by Lester C. Thurow
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Book Description
Recognized around the world for his views and analysis of the global economy, Lester Thurow presents a provocative look at the future of capitalism. In this New York Times Bestseller, he identifies the many factors responsible for the enormous changes occurring around the globe: the rise of man-made brain-power industries, changing demographics, the impact of a global economy, the lack of a dominant world leader, and the conversion of the communist world to capitalism. With this knowledge, and asserting that the future holds great opportunity for those equipped to weather the storm of change, Thurow helps to chart a course for survival and success in the 21st century.
Amazon.com
Professor Thurow once again demonstrates his insights into the global economy and a genius for pithy explanation in this masterful analysis of how the falling of Communism is leading, as inexorably as Continental Drift, to a new form of Capitalism. He identifies the challenges -- and opportunities -- in the shape-shifting of the world economy. His analyses of the rise of the capital of brainpower over traditional physical capital will be of especial interest to Internet users such as yourself. But the entire book is essential reading to anyone interested in our socioeconomic future. Highly recommended!
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Average Customer Review:
0 of 0 people found the following review helpful:
 Capitalism is perfectly compatible with slavery, democracy not, 2008-07-07
Lester C. Thurow sees five forces that will dominate the world economy after the fall of the Berlin Wall with the creation of a Second World (the old communist one) between the First and the Third ones.
forces
1. with the fall of the Berlin Wall, well-educated but cheap labor from the Second World will migrate to the First World putting wages in the First one under pressure;
2. a technological shift to an era of man-made brainpower industry and concomitantly the disappearance of Ricardo's competitive advantage;
3. considerable demographic changes: a big increase of older people (the financial enemy) in the First World and massive migration of unskilled labor from the Third World into the First one, putting again global average wages under pressure
4. a globalization of the world economy
5. an era without a dominant power which could function as an economic locomotive
capitalism on its own
Before the fall of the Berlin Wall, the capitalist world had been held together by the fear of communism. Now, capitalism, with at its heart `profit maximalization by minimizing costs and maximizing revenues', stands alone. It has only one adversary: democracy (politics).
capitalism v. democracy
Democracy believes in a completely equal distribution of political power (one man, one vote), while capitalism believes that it is the duty of the economically fit to drive the unfit into economic extinction, or, as Spencer said, to starve them to death. ('Contract for America': if faced with the reality of starvation, everyone will buckle down to work).
But, the survival-of-the-fittest version of capitalism doesn't work. E.g., a pure capitalistic system would do nothing against long-term environmental problems like global warming.
politics
The answer should come from the political sphere, from democratically elected governments (undemocratic governments will only serve special interests). Politicians need a vision of how to reduce inequalities and how to raise global average wages. Otherwise, any society will retreat to ethnicity.
But what do we see? Many governments have negative time horizons. They are borrowing (budget deficits) from the funds that should be used for investments for the future. In these circumstances, the intrinsic problems of capitalism visible at its birth (instability, rising inequality, an army of have-nots) can and will not be solved.
In this masterly analysis of the actual and future way of the world, Lester C. Thurow puts the democratically elected politicians before their responsibilities: To-morrow before Today, more equality and more democracy.
This book is a must read for all those who want to understand the world we live in and who are interested in the future of mankind.
0 of 0 people found the following review helpful:
Amazing and Fascinating Book !!, 2007-07-22
read capter 11 " economic Instability " , you would have escaped from being hit badly by 1997 " Asian Financial Crisis ".....
0 of 0 people found the following review helpful:
 Provocative insights into the past and future of capitalism, 2007-05-08
Lester C. Thurow in his book The Future of Capitalism provides a number of provocative insights into the past and future of capitalism. Thurow offers explanations about many factors that are causing global political and economic change. These include the shift to knowledge-based industries, large shifts in demographics resulting from immigration, the end of communism, the global economy, and the lack of a dominant economic, political or military power. Global change is occurring at a rapid pace. Thurow's insights help provide a viewpoint of the potential course for capitalism during the next century.
