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| Saving Capitalism | |
|---|---|
| Name | Saving Capitalism |
| Author | Robert B. Reich |
| Country | United States |
| Language | English |
| Subject | Public policy; Political economy |
| Publisher | Alfred A. Knopf |
| Pub date | 2015 |
| Media type | |
| Pages | 192 |
| Isbn | 978-0307951529 |
Saving Capitalism
Saving Capitalism is a 2015 book by Robert B. Reich that examines contemporary market structures and proposes reforms to address rising inequality, concentrated power, and perceived failures of competition. Reich, a former Secretary of Labor in the Clinton administration, draws on historical episodes, institutional analysis, and policy debates involving actors such as Theodore Roosevelt, Franklin D. Roosevelt, and Milton Friedman to argue for a revitalized regulatory framework. The work situates itself in ongoing discussions among figures like Joseph Stiglitz, Paul Krugman, and Thomas Piketty about redistribution, antitrust, and democratic accountability.
Reich began developing the book amid political upheavals following the 2008 financial crisis and the Great Recession, responding to analyses from scholars such as Robert Solow, Alan Greenspan, and Ben Bernanke. Influences include historical legislation like the Sherman Antitrust Act and the New Deal programs implemented under Franklin D. Roosevelt, as well as regulatory episodes involving Securities and Exchange Commission, Federal Trade Commission, and debates around the Dodd–Frank Wall Street Reform and Consumer Protection Act. Reich frames his narrative through interactions with public intellectuals including Noam Chomsky, Henry Paulson, and Larry Summers and situates policy evolution alongside electoral events such as the 2010 United States elections and the rise of movements like Occupy Wall Street.
Reich attributes systemic issues to concentrated market power among firms exemplified by corporations such as Amazon (company), Walmart, and large banking institutions like JPMorgan Chase. He draws on economic research by Simon Johnson, Raghuram Rajan, and Daron Acemoglu to argue that skewed bargaining power has undermined wage growth traced against metrics from the Bureau of Labor Statistics and analyses by Organisation for Economic Co-operation and Development. Reich links political influence to lobbying by entities including Chamber of Commerce (United States), American Legislative Exchange Council, and major campaign funders involved in decisions around Citizens United v. FEC. He references historical critiques from Thorstein Veblen and contemporaries like Economist (magazine) contributors to depict market capture and regulatory capture shaping outcomes in sectors from healthcare in the United States to telecommunications.
Reich proposes a suite of interventions drawing on antitrust revival, labor-market reforms, and transparency measures. He advocates strengthening enforcement mechanisms within institutions such as the Department of Justice Antitrust Division and the Federal Trade Commission, reinterpreting precedents from cases like United States v. Microsoft Corp. and invoking policy tools used during the Progressive Era. Labor-related proposals reference revitalizing protections akin to the National Labor Relations Act and support for institutions like AFL–CIO and Service Employees International Union to rebalance bargaining power. On campaign finance, Reich recommends countermeasures to Citizens United v. FEC effects through statutory changes and ballot initiatives modeled after reforms in places such as California and Vermont. He endorses tax-code adjustments inspired by debates over capital gains tax and progressive taxation advocated by economists like Thomas Piketty and Amartya Sen.
Critics from neoliberal and libertarian traditions, including commentators aligned with Cato Institute, Heritage Foundation, and economists like Friedrich Hayek-influenced thinkers, argue Reich underestimates market efficiency and overstates regulatory benefits. Others, such as scholars associated with National Bureau of Economic Research and commentators in The Wall Street Journal, challenge empirical claims about firm profitability and monopoly power. Progressive critics from Democratic Socialists of America and writers influenced by Karl Marx critique Reich as insufficiently radical, calling for public ownership proposals similar to initiatives in Nordic model discussions and referencing historical precedents like Tennessee Valley Authority. Debates also invoke judicial actors such as the Supreme Court of the United States and policy debates shaped by Congress of the United States.
Reich illustrates proposals through historical and contemporary case studies: antitrust actions against conglomerates in the era of Theodore Roosevelt and William Howard Taft, breakups like the Standard Oil case, and modern enforcement in proceedings against firms including AT&T and Microsoft. He examines labor struggles referencing strikes involving United Auto Workers and policy shifts during the New Deal era. Contemporary examples include state-level ballot measures and municipal reforms in cities like Seattle over minimum wage initiatives, healthcare experiments in Massachusetts (U.S. state), and regulatory responses to the 2008 financial crisis by institutions such as Federal Reserve System and the Treasury Department.
The book received attention across media outlets including coverage in The New York Times, The Washington Post, and The Economist. It influenced public debates alongside works by Joseph Stiglitz, Paul Krugman, and Elizabeth Warren policy proposals, contributing to discussions within think tanks such as Brookings Institution, Center for American Progress, and advocacy groups including MoveOn.org. Reich's ideas were discussed in forums at universities like Harvard University, University of California, Berkeley, and Yale University, and at policy events hosted by organizations such as Economic Policy Institute.
Saving Capitalism remains part of broader contests over market rules involving actors like Bernie Sanders, Barack Obama, and Donald Trump and continues to be cited in debates on antitrust, labor law, and campaign finance reform. Its legacy intersects with subsequent legislative and regulatory initiatives, continuing research by Institute for Policy Studies and think tanks and sparking further books and