Giovanni Prarolo

A Lesson on Economics

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The book reviewed is "Good Capitalism, Bad Capitalism and the Economics of Growth and Prosperity" by William J. Baumol, Robert E. Litan and Carl J. Schramm. The volume contains clear and concise concepts. The first is that there are four different varieties of capitalism, some "Good" and some "Bad": state-led capitalism, oligarchic capitalism, industry-based capitalism and entrepreneurial capitalism. The common traits of these four models are analyzed in detail in the countries where these four models are implemented. Another important concept that the three authors contend is that the ultimate objective of "good" capitalism, aimed at improving the condition of mankind, is economic growth.


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