---
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title: "The Future of Capitalism: Facing the New Anxieties – Bill Gates Recommendation: Realistic Solutions to Inequality and Populism"
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# The Future of Capitalism: Facing the New Anxieties – Bill Gates Recommendation: Realistic Solutions to Inequality and Populism

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Bill Gates's Five Books for Summer Reading 2019 From world-renowned economist Paul Collier, a candid diagnosis of the failures of capitalism and a pragmatic and realistic vision for how we can repair it. Deep new rifts are tearing apart the fabric of the United States and other Western societies: thriving cities versus rural counties, the highly skilled elite versus the less educated, wealthy versus developing countries. As these divides deepen, we have lost the sense of ethical obligation to others that was crucial to the rise of post-war social democracy. So far these rifts have been answered only by the revivalist ideologies of populism and socialism, leading to the seismic upheavals of Trump, Brexit, and the return of the far-right in Germany. We have heard many critiques of capitalism but no one has laid out a realistic way to fix it, until now. In a passionate and polemical book, celebrated economist Paul Collier outlines brilliantly original and ethical ways of healing these rifts—economic, social and cultural—with the cool head of pragmatism, rather than the fervor of ideological revivalism. He reveals how he has personally lived across these three divides, moving from working-class Sheffield to hyper-competitive Oxford, and working between Britain and Africa, and acknowledges some of the failings of his profession. Drawing on his own solutions as well as ideas from some of the world’s most distinguished social scientists, he shows us how to save capitalism from itself—and free ourselves from the intellectual baggage of the twentieth century.

Review: A must read! - This is an excellent analysis of what's wrong with today's economy, society, and politics. A far-ranging argument that covers history and global affairs (but mostly focusing on the US & UK) with an assessment of current status as well as suggestions for making things better. Not a light read or for someone who reads mostly fiction. This is for the person who has a strong interest in current affairs.
Review: A way back … - Paul Colliers’ title is a poor rendering of the book it covers, it bespeaks a dusty edifice and this is a bedazzling erection of possible solutions to the troubles of modern times. Backing up to Colliers’ favorite time ‘the social democratic era from 1945 to 1970’* there were a collection of ‘wise men’ who slowly hammered out social institutions build upon the social democratic systems of western European countries and the FDR New Deal policies in America to cover the interactions of local governments for their citizens and affairs among nations. The characteristics they shared were reciprocity and generosity. For the citizen some form of support and concern from birth to death, and for nations a willingness to care for the disadvantaged – America’s Marshall Plan being one proud example. Then things changed. The institutions became dictatorial and lost their initial purpose the philosophical under-structure destroyed. Collier list Robert Putnam’s Bowling Alone as a reference but there are many noting where the collective disappeared and individualism became the ruling ideology; in the extreme case governments became agents for corporations and the financial centers and their lobbyists. The results: inequalities arising among the highly educated successful and the bulk of society, wealthy metropolitan centers and failing cities and towns, and the fracturing of such elementary units as the family. Collier is an economist and his presentation flows from utilitarian based price theory but he knows its shortcomings and aims to speak to the general citizen not to the politicians. There is a sociological undertone where he imagines the redeeming characteristic of mankind and views a way to reactivate these and use them to solve existing dystopian natures of capitalism, governments, and individuals. One can take that with a grain of salt and still find exciting ideas for communities to redo their failed states of existence bringing in core conditions for new developing industries, educational systems to turn to the child at kindergarten as the most important developmental age, link businesses and workers using the TVET** methods of Germany and Switzerland, and states recapturing economic rent seekers as major taxing possibilities. These and other are the high points of the presentation and there are many. There likely will never be a Collierism to replace other lingering ideology that he despises, but there surely will be people finding exciting notions to pursue where they can enlist like-minded individuals to good effect.*** He is right it is time for ‘Facing the New Anxieties.’ Leadership will be needed. It can happen. “We can do better: we once did so, and we can do it again.” p.223 4 stars *There is not a good name for this period in America the right has hung the ungracious title of ‘Welfare Liberalism’ on it, but ‘Post-War Prosperity’ is also seen. **Technical, vocational, education and training; an idea that seems to be spreading. See: The once and Future Worker, Oren Cass. ***”We have never had an ethical world, but in the period from 1945 to 1970 we made more progress towards this goal than during any other period of history, progress that has been unravelling. In restoring forward momentum we need to return to the realistic approach of prudent pragmatism. Providing effective redress for those in need of rescue is affordable and feasible; the looming global anxieties are best met not by Utilitarian moralizing, but through clubs that build new reciprocal obligations among the affluent societies to meet the duties of rescue.” p. 218

## Technical Specifications

| Specification | Value |
|---------------|-------|
| Best Sellers Rank | #1,658,087 in Books ( See Top 100 in Books ) #367 in Free Enterprise & Capitalism #950 in International Economics (Books) #1,162 in Economic Conditions (Books) |
| Customer Reviews | 4.3 out of 5 stars 764 Reviews |

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## Customer Reviews

### ⭐⭐⭐⭐⭐ A must read!
*by L***S on February 25, 2020*

This is an excellent analysis of what's wrong with today's economy, society, and politics. A far-ranging argument that covers history and global affairs (but mostly focusing on the US & UK) with an assessment of current status as well as suggestions for making things better. Not a light read or for someone who reads mostly fiction. This is for the person who has a strong interest in current affairs.

