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Financial Markets and Portfolio Management
Published in: Financial Markets and Portfolio Management 1/2019

20-02-2019 | Book Review

Alan Greenspan and Adrian Wooldridge: Capitalism in America: A history

Penguin Press, 2018, 496 pages, ISBN 978-0-7352-2244-1, USD 35

Author: Felix von Meyerinck

Published in: Financial Markets and Portfolio Management | Issue 1/2019

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Excerpt

In their book Capitalism in America—A History, former Chair of the Federal Reserve of the United States Alan Greenspan and Economist political editor Adrian Wooldridge provide a thoroughly researched financial history of the USA. It begins with the declaration of independence in 1776 and ends with the election of Donald Trump as the President of the United States. The book is a narrative of how the US was able to match European living standards within a relatively short time after its foundation. According to the authors, America owes this to its superior ability in founding firms, scaling innovations, and winding down failed businesses. Moreover, America has been reasonably good at resisting the temptation to regulate business and thus interfere with the continuous process of creative destruction. …
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Footnotes
1
For an overview of the literature and the empirical evidence, see Schmalz (2018) and the sources cited and discussed therein.
 
2
During a recent House Judiciary Committee hearing, David Cicilline, a Democratic representative from Rhode Island, told Sundar Pichai, CEO of Google, that “it has become increasingly clear that the virtuous cycle of [technological] innovation is fundamentally threatened by the dominance of a few powerful companies.”
 
3
For an introduction to the “New Brandeis” movement and its argumentation, see Khan (2018).
 
Literature
Khan, L.: The new Brandeis movement: America’s antimonopoly debate. J. Eur. Compet. Law Pract. 9, 131–132 (2018)CrossRef
Schmalz, M.C.: Common ownership concentration and corporate conduct. Annu. Rev. Financial Econ. 10, 413–448 (2018)CrossRef
Metadata
Title
Alan Greenspan and Adrian Wooldridge: Capitalism in America: A history
Penguin Press, 2018, 496 pages, ISBN 978-0-7352-2244-1, USD 35
Author
Felix von Meyerinck
Publication date
20-02-2019
Publisher
Springer US
Published in
Financial Markets and Portfolio Management / Issue 1/2019
Print ISSN: 1934-4554
Electronic ISSN: 2373-8529
DOI
https://doi.org/10.1007/s11408-019-00324-5

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