Marx and Engels were right when they observed in the Communist Manifesto
that free markets had in a short time created greater prosperity and
more technological innovation than all previous generations combined. A
century and a half later, all the evidence shows that capitalism has
lifted millions and millions from hunger and poverty. Today's story
about global capitalism, shared by right-wing and left-wing populists,
but also by large sections of the political and economic establishment,
does not deny that prosperity has been created, but it says it ended up
in far too few hands. This in turn has made it popular to talk about the
global economy as a geopolitical zero-sum game, where we have to fight
to control new innovations, introduce trade barriers and renationalise
value chains. In this incisive and passionate investigation, Johan
Norberg instead states the case for capitalism and the vital role played
by the free market in today's uncertain world. Ultimately, he argues
that that a move away from global capitalism would not only squeeze the
growth out of the economy but also deepen an already large social
exclusion for the vulnerable.
