Allan H. Meltzer: why capitalism?
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Allan Meltzer’s book “Why Capitalism?” is a clear and concise indictment of government intervention in the economy as the true source of economic stagnation and instability. It is motivated as a defense of capitalism against accusations of failure that arose as a result of the 2008 financial crisis. While Meltzer citations to public choice scholarship are few, scholars in the field will nevertheless be interested to read this book and, in particular, his application of the median voter theorem to the budget crisis in Chap. 3. Given Meltzer’s expertise as a monetary economist, his discussion throughout the book traces all major policy mistakes back to monetary policy. In addition to public choice scholars, anyone interested in monetary policy should read this book, because it ties the monetary history of the United States over the last 100 years into a larger context of democratic failure and intervention.
Meltzer frames his discussion in the book as an application of the Kantian...
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