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The Politically Incorrect Guide(tm) to Capitalism (Politically Incorrect Guides) [Paperback]

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Item Number 379082  
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Item Specifications...

Pages   206
Est. Packaging Dimensions:   Length: 0.75" Width: 7.5" Height: 9.25"
Weight:   0.82 lbs.
Binding  Softcover
Release Date   Apr 9, 2007
Publisher   Regnery Publishing, Inc.
ISBN  1596985046  
EAN  9781596985049  

Availability  0 units.

Item Description...
Book Description Participating in the economy is a part of everyday life, yet much of what is commonly accepted as economic fact is wrong. Keynesian schoolteachers and the liberal media have filled the world with politically correct errors that myth-busting professor Robert Murphy sets straight. Murphy explains hot topics like outsourcing (why it's good for Americans) and zoning restrictions (why they're not). Just like the other books in the P.I.G. series, The Politically Incorrect GuideT to Capitalism pulls no punches. From the Inside Flap Most commonly accepted economic "facts" are wrong Here's the unvarnished, politically incorrect truth. The liberal media and propagandists masquerading as educators have filled the world--and deformed public policy--with politically correct errors about capitalism and economics in general. In The Politically Incorrect Guide(tm) to Capitalism, myth-busting professor Robert P. Murphy, a scholar and frequent speaker at the Ludwig von Mises Institute, cuts through all their nonsense, shattering liberal myths and fashionable socialist cliches to set the record straight. Murphy starts with a basic explanation of what capitalism really is, and then dives fearlessly into hot topics like: * Outsourcing (why it's good for Americans) and zoning restrictions (why they're not) * Why central planning has never worked and never will * How prices operate in a free market (and why socialist schemes like rent control always backfire) * How labor unions actually hurt workers more than they help them * Why increasing the minimum wage is always a bad idea * Why the free market is the best guard against racism * How capitalism will save the environment--and why Communist countries were the most polluted on earth * Raising taxes: why it is never "responsible" * Why no genuine advocate for the downtrodden could endorse the dehumanizing Welfare State * The single biggest myth underlying the public's support for government regulation of business * Antitrust suits: usually filed by firms that lose in free competition * How tariffs and other restrictions "protect" privileged workers but make other Americans poorer * The IMF and World Bank: why they don't help poor countries * Plus: Are you a capitalist pig? Take the quiz and find out! Breezy, witty, but always clear, precise, and elegantly reasoned, The Politically Incorrect Guide(tm) to Capitalism is a solid and entertaining guide to free market eco

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More About Robert P. Murphy

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Robert P. Murphy has published or released items in the following series...
  1. Politically Incorrect Guides (Paperback)

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Reviews - What do our customers think?
Great Myth Buster!  Nov 12, 2008
I heard about this book on "Pro Business With Dr. Mike Beitler," a free-market, libertarian internet-radio talk show. Dr. Murphy and Dr. Beitler systematically destroyed the myths about capitalism one after another. It was the most intelligent discussion I've heard in a long time. How refeshing after the socialist vs. socialist debates we saw with Obama and McCain.

I would recommend this book along with Beitler's "Rational Individualism" Rational Individualism: A Moral Argument for Limited Government & Capitalism.

You will find both books direct and insightful.

Paul Bauer
An enjoyable book!  Oct 30, 2008
Some democrats will find this book horrifying, but can't argue all of the facts presented. The author skips through various subjects, presenting cases for Capitalism along the way. While one or two are somewhat weak, most are strongly presented and can sway the most left leaning liberal into seeing the authors point. I really enjoyed reading it and agree whole-heartedly with 90% of the arguments presented. I have been passing it around to friends, and each of them has enjoyed it as well. It is certainly worth the price to purchase.
Excellent Resource!  Oct 20, 2008
Dr. Murphy does a great job destroying the myths about capitalism. His book deals with every argument ever made against capitalism. His writing style is very engaging. This book is a pleasure to read and a great resource for libertarians. Great work Bob!

