Has capitalism failed?
Is it fundamentally greedy and immoral, enabling the rich to get richer? Are free markets Darwinian places where the most ruthless crush smaller competitors, where vital products and services are priced beyond the ability of many people to afford them?
Capitalism is the world's greatest economic success story. It is the most effective way to provide for the needs of people and foster the democratic and moral values of a free society. Yet the worst recession in decades has widely—and understandably—shaken people's faith in our system. Even before the current crisis, capitalism received a "bad rap" from a culture ambivalent about free markets and wealth creation. This crisis of confidence is preventing a full recognition of how we got into the mess we're in today—and why capitalism continues to be the best route to prosperity.
How Capitalism Will Save Us transcends labels such as "conservative" and "liberal" by showing how the economy really works. When free people in free markets have energy to solve problems and meet the needs and wants of others, they turn scarcity into abundance and develop the innovations that are the foremost drivers of economic growth. The freedom of democratic capitalism is, for example, what enabled Henry Ford to take a plaything of the rich—the car—and transform it into something affordable to working people.
In the capitalist system, economic growth doesn't mean more of the same—grinding out a few more widgets every year. It's about change to increase overall wealth and give more people the chance for a better life.
About the Author
Steve Forbes is Chairman and Editor-in-Chief of Forbes Media.
The company encompasses ForbesLife, Forbes Europe, Forbes Asia and Forbes licensee editions published in over 37 countries. The company also publishes a number of investment newsletters.
Forbes.com reaches nearly 70 million users each month.
The company s flagship publication, Forbes, is the nation s leading business magazine, with a circulation of more than 900,000.
A widely respected economic prognosticator, Mr. Forbes is the only writer to have won the highly prestigious Crystal Owl Award four times. The prize was formerly given by U.S. Steel Corporation to the financial journalist whose economic forecasts for the coming year proved most accurate.
In both 1996 and 2000, Mr. Forbes campaigned vigorously for the Republican nomination for the presidency. Key to his platform were a flat tax, medical savings accounts, a new Social Security system for working Americans, parental choice of schools for their children, term limits and a strong national defense. Mr. Forbes continues to energetically promote this agenda.
Mr. Forbes book, Money: How the Destruction of the Dollar Threatens the Global Economy and What We Can Do About It, co-authored by Elizabeth Ames (McGraw-Hill Professional), was published in June 2014 and received the coveted Leonard E. Read Book Award.
His other books include Freedom Manifesto: Why Free Markets are Moral and Big Government Isn t, co-authored by Elizabeth Ames (Crown Business, August 2012); How Capitalism Will Save Us: Why Free People and Free Markets Are the Best Answer in Today s Economy, co-authored by Elizabeth Ames (Crown Business, November 2009); and Power Ambition Glory: The Stunning Parallels between Great Leaders of the Ancient World and Today and the Lessons You Can Learn, co-authored by John Prevas (Crown Business, June 2009). He also wrote: Flat Tax Revolution: Using a Postcard to Abolish the IRS (Regnery, 2005); and A New Birth of Freedom (Regnery, 1999), a book of bold ideas for the new millennium.
In 1985, President Reagan names Mr. Forbes Chairman of the bi-partisan Board for International Broadcasting (BIB). In this position, he oversaw the operations of Radio Free Europe and Radio Liberty. Broadcasting behind the Iron Curtain, Radio Free Europe and Radio Liberty were praised by Poland s Lech Walesa as being critical to the struggle against communism. Mr. Forbes was reappointed to his post by President George H. W. Bush and served until 1993.
Steve Forbes was born on July 18, 1947, in Morristown, New Jersey. He received a B.A. in history from Princeton in 1970.
Elizabeth Ameshas co-authored three previous books with Steve Forbes: Money: How The Destruction of the Dollar Threatens The Global Economy And What We Can Do About It; Freedom Manifesto: Why Free Markets Are Moral and Big Government Isn t; andthe Wall Street Journal bestseller, How Capitalism Will Save Us: Why Free People and Free Markets Are The Best Answer In Today s Economy.
Steve Forbes is coauthor of the "New York Times" bestseller "Power Ambition Glory" and the "Wall Street Journal" bestseller "How Capitalism Will Save Us". Forbes is Chairman and Editor-in-Chief of Forbes Media, which publishes "Forbes" magazine, with a circulation of nearly one million readers. Combined with "Forbes Asia", "Forbes Europe", and the company's licensee editions, the magazine reaches close to 6 million global readers. Forbes.com reaches 65 million unique monthly visitors; Forbes websites include Forbes.com, RealClearPolitics.com, RealClearMarkets.com, RealClearSports.com, and RealClearWorld.com.
Elizabeth Ames is a communications executive, speaker and author. She has written two previous books with Steve Forbes, "How Capitalism Will Save Us" and "Freedom Manifesto".