Financial Markets and Portfolio Management

, Volume 33, Issue 1, pp 105–107 | Cite as

Alan Greenspan and Adrian Wooldridge: Capitalism in America: A history

Penguin Press, 2018, 496 pages, ISBN 978-0-7352-2244-1, USD 35
  • Felix von MeyerinckEmail author
Book Review

In their book Capitalism in AmericaA History, former Chair of the Federal Reserve of the United States Alan Greenspan and Economist political editor Adrian Wooldridge provide a thoroughly researched financial history of the USA. It begins with the declaration of independence in 1776 and ends with the election of Donald Trump as the President of the United States. The book is a narrative of how the US was able to match European living standards within a relatively short time after its foundation. According to the authors, America owes this to its superior ability in founding firms, scaling innovations, and winding down failed businesses. Moreover, America has been reasonably good at resisting the temptation to regulate business and thus interfere with the continuous process of creative destruction.

Throughout the book, the authors try to convince the reader that Schumpeterian creative destruction is the source of economic welfare. Using many examples and a rich set of historical data,...



  1. Khan, L.: The new Brandeis movement: America’s antimonopoly debate. J. Eur. Compet. Law Pract. 9, 131–132 (2018)CrossRefGoogle Scholar
  2. Schmalz, M.C.: Common ownership concentration and corporate conduct. Annu. Rev. Financial Econ. 10, 413–448 (2018)CrossRefGoogle Scholar

Copyright information

© Swiss Society for Financial Market Research 2019

Authors and Affiliations

  1. 1.Swiss Institute of Banking and Finance (s/bf) of the University of St. GallenSt. GallenSwitzerland

Personalised recommendations