Michael Beitler, Ph.D.
Author of "Rational Individualism: A Moral Argument for Limted Government & Capitalism"Rational Individualism: A Moral Argument for Limited Government & Capitalism
A mixed bag  Feb 6, 2008
The book has many pros and cons. It's a quick easy read full of interesting insights into how money is used by private and government institutions and the roles played by individuals (consumers, workers, shareholders) in the economy (domestic and international - via free trade), as well as the potential positive effects of a free market on social issues like poverty, slavery, gender and race discrimination.

On the other hand it suffers by being a purist economic doctrine: it assumes humans are rational (overly optimistic), it assumes government is always bad, it assumes the economic "laws" it proclaims are true when there are opposing economic theories to explain the same outcome, it doesn't take into account overall complexity of economies, it ignores human social evolution (centralized governments inevitably arise as human populations and population densities increase). Finally, it pigeon-holes those with dissenting views as "Marxists", "Socialists", and "Leftists", who "hate capitalism" to prove its point while using strawman arguments. The fact is, economic theory of the kind argued for in the book is not an all-or-nothing proposition. It can work well in most instances, but it's always going to have drawbacks and there will always be room for legitimate intervention since individuals are ultimately tied to central governments (which is why books that explain systems in a way that would be "best" without any government involvement are shouting in the wind).
In other words, it provides a useful framework (like the Constitution) but the inner-workings are much more complicated and don't fit neatly into it (thus, in addition to the Constitution we have enormous legal books filled with laws of the land).

I found it interesting that there isn't a chapter exclusive to the topic of income taxes, even though it's clear the author believes said taxes must certainly be bad since it's a government intrusion. I presume he thinks it's best if we have volunteer fire departments and police force. We should also fix the roads and bridges ourselves or privatize everything like it was done and failed miserably in places like Argentina.

I found myself disagreeing with most of the analysis in the first half of the book. It was superficial and also demonstrated the authors lack of experience with his subject. For example, the when he argues that rent control causes housing shortages because landlords decide not to rent out apartments is bogus. Rent control is indeed negative for landlords but it doesn't cause housing shortages. When there is rent control, landlords rent out everything they can to make as much (or little) as possible since it's always better to have more money coming in. Having owned buildings myself, it's clear that the author is using Libertarian "education" rather than real world experience to build his cases.

Likewise when he talks about CEOs getting huge paychecks even if they drive a company into the ground, he says it's ok because nobody would take on that job if it didn't provide big money. Fact is, plenty of people could and would do the job for far less than those salaries. He says shareholders agree to it so it's ok, but later in the book he admits that shareholders rarely wield power - instead, it's management that does. He goes on to say that workers get a paycheck even if a company isn't profitable so why complain about CEOs getting paid even if the company isn't profitable. This is absolutely absurd - workers get a pink slip, not a million dollar farewell package when the company is in the red. The book is rife with borderline retarded assessements such as these.

The second half of the book is much better but this is partially because it deals with topics that are much harder to evaluate. But even here he often faulters into nonsense. He argues that outsourcing is good because cheap labor cuts costs and this savings is transmitted to consumers. That's not the case. When a manufacturer goes overseas, you don't start paying less for items. They remain the same price, but the company's profits increase because their expenses have decreased. Many times you often also get an inferior or dangerous product as a result, and inefficient customer service. But it's the consumer that feels this, not the manufacturers.

There is something to be said for allowing monopolies because they do tend to bring prices down. Still, there is a balance - fierce competition also brings down prices as well as spurns innovation for better products. Additionally, monopolies have a knack for crushing competition even if that competition has a superior product so that potential buyers don't even get the opportunity to utilize it.
A wonderful beginner's guide  Dec 31, 2007
This was one of the first books I read when I became interested in money and economics. The book is well thought out and explains the benefits of the free market and capitalism. Far too many people feel the people who earn lots of money do not deserve it, but that is why America was so prosperous in the past. If you want socialism and 'feel' that you are entitled to government support, then most likely you will not like this book.

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