Saving Capitalism: For the Many, Not the Few (Summary)

Robert Bernard Reich is an outstanding American author, political economist, teacher, political commentator, and ex-minister of labor. He wrote two influential books, The Work of Nations and Saving Capitalism, that became indicators of the unpleasant changes in the United States since the period when the country was defined by the prosperous and large middle class. Nowadays, this middle class is decreasing; in contrast, the new oligarchy is growing. Therefore, for the first time in eighty years, the US experiences the largest wealth discrepancy. In the article “Challenging the Oligarchy,” Krugman reviews, contrasts, and compares The Work of Nations and Saving Capitalism. In particular, The Work of Nations points to the subject of rising inequality. According to Krugman, it presents SBTC, and the author resorts to vivid language so that to combine economic formalism with ordinary observation. Furthermore, Reich specifies the influence of monopoly on masterfully selected examples. As for solutions to increasing inequality, the author recommends to equip more people with the required training by means of expansion of traditional education and retraining later in life.

On the other hand, the book Saving Capitalism: For the Many, Not the Few emphasizes a problem of the strong American economic system that suddenly has started to fail and the ways to solve the issue. The author presents a paradigm of shifting and clear analysis of an economic and political status quo. He also discovers one of the most destructive obstacles to nowadays progress: a “free market” myth, which simultaneously is a powerful alliance between Wall Street and Washington that have control. Reich supposes that the government’s role is to set the rules of an economic game. Demonstrating an interconnection between a “big government” and a “free market,” the author shows that the critical choice is between two markets: one is for broad-based prosperity, while the other one is for delivering ever more advances to the top. Furthermore, he debates against the free market orthodoxies and insists on the position that “rule set by governments create markets”. Acute and visionary, Reich highlights the pathway to restoring the fundamental promise of advancement and opportunity of the United States.

Overall, the main message of the book Saving Capitalism is that people do not have to accept things as they are. Reich inspects the main problematic areas ranging from antitrust regulation to the tightening corporate stronghold over intellectual property.

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