Capitalism Unbound

Andrew Bernstein has written a new book called Capitalism Unbound that, in his words:

...offers a focused, essentialized, and condensed argument ideal for the layman who admires capitalism but lacking a succinct, accessible explanation of its moral and economic virtues.

I have just finished reading it and I heartily agree. The book is an excellent shorter and updated presentation of the historical, moral and economic case for capitalism already presented in his book The Capitalist Manifesto. It is, as Dr. Bernstein put it on Facebook, "best book [he's] ever written." I think the organization of the book, in particular, is very effective in conveying the link between the historical facts and the ideas, both moral and economic. There is also enough myth busting to challenge those unfamiliar with the details of economic history, particularly the history of pre-capitalist and early capitalist eras. There are also interesting thoughts on charity as well.

Highly recommended!

What is the proper response to Climate Change?

Keith Lockitch has announced the publication of an important paper by him in the journal Energy & Environment. The paper is entitled "CLIMATE VULNERABILITY AND THE INDISPENSABLE VALUE OF INDUSTRIAL CAPITALISM" and is available online. The abstract is as follows:

It is widely believed that man-made greenhouse gas emissions are increasing overall vulnerability to climate-related disasters, and that, consequently, policies aimed at cutting off these emissions are urgently needed. But a broader perspective on climate vulnerability suggests that the most important factors influencing susceptibility to climate-related threats are not climatologic, but political and economic. The dramatic degree to which industrial development under capitalism has reduced the risk of harm from severe climate events in the industrialized world is significantly under-appreciated in the climate debate. Consequently, so too is the degree to which green climate and energy policies would undermine the protection that industrial capitalism affords–by interfering with individual freedoms, distorting market forces, and impeding continued industrial development and economic growth. The effect of such policies would, ironically, be a worsening of overall vulnerability to climate.

I have read the paper and, somewhat reminiscent of Andrew Bernstein's excellent book The Capitalist Manifesto, it reminds readers that it is capitalism (in as near a form in which we live under it) that has been responsible for the elimination of much of our historic vulnerability to natural threats, including climate change.

This is a crucial point that advocates of restrictions on CO2 emissions, whether innocently or not, completely miss. Recently I engaged in an online exchange on the whole topic of environmentalism and climate change in particular with someone who is sympathetic to environmentalism. I decided that the crucial point to get across was not primarily that the science behind many of the environmentalist claims is suspect (though I mentioned that as well). Instead, I focused on man's ability to handle any potential natural or artificial changes voluntarily and technologically rather than by forceful imposition of restrictions. That shifted the discussion from the details of science which neither of us was particularly qualified to evaluate without much further research, to moral values, which it turned out my friend chose not to get into. I think that's exactly where the debate should be.

New Book by Andrew Bernstein

On his website, Andrew Bernstein has just announced the release date of his new book Objectivism in One Lesson. The book will be available starting September 16, 2008. Dr. Bernstein describes its purpose as follows:

Ayn Rand wrote many non-fiction books and essays, as well, but no comprehensive theoretical presentation of her philosophy. The definitive treatment of her thought is Leonard Peikoff’s Objectivism: the Philosophy of Ayn Rand (OPAR). Dr. Peikoff, Ayn Rand’s leading student and long-time associate, wrote an in-depth work in philosophy that is ideal for advanced students; but it was never intended as an introduction to Objectivism. Consequently, a bridge is needed, an introductory text for the millions of readers who love Ayn Rand’s novels and who want to take the next step in understanding her philosophy that will culminate with their study of OPAR.

Objectivism in One Lesson is that text.

His approach:

...this book seeks to show that Ayn Rand’s philosophy, on every question, topic, and issue, from its commitment to logic to its advocacy of selfishness to its championing of laissez-faire capitalism, to every other, is integrated around one unifying theme: man’s rational mind is his sole means of gaining knowledge, survival, and happiness.

It is good to have a third introduction to the philosophy of Objectivism (the other two are Allan Gotthelf's On Ayn Rand and Craig Biddle's Loving Life). I find that a fresh presentation of the philosophy with original examples provides important reinforcement and clarification of the underlying ideas. If the content is as good as Bernstein's previous book, The Capitalist Manifesto, then it promises to be another excellent resource for beginners and experts alike.