Paradoxes of Prosperity Why the New Capitalism Benefits All
Paradoxes of Prosperity – Why the New Capitalism Benefits All
Diana CoyleTexereISBN: 1587990822£17.99Keywords:Globalization, Capitalism
The anti-globalisation/anti-capitalism riots we have seen recently make us think about the beast we have created – have we always known what we are doing? Is the resulting creature one to cherish or one to destroy?
Diana Coyle suggests that the "new economy" has had a revolutionary effect on productivity levels, since new technology liberates and empowers more than it enslaves and impoverishes. Thus, anti-globalisation protesters are muddle-headed thinkers who "fail completely to understand the radical possibilities of capitalism". Coyle is also positive (or foolish depending on the degree to which you accept her thesis) enough to suggest that "it is not going to be possible to build a vigorous modern economy without building a fair society … Exploitation will harm the bottom line." Her optimism is based on diligent research but perhaps too often she fails to provide completely satisfying arguments that move from the research to her assertions on the benefits of more, and more complete, capitalism. She suggests that experience tells us that what society wants to happen – whether more goods, more leisure, more conservation – will eventually arise from the nature of capitalism that in the end has to provide what society wants (and for which it is eventually willing to pay).
Whether Coyle is right – and only time will tell – is less important than the fact that this is a well-written and challenging book. Agreeing with her view is not the point – but thinking about the issues she raises is. An open-minded approach to her views may allow you to confront your own prejudices – before abandoning or confirming them!
