The key to eradicating world poverty, increasing standards of living, and fuelling economic growth lies with capitalist economies. Yet contrary to conventional wisdom, capitalism is not a ‘one size fits all’ proposition. In this book three prominent economists focus renewed attention on the essential role of capitalism. In the context of the growing interest in economic development worldwide, the authors explain that capitalism is not of a single type. They identify four distinct types of capitalism: state-guided, oligarchic, big firm, and entrepreneurial. These are present in a variety of combinations throughout the world. The authors classify the conditions that characterize good capitalism–the right blend of entrepreneurial and established firms, as well as the features of bad capitalism–that lead to stagnation. They reach their conclusions through in-depth studies of economies–India, China, Russia, and Israel, among others–and discuss the broad means that may take these countries towards more entrepreneurial and prosperous economic systems. They also emphasize the need for developed countries to adhere to and reinforce the recipe for growth that has enabled them to be the leading economies in the world. This relevant and absorbing book is a must read for anyone who is interested in global growth. It will also be useful to students and researchers of development studies, economists, and policymakers.
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