John F. Olson - Corporate Lawyer | Retired Partner, Gibson, Dunn & Crutcher LLP
“A tour de force!”
Susan Keefe - Midwest Book Review
An excellent opportunity to understand capitalism
Martin Lowy writes this informative book from a lifetimes experience as a lawyer. banker, entrepreneur and writer. A lifelong centrist Democrat he asks his readers to take a little time out of their busy lives to consider what capitalism has achieved.
He then goes on to point out that capitalism works because it puts the control of the market into the hands of millions of people, allowing them to make billions of decisions for the good of the people and economy, rather than entrusting that power to a few elites.
This book examines capitalism in depth. The author, using examples, graphs and references to three of his previous publications, explains the fundamentals of capitalism, and scrutinizes it in detail. In doing so he looks at how capitalism affects and the lives of everyday people, its social impact through history, assesses its highs and lows, its global impact, equal opportunities, the free market and much more, and in doing so gives his readers all the information they require to make their own informed decision on the subject.
At the end of the book, it is this paragraph which for me makes a very important and true point, ‘All human institutions are imperfect. The questions social scientists wrestle with are how to create institutions that work for large majorities of people to help them to live productive lives with respect and freedom from unwarranted intrusion. In creating such institutions, contradictions are inevitable. It is only through persistent good will that we can succeed in charting the best course through a changing world.’ In a nutshell, this is what capitalism aims to achieve.
This is an extremely educational and helpful book that clearly explains capitalism in an easy to understand format. Highly recommended.
Sarah Bloom Ranskin - Rubenstein Fellow, Duke University Member | Member of Federal Reserve Board 2010-2014
"In the crisp but converational prose that marks the way Martin Lowy has explained many other economic challenges, Capitalism for Democrats describes a better capitalism that is worth aspiring to, despite its defects, and shows us how we might get there. "
"It should be ready by not just Democrats, but Americans of all parties."
Robert Litan - Non-resident senior fellow and former VP, The Brookings Institution |
Author of Trillion Dollar Economists | Co-author of Good Capitalism, Bad Capitalism
"It’s about time that Democrats stick up for Capitalism, and what better person to do it than Martin Lowy, one of the nation's leading banking lawyers and accomplished authors. Lowy is honest about its current warts -- for which he provides fixes -- but importantly highlights capitalism's strengths, in a highly readable, non-technical fashion that should have broad appeal. Capitalism for Democrats could not be more timely. Democrats and Republicans alike, growing apart in so many ways, need to read this book to begin bringing this nation back together. Lowy provides the intellectual framework for helping to make this happen."
Bert Rein - Supreme Court Advocate | Founding Partner, Wiley Rein LLP
“Capitalism for Democrats is a succinct, yet broad scope, analysis and defense of our capitalist/free market/consumer-sovereign economic system under sensible regulatory restraints. A thought-provoking and challenging overview as 2020 approaches.”
John J. Kelly - Detroit Free Press
With capitalism under attack from both sides of the political spectrum, author Martin Lowy has published an impressive and comprehensive argument in favor of this system of economics in “Capitalism for Democrats,” that is both intellectually cogent and rationally satisfying in a myriad of ways. Lowy, the author of several previous books and numerous papers, looks at capitalism from every possible perspective and argues the historical, political and social benefits of this economic structure. Lowy’s main premise is that a well-regulated system of capitalism makes the most sense and produces the best results compared with every other economic system, including socialism. By holding regulated capitalism up to the light, Lowy shows again and again that this system “works to the benefit of substantially all people.”
Using both common sense and research from scores of other authors and experts, Lowy illuminates what capitalism has accomplished, as well as “what it can accomplish, why is has a moral basis and why it is in the best interest of our nation to continue to be our governing economic theory.” This is true, opines Lowy, as long as capitalism is reined in by the appropriate laws and regulations that protect consumers. Furthermore, Lowy postulates that capitalism is the best economic system because it allows “the market to allocate resources” rather than giving this responsibility to elites who pretend to represent the people. Lowy argues that many democrats, especially young people, are unaware of properly regulated capitalism. Throughout the book, Lowy uses charts and graphs to illustrate his points and his arguments are backed up with countless links to other books and articles.
Lowy, a self-described “centrist Democrat,” places capitalism under the microscope and looks at it through every conceivable political, social and financial lens. He not only argues the virtues of capitalism but also its inherent problems or “defects.” Always trusting in the general population’s ability to make educated and informed decisions, Lowy compares capitalism to socialism and other market systems around the world. He then delves into what he calls “corporate governance” and its impact. Lowy’s book also includes chapters on anti-trust laws, economic justice and the ethics of capitalism.
This is a powerful and thought-provoking defense of an economic system that Lowy shows has brought healthy prosperity to the largest amount of people in history. It’s a credible and worthy argument in favor of our current system of economics. And it’s extremely well-written and understandable at all levels. Highly recommended, especially for anyone considering socialism as a possible alternative, in the current American political contest for the presidency.
