitalism has been a major factor in accomplishing the enormous growth of the last two and a half centuries, is it necessary in order to accomplish continued growth of middle class incomes in the future? Or might there be a better system for allocating resources that would benefit a larger share of the population?"

Capitalism for Democrats is a wide-ranging consideration of temporary and permanent features of capitalism and other economic systems that contrasts moral hazards with ethical choice, reflecting on not just the economic organization and impact of capitalism, but its underlying ideals.

Because the title is Capitalism for Democrats, it's a shame to note that other political groups may bypass its important message. Really, the title should be Capitalism for All. It is just that inclusive—and just that important. Its coverage should be basic to American economic and political history collections from the high school level on up, and should be on the reading list of any American concerned about creating the kinds of institutions that ultimately lead to benefits and prosperity for everyone.