Thurow recognizes that an emerging world economy is being driven by a shift to knowledge workers or "man-made brainpower industries", decreasing transportation costs, and a rapidly improving communications network. This enables work to flow wherever it can be done at the lowest cost. Second and third world workers perform low-skilled tasks at a fraction of the cost of low-skilled workers in developed parts of the world. Knowledge workers readily travel and communicate to manage work regardless of where it is done. Geographic boundaries are breaking down and David Ricardo's theories about comparative advantage are taking on added meaning. National governments struggle to control what are now global enterprises that can readily set up shop wherever the political and regulatory climate is most favorable to their business. What is less clear is Thurow's analysis of the trade deficit in relation to his view on the global economy. He thinks that the U.S. trade deficit is a problem and that we cannot continue to run a trade deficit, which seems true. Thurow proposes, as a solution, some form of ration coupon with Japan, which appears to be protectionism for the U.S. economy. Thurow's view of a global economy seems conflicted by his concern over maintaining national economies through protectionism.
Thurow also provides an intriguing view of the future where no dominant economic, political, or military power is able to regulate economic actions. Who will be able to regulate corporate activities and provide for fair competition in the future? Who will be able to deal with externalities? Will we end up with mammoth international monopolies and oligopolies? These are just some of the questions that arise when considering Thurow's view of the future. Thurow provides few answers to these questions. Instead, he paints bleak pictures of a depressing return to the Dark Ages.
Thurow offers several other interesting and controversial insights. He declares that inflation is a "distinct volcano" and that Greenspan (note that Thurow's book was published in 1996) should not be overly preoccupied with controlling it. He claims that capitalism has no mechanism to ensure research and investment for the long-term, which could lead to stagnation without government involvement. He offers interesting views on the aging demographic and our ability to absorb the associated social costs by what amounts to a transfer of wealth to an elderly population. Thurow foreshadows a rise in religious fundamentalism driven by uncertainty in economic and social systems.
The Future of Capitalism is more relevant today than when it was published in 1996. Globalization has increased driven by political changes and technological advances. Many of the issues and insights raised by Thurow around demographics, immigration, falling wages, and the trade deficit are a more disruptive and destabilizing force in the current world economy. A big question remains. Will capitalism prevail because there is no other "ism" out there as an alternate social construct; or, will capitalism ultimately be replaced by another social construct as the invisible hand of capitalism fails on a global scale?
0 of 1 people found the following review helpful:
Good, but has some absurds and is a little outdated, 2006-06-28
I read this book here in Brazil.This book has many good facts and is good to read.About Cingapore's pension sistem, the author is 100% agree.About old times Bismark's sistem(used in Brazil, USA,etc.) the author tells us that, these sistems are doomed to be a failure in the future.
This book also has some absurds.On chapter 7, the author claims that, any other country in world's history was so powerfull as USA, in 1990 decade.Nonsense.Between 1945 and 1949, USA had atomic monopoly and his GDP was bigger than all rest of the world together.Again, also on chapter 7, this book claims that after the end of USSR, the oil from the gulf now isn't essential.Nonsense.Persian Gulf has about 65% of oil in the world.And we must know that there's a link between oil price in the world.If the oil's price exported by Brazil rises, than the oil's price from Algeria, Angola and Iran will, also rises too.
Another reviewer of this book claims that this book is USSR's friend.Nonsense.Even forgeting the genocide of about 70,000,000 people made by eugenicists/communists such as Lenin, Trotsky, Lazar Kaganovich,etc. ,this book never claims that socialism is a way to help any country, in his development.Also I must tell you, that this book, also is a little outdated today.
2 of 11 people found the following review helpful:
 Be wary of an author scorned., 2004-06-08
It is so sad how wrong someone can be proven over and over again and still, he/she is rewarded, called a genius and is allowed to teach our youth. Here is a quote from the author: "Can economic command significantly... accelerate the growth process? The remarkable performance of the Soviet Union suggests that it can... Today the Soviet Union is a country whose economic achievements bear comparison with those of the United States." This was in 1989, just shortly before the Societ Union collapsed. Unfortunately, being this wrong in economics gives one awards and allows you to teach college students while being described a genius. Sad. Mr. Thurow may be a 'genius', but geniuses can be wrong too.
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