That’s the subject of my latest book review for the Washington Free Beacon:
In 2022, philanthropic organizations the Hewlett Foundation and the Omidyar Network gave millions of dollars in grants to top universities to “reimagine capitalism.” This reimagination is necessary, they said, because “for more than 40 years, neoliberalism has dominated economic and political debates, both in the U.S. and globally, with its free-market fundamentalism and growth-at-all-costs approach to economic and social policy.”
In his book What Went Wrong with Capitalism, Ruchir Sharma essentially asks, “What in the world are you talking about?”
The past 40 years have not been characterized by small government, free markets, or pursuing economic growth at the expense of everything else. Since at least the 1930s, Sharma argues, government has only grown in one direction: bigger. And the consequences of that enlargement have been widespread discontent with a transmogrified low-growth capitalism that doesn’t permit the creative destruction that markets need to work well.
Read the whole thing here.