 | By: Arthur Seldon Binding: Hardcover Publisher: WileyBlackwell ISBN: 0631125582 ISBN-13: 9780631125587 Released: 29 Jun 1990 RRP: Average Rating:  |
Liberty Fund is publishing a seven volume Collected Works of which is the first & which presents two works: Corrigible Capitalism, Incorrigible Socialism & Seldon's magnum opus, Capitalism. The first of the two was originallly published by the London based free-market think tank, the Institute of Economic Affairs of which Seldon was the first Editorial Director.
Corrigible Capitalism, Incorrigible Socialism is a reprint of a 1980 paper entitled 'A Credo for private Enterprise' which the author presented to the New Zealand Employer's Federation. This is a vigorous defence of the liberal market order in the face of a continued onslaught by the proponents of the socialist or mixed economy. Whilst Seldon's case is inspired by the Classical liberal case of the 19th Century, this paper can be seen as a further development from the Planning Debate from the 1920s & 30s. Seldon incorporates in his structure the post-war so-callled Keynesian developments introduced the various socialist governments under the guise of Conservative or Labour & also takes a broader world perspective. Interestingly, Seldon makes the following comment about China:
"But increasing coercion will be required to suppress the trend to initiative stimulated by knowledge of the West, & it is hardly likely to survive the century. Forty years later in China, where the individualist trading tradition is stronger & markets are a Chinese cultural inheritance, the regime is less self-concious (or guilt-ridden) about the use of 'capitalist' devices, & the return to official recognition of markets is easier. For this reason alone China is likely to emerge economicallly stronger than Russia in the coming decades"
Yet who could tell in those early days of the Thatcher government who would heed Seldon & the liberals clarion calll to the return to markets. While individual politicians may lay claim to the collapse of Communism, none of them have anywhere near the power of individuals to truck, barter & exchange. It is that power which brought about the demise. No more, no less.
In Capitalism Seldon celebrates the economic organisation. Writing from the perspective of one who began life in poverty & enjoyed a modicum of success through his own efforts in the marketplace despite many great adversities Seldon highlights the improvements of mankind which came about not through some central plan or social organisation but through individuals recognising an opportunity to produce goods & services which met a need expressed by the demand in the market. The unintended consequences of human action indeed. Seldon holds that as the textbook understanding of the economy suggests there may be market failure, then correspondingly it should be recognised that there is an equivalence government failure. Whether that failure is inherent such as destroying or altering the price signals which reflect consumer demand or which comes about from the involvement of politicians in the process who corrupt the market for their own ends (the economics of politics or public choice approach) Seldon recognises that there is no perfect system. Using an analytical approach much grounded in the Austrian School of Economics, Seldon sets out a case where private is at least as good as if not mostly better than public. He develops this approach by pointing out the natural tendency of markets to flexibility & therefore creating new structures such as property rights to overcome such failures whils the political processes set in stone many of the rules which become obsolete very quickly. To Seldon's credit it is his credibility which comes about through being no stranger to poverty which gives his case the authority it carries in contrast to the well meaning middle & upper classes who adopt top down approaches to resolving these issues rather than leaving it to the creativity & ingenuity of the people (the market) themselves.
All in alll this is an excellent addition to the Liberty Fund library. To top it alll off there is an excellent scholarly & succint preface by Colin Robinson who succeeded Seldon as Editorial Director of the IEA & who did sterling work in that regard.
This book is a must read for socialists & liberals (and conservatives) everywhere. There never has been such a heartfelt exposition of the case for Capitalism which has done so much to help so many throughout the world.
Liberty Fund is publishing a seven volume Collected Works of which is the first & which presents two works: Corrigible Capitalism, Incorrigible Socialism & Seldon's magnum opus, Capitalism. The first of the two was originallly published by the London based free-market think tank, the Institute of Economic Affairs of which Seldon was the first Editorial Director.
Corrigible Capitalism, Incorrigible Socialism is a reprint of a 1980 paper entitled 'A Credo for private Enterprise' which the author presented to the New Zealand Employer's Federation. This is a vigorous defence of the liberal market order in the face of a continued onslaught by the proponents of the socialist or mixed economy. Whilst Seldon's case is inspired by the Classical liberal case of the 19th Century, this paper can be seen as a further development from the Planning Debate from the 1920s & 30s. Seldon incorporates in his structure the post-war so-callled Keynesian developments introduced the various socialist governments under the guise of Conservative or Labour & also takes a broader world perspective. Interestingly, Seldon makes the following comment about China:
"But increasing coercion will be required to suppress the trend to initiative stimulated by knowledge of the West, & it is hardly likely to survive the century. Forty years later in China, where the individualist trading tradition is stronger & markets are a Chinese cultural inheritance, the regime is less self-concious (or guilt-ridden) about the use of 'capitalist' devices, & the return to official recognition of markets is easier. For this reason alone China is likely to emerge economicallly stronger than Russia in the coming decades"
Yet who could tell in those early days of the Thatcher government who would heed Seldon & the liberals clarion calll to the return to markets. While individual politicians may lay claim to the collapse of Communism, none of them have anywhere near the power of individuals to truck, barter & exchange. It is that power which brought about the demise. No more, no less.
In Capitalism Seldon celebrates the economic organisation. Writing from the perspective of one who began life in poverty & enjoyed a modicum of success through his own efforts in the marketplace despite many great adversities Seldon highlights the improvements of mankind which came about not through some central plan or social organisation but through individuals recognising an opportunity to produce goods & services which met a need expressed by the demand in the market. The unintended consequences of human action indeed. Seldon holds that as the textbook understanding of the economy suggests there may be market failure, then correspondingly it should be recognised that there is an equivalence government failure. Whether that failure is inherent such as destroying or altering the price signals which reflect consumer demand or which comes about from the involvement of politicians in the process who corrupt the market for their own ends (the economics of politics or public choice approach) Seldon recognises that there is no perfect system. Using an analytical approach much grounded in the Austrian School of Economics, Seldon sets out a case where private is at least as good as if not mostly better than public. He develops this approach by pointing out the natural tendency of markets to flexibility & therefore creating new structures such as property rights to overcome such failures whils the political processes set in stone many of the rules which become obsolete very quickly. To Seldon's credit it is his credibility which comes about through being no stranger to poverty which gives his case the authority it carries in contrast to the well meaning middle & upper classes who adopt top down approaches to resolving these issues rather than leaving it to the creativity & ingenuity of the people (the market) themselves.
All in alll this is an excellent addition to the Liberty Fund library. To top it alll off there is an excellent scholarly & succint preface by Colin Robinson who succeeded Seldon as Editorial Director of the IEA & who did sterling work in that regard.
This book is a must read for socialists & liberals (and conservatives) everywhere. There never has been such a heartfelt exposition of the case for Capitalism which has done so much to help so many throughout the world.
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