Richard B. Klein - Retired Judge, Superior Court of Pennsylvania | Member, The Dispute Resolution Institute
“Capitalism for Democrats should be required reading for Republicans as well as Democrats.
It lays out the basis of our economic system in Plain English, making simple the complexity most use in discussing economic systems.
The book gave me a better understanding of economic theory than I got in four years of college – and I was an economic major.
Most reasonable people not on the fringes will realize on reading this book that the concepts of capitalism are things upon which we can all agree. As Lowy points out, capitalism allows the people to vote with their checkbooks (or credit cards). Both liberals and conservatives can buy into the system that works if properly regulated.
Probably most can agree that there needs to be regulation to avoid fraud in the marketplace, to provide education so people can meet the challenges of the new world, to provide a safety net, to avoid monopolies and otherwise create a level playing field so the people can choose. There will not be unanimity on how to do this. But if people would recognize that the basic theory should apply and be enforced, the differences on how to provide the safeguards needed can be the subject of negotiations.”
Jonathan Tepper - Author of The Myth of Capitalism
“This book is a thoughtful, concise contribution to the much needed debate about reforming markets and capitalism to restore competition. Too much of the debate is marred by political tribalism, yet despite being titled Capitalism for Democrats, it is in fact a book that any reader can learn from and indeed enjoy.”
Maureen Ryan - Shakespeare Scholar
"For there is nothing either good or bad, but thinking makes it so." (Hamlet II, 2) When something is rotten in the state of Denmark, Capitalism for Democrats helps us rethink and contextualize the whirligig of our current political climate, and returns reason to the spin of campaign rhetoric.
Robert F. Schilling Ph.D. - Clinical Psychologist
Martin Lowy's latest timely book provides cogent arguments in defense of a balanced approach to market capitalism that precludes "winner and losers". It is an intriguing and enjoyable read with sufficient evidence to allow readers who have become jaded with some of the latest iterations of capitalism to embrace the concepts in a way that will resonate with mainstream Americans, regardless of party affiliation.
John L. Douglas - Senior Executive Vice President, TIAA | Former General Counsel, FDIC
“Martin Lowy has written a clear-eyed defense of capitalism, that has driven unprecedented wealth and prosperity. He has taken the same clear-eyed approach to criticizing its current shortcomings and offering suggestions for our current situation. In spite of its title, it isn’t just for Democrats. It is for all of us searching for answers to complex questions about our financial system.”
Maxwell Davidson, III - New York Art Gallery Proprietor
Capitalism For Democrats takes a humanist view of our country’s economic landscape, and explains, in terms a layman can comprehend, what we need to do to move the country forward, safely, humanely and with economic prudence. Debunking many myths along the way, Lowy lays out a path to successful economic regeneration.
Grady Harp - Amazon Hall of Fame, Top 100 Reviewer
CAPITALISM FOR DEMOCRATS
‘All human institutions are imperfect’
New York author Martin Lowy earned his degrees from Amherst College and Yale Law School and has practiced corporate law with an emphasis on banking and securities law. He has represented both private firms and governmental bodies, and has taught graduate banking at Boston University Law School. Martin has also served as a senior bank executive and founded a high – tech sports simulation company. His five books adroitly cover subjects from economic issues to education issues.
Martin’s style of writing is rich in solid and well researched facts and yet delivered in a near conversational manner: the tone of the book is rich in information shared with insights that magnetize the reader. For example, in his Preface he states, ‘“Capitalism for Democrats” is nonsense, some of my Republican friends say. Democrats are socialists, they say. Well, I don’t think so. 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. 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. There is a capitalism that works to the benefit of substantially all people. Many Democrats have not been exposed to the sound moral and philosophical bases for that kind of capitalism… This little book asks Democrats to take a few hours out of their busy lives to consider what capitalism has accomplished, what it can accomplish, why it has a moral basis, and why it is in the best interests of the nation to continue to be our governing economic theory—but properly aided by laws and regulations that protect consumers and workers and the competitive markets through which they speak…’
What follows is 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!
In his inimitable manner Martin suggests, ‘It is usual to credit the building of America to vast land and natural resources and the resourcefulness of the American people (who came from all over). Credit also should go, however, to a third pillar of American success: the invention of the general business corporation law and, with that, the development of the most extensive capital markets in the world. It is those business developments that enabled American enterprises to build railroads across the country, create companies that manufactured myriad products, and enabled people to invest in those kinds of enterprises… The first pillar of American success is the abundant land bounded by two oceans. The second pillar of American success is the immigrants who mostly came from across those oceans. The third pillar of American success is capitalism.’
This is an accessible, informative, and pungent overview of capitalism, and given the current tenor of political discourse inevitably available on the social media, this book provides a foundation of reason that is indisp