Grady Harp, writing in the San Francisco Review of Books, recently praised the Capitalism for Democrats: Why The Country Needs It Now, the latest book by Martin Lowy ’61 as “one of the finest explanations of capitalism available.”
“By combining insights with anecdotes and historical references, Martin opens an exploration of not only the economic definitions and variations of capitalism, but also an overview of the difficulties and defects of capitalism, a fine discussion of that often misunderstood term of socialism – its impact on governance, mindsets, ethics, and social issues – and a survey of ‘European democratic socialism’ that deserves close attention,” he wrote.
“It is true that the Great Recession and Great Financial Crisis of 2007-09 revealed defects in capitalism that have persuaded many Democrats—and particularly young Democrats—to reject capitalism as the proper foundation for America’s economic system,” Lowy writes in his preface. “Those reactions are understandable. And if the choice is between a Trumpian crony capitalism or a ‘free market’ capitalism on the one hand, and some other, apparently fairer, economic system, maybe called socialism, on the other hand, maybe it would be right to reject capitalism. Fortunately, those are not the only choices.”