Giacomo Corneo's Is Capitalism Obsolete? is a
journey through various economic systems to figure out if there is a better one than capitalism. Corneo places this discussion in the context
of Europe, and much of his book focuses on European economics. This means if
you are looking for a thorough discussion of American economic policy, don't
expect a very deep dive into those waters. However, you will find a discussion
that is relevant to the broader global discussion of globalism, us versus them,
Brexit, and other hot political topics and how economic and financial
inequality fuels much of the current landscape.
Corneo's book discusses several different economic
philosophies, much of which is wrapped in political theory as well as economic,
coming to the conclusion that the faults of each of these various systems are
greater than the faults of modern capitalism. Landing back at capitalism,
Corneo suggests various political and economic reforms to "fix" the
broken system. Some of the fixes (transparency in politics) make a lot of
sense; others (greater usage of direct democracy) likely would need some
discussion given referendums and voter initiatives have left a mixed legacy in many locations. He also suggests some government involvement in corporations,
including ownership in stock, as a means to help ease economic inequality,
tying in universal dividends to citizens as a means of providing additional
income. Corneo breezes through corporate power and influence in government
without suggesting fixes to curb and limit the lobbyist influence, which is a
several billion dollar industry in America. The book's European focus lends
much to the outcomes and suggestions he offers.
Is Capitalism Obsolete? is an interesting read.
I don't agree with all of the fixes or suggestions, but there is a fair amount
of evidence and data to back up the suggestions that Corneo makes. It also
isn't a book that will provide a heavy dose of reform in American circles, but
for those looking at what is going on elsewhere, it will provide a useful
commentary.
MY RATING - 3
