Imagine this: a mere century ago, the purchasing power of an
average American was one-tenth of what it is today. But what
will it take to sustain that growth through the next
century? And what can be said about economic growth to
aspiring nations seeking higher standards of living for
their citizens?
In this important book, William J. Baumol, Robert E. Litan,
and Carl J. Schramm contend that the answers to these
questions lie within capitalist economies, though many
observers make the mistake of believing that “capitalism” is
of a single kind. Writing in an accessible style, the
authors dispel that myth, documenting four different
varieties of capitalism, some “Good” and some “Bad” for
growth. The authors identify the conditions that
characterize Good Capitalism—the right blend of
entrepreneurial and established firms, which can vary among
countries—as well as the features of Bad Capitalism. They
examine how countries catching up to the United States can
move faster toward the economic frontier, while laying out
the need for the United States itself to stick to and
reinforce the recipe for growth that has enabled it to be
the leading economic force in the world. This pathbreaking
book is a must read for anyone who cares about global growth
and how to ensure America’s economic future.
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