What They're Saying: Coverage of the Book

The Economist
July 4, 2007 print edition review:


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"The fall of the Berlin Wall in 1989 may have proved once and for all that capitalism is better than communism, but it did nothing to settle the debate about which model of capitalism is the best...

"Good Capitalism, Bad Capitalism helpfully moves the debate on from competing national models to the underlying structures that shape the relative effectiveness of different sorts of capitalism. Written by three economists, including 85-year-old William Baumol, arguably the leading thinker about the economics of innovation since Joseph Schumpeter, it identifies four main varieties of capitalism."

The American

June 4, 2007 review:

"Good Capitalism, Bad Capitalism presents a smart and accessible overview of the relevant academic literature on growth and innovation. And the authors build a helpful conceptual framework for how to think about 'capitalism.'"

Jim Mitchell, Dallas Morning News
June 4, 2007 column:

"When I heard about the book Good Capitalism, Bad Capitalism, my immediate reaction was 'here we go again.' ...But then I met economist Robert Litan, the book's co-author. He's a free marketer, which got my ear, who is smart enough to know that capitalism isn't a one-size-fits-all system."

N.Sivakumar, in an Amazon.com review:

"Coming from a third world country (Sri Lanka, if you are interested in knowing) where capitalistic economic polices meant more money and import/export privileges to the ruling party and "king makers", I strongly think "Good Capitalism, Bad Capitalism" should be made required reading before any loans were granted to poor nations by either G-8 or World Bank.

"I was absolutely fascinated by the explanation the authors have given for the theory of "entrepreneurial capitalism". It's definitely the best explanation I've ever found and it clearly tell us that entrepreneurial capitalism is the smartest way to introduce fiscal policy changes in nations that are reluctant to embrace new models..."

Paul M. Romer, STANCO 25 Professor of Economics in the Graduate School of Business at Stanford University:

"In our lifetimes, humans passed a remarkable milestone. Most people now live in a capitalist economy. This is not, however, the end of history. As the authors of this pathbreaking book show, there are several distinctly different types of capitalism, and it takes amixture of two of these types to get all the economic, social, and political benefits that capitalism affords."

George Akerlof, University of California, Berkeley Nobel Laureate in Economics, 2001:

"Good Capitalism, Bad Capitalism tells us that capitalism comes in different flavors, and some of those flavors taste very much better than others. One of these forms of capitalism, entrepreneurial capitalism, is a special treat. It leads to growth and prosperity. The other forms are to be avoided; they lead to stagnation. This new view of the wealth of nations offers a guide to economic policy in all countries, from richest to poorest. This is a daring book with big, bold, important ideas."