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1-Page Summary of Saving Capitalism

Overview

Saving Capitalism: For the Many, Not the Few by Robert B. Reich examines how economics and politics are intertwined in order to understand income inequality and wealth disparity in America today.

The free market has been used to mask the reality of how big money, such as Wall Street and large corporations, manipulate the market in their favor. The real choice is not between a mythical free market and demonized big government but rather one that benefits the majority of US citizens.

The current economic and political system is causing a growing divide in US society between moneyed interests who fix the rules and everyone else who suffers the consequences. This state of affairs is not only economically unsustainable, but also politically dangerous, threatening to the functioning of US democracy. The only way to alter this status quo is for the majority to become informed, organized, and motivated to act. The majority must regain influence over the rules of the market in order to counteract power of moneyed interests and reestablish an economy that benefits all people equally.

Key Takeaways

There is no such thing as a free market. It’s not surprising that those who praise the free market are usually people who have money and power, since they benefit from this system.

Moneyed interests have a lot of power in the economy. They also have influence over government, which allows them to continue growing their wealth and entrenching their economic power.

The power of the wealthy has a negative impact on our economy and politics. Without trust, people are less likely to invest in risky ventures or participate in civic life. When people don’t trust one another, they’re more likely to cheat and become cynical about their government.

The belief that people earn what they are worth is a fallacy. It ignores the political institutions that determine market value and how to achieve it. This also encourages people to think there’s nothing they can do to improve their situation, which isn’t true because of these political institutions.

The growing power of the upper class has come at the expense of everyone else. People are turning away from both parties and need to create their own party to counterbalance them. They can do that by empowering themselves, since they have been disenfranchised by those in power.

To prevent the concentration of wealth in the hands of a few, we need to implement policies that redistribute income and create jobs. We can do this by implementing market rules that counteract those trends which benefit only the wealthy and cost workers their jobs.

Key Takeaway 1: There is no such thing as the free market.

Analyze

The free market is a myth that distracts people from the reality of how the economy functions. The government doesn’t interfere in the workings of the market, but instead creates and enforces its rules. Therefore, there is no economic system without these rules.

The idea of a free market is an economic system that relies on supply and demand. It first took root during the Enlightenment in 18th century France, when thinkers were preoccupied with natural rights and the order of nature. They believed that anything artificial was damaging to this natural order, so they sought to create systems that did away with constraints and returned to the spontaneity of the natural world. This thinking has a distinctly moral bent to it – nature is virtuous, right, and just by definition. Anything that alters it is damaging. The laissez-faire system imagines a kind of perfect world where there are no laws constraining growth or production. Adam Smith was one major thinker in this tradition; he thought that removing all restraints would help restore order and unleash potential for growth.