### ⭐⭐⭐⭐ A way back …
*by W***R on December 23, 2018*

Paul Colliers’ title is a poor rendering of the book it covers, it bespeaks a dusty edifice and this is a bedazzling erection of possible solutions to the troubles of modern times. Backing up to Colliers’ favorite time ‘the social democratic era from 1945 to 1970’* there were a collection of ‘wise men’ who slowly hammered out social institutions build upon the social democratic systems of western European countries and the FDR New Deal policies in America to cover the interactions of local governments for their citizens and affairs among nations. The characteristics they shared were reciprocity and generosity. For the citizen some form of support and concern from birth to death, and for nations a willingness to care for the disadvantaged – America’s Marshall Plan being one proud example. Then things changed. The institutions became dictatorial and lost their initial purpose the philosophical under-structure destroyed. Collier list Robert Putnam’s Bowling Alone as a reference but there are many noting where the collective disappeared and individualism became the ruling ideology; in the extreme case governments became agents for corporations and the financial centers and their lobbyists. The results: inequalities arising among the highly educated successful and the bulk of society, wealthy metropolitan centers and failing cities and towns, and the fracturing of such elementary units as the family. Collier is an economist and his presentation flows from utilitarian based price theory but he knows its shortcomings and aims to speak to the general citizen not to the politicians. There is a sociological undertone where he imagines the redeeming characteristic of mankind and views a way to reactivate these and use them to solve existing dystopian natures of capitalism, governments, and individuals. One can take that with a grain of salt and still find exciting ideas for communities to redo their failed states of existence bringing in core conditions for new developing industries, educational systems to turn to the child at kindergarten as the most important developmental age, link businesses and workers using the TVET** methods of Germany and Switzerland, and states recapturing economic rent seekers as major taxing possibilities. These and other are the high points of the presentation and there are many. There likely will never be a Collierism to replace other lingering ideology that he despises, but there surely will be people finding exciting notions to pursue where they can enlist like-minded individuals to good effect.*** He is right it is time for ‘Facing the New Anxieties.’ Leadership will be needed. It can happen. “We can do better: we once did so, and we can do it again.” p.223 4 stars *There is not a good name for this period in America the right has hung the ungracious title of ‘Welfare Liberalism’ on it, but ‘Post-War Prosperity’ is also seen. **Technical, vocational, education and training; an idea that seems to be spreading. See: The once and Future Worker, Oren Cass. ***”We have never had an ethical world, but in the period from 1945 to 1970 we made more progress towards this goal than during any other period of history, progress that has been unravelling. In restoring forward momentum we need to return to the realistic approach of prudent pragmatism. Providing effective redress for those in need of rescue is affordable and feasible; the looming global anxieties are best met not by Utilitarian moralizing, but through clubs that build new reciprocal obligations among the affluent societies to meet the duties of rescue.” p. 218

### ⭐⭐⭐⭐⭐ An Immensely Ambitious Book
*by A***S on December 6, 2018*

The Future of Capitalism is an immensely ambitious book. Written for an educated but non-technical audience, Collier explicitly states that he wants the ideas in this book to heal the current socio-economic crisis and ground capitalist states for the next generation. Instead of trying to argue about whether Collier’s effort is successful, something impossible to achieve in a brief review, I would rather summarize Collier’s major ideas. In this way the prospective reader can judge for himself/herself whether the book’s project is something they would entertain reading. Collier’s primary diagnosis of the ills confronting capitalism is that it relies on an oversimplified understanding of the individual. Based on the ideas of Bentham and Mill, economists have tended to view human beings as simply making rational decisions to maximize utility. By doing so, they’ve left out key dimensions of human psychology, primarily the need for social esteem or respect. Because of this highly individualistic philosophy Western societies have lost the social cohesion that marked the period from 1945-1970. Added to this is an increasingly simplified notion of the firm. Based on the ideas of Milton Friedman, the firm is supposed to solely maximize profits. Any responsibilities outside of this to its employees/consumers is ignored. In keeping with these two fallacious notions, conservatives have increasingly viewed their task as simply removing government from the market. Liberals have tended to see themselves as an enlightened elite who must steer the economy to monetarily compensate those whom the market hasn’t sufficiently rewarded. In place of this Collier calls for social maternalism. A state which, eschewing ideology, makes pragmatic policy choices to build a true national community and makes certain that all citizens have the possibility for a life resulting in social respect. Collier’s analysis is, of course, much more detailed and his pragmatic policy recommendations are manifold. But I hope I’ve given the prospective reader an idea of how ambitious this book is and whether the type of ideas conveyed would be of interest. Personally, for what it’s worth, I found myself agreeing with Collier’s depiction of the current socio-economic climate but doubtful as to whether his policy prescriptions would be enough to provide a remedy. But I still gave the book five stars because, to my knowledge, there are few academics willing to write for a non-technical audience a book with ambitions such as these. Relatively easy to read, with clear prose and ample examples to drive the narrative, I hope the book is given the serious consideration it deserves. In short, for those who worry about the future of capitalist societies a must read.

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