What Went Wrong With Capitalism

Ruchir Sharma

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English

Allen Lane
08 October 2024

Economics & Business; Macroeconomics; Economic growth; International economics; Economic systems & structures

A radical examination by a leading financial analyst, commentator and investor of the ills of capitalism and how they can be fixed

What went wrong with capitalism? Ruchir Sharma's explanation is unlike any you have heard before. Progressives are partly right when they mock modern capitalism as ""socialism for the rich,"" but what really happened in recent decades is that government in developed nations expanded in just about every measurable dimension, from spending and regulation to the sheer scale of its rescues each time the economy wobbled. The result, Sharma says, is ""socialized risk,"" expensive government guarantees, for everyone-welfare for the poor, entitlements for the middle class, and bailouts for the rich.

Voters say they are disillusioned with capitalism, but a system so distorted by government interventions is a dysfunctional version of free market ideals. As a result, productivity and economic growth have slowed sharply, shrinking the pie for everyone and stoking popular anger. Since these flaws developed as the government expanded, building an even bigger state will only double down on what's gone wrong. The answer Sharma offers is a series of seven fixes to restore the balance between state support and free markets and lay the path to a more prosperous and happier future.

By: Ruchir Sharma
Imprint: Allen Lane
Country of Publication: United Kingdom
Dimensions: Height: 240mm, Width: 159mm, Spine: 33mm
Weight: 601g
ISBN: 9780241595763
ISBN 10: 0241595762
Pages: 384
Publication Date: 08 October 2024
Audience: General/trade , College/higher education , Professional and scholarly , ELT Advanced , Primary
Format: Hardback
Publisher's Status: Active

Ruchir Sharma is chairman of Rockefeller International and founder of Breakout Capital, an investment firm focused on emerging markets. He moved to Rockefeller in 2022 after 25 years at Morgan Stanley Investment Management, where he was head of emerging markets and chief global strategist. Based in New York, he is a columnist at the Financial Times and a former contributing opinion writer at The New York Times. He is the author of four books, including the international bestseller Breakout Nations and the New York Times bestseller The Rise and Fall of Nations.

Reviews for What Went Wrong With Capitalism

Sharma’s new book offers an important perspective on capitalism from a global strategist. This book will reshape how you think about the world and is bound to provoke people on both the left and the right. -- Lawrence H. Summers, former US Secretary of the Treasury Sharma stands apart because he is not ideologically driven in presenting a valuable analysis of the issues confronting capitalism. The result is a fresh and accessible contribution to the debates about our economic system that should be read and considered by all sides. -- Robert Rubin, former US Secretary of the Treasury and chairman of Citigroup In his timely and consequential book, Ruchir Sharma chronicles the government bailouts, interventions, and machinations that have brought the West to this hinge point in history. His message to policymakers: Try capitalism, the real kind. -- Kevin Warsh, former US Federal Reserve Board Governor What Went Wrong With Capitalism is a plea for government sanity, for true competition, and against crony capitalism, it is exactly the message our world needs to hear. I am not sure there will be a more correct book this year. -- Tyler Cowen, the Holbert L. Harris Chair of Economics at George Mason University and co-author of the Marginal Revolution blog A blunt broadside against the welfare state of finance. It will make the right kind of enemies. -- James Grant, founder and editor * Grant’s Interest Rate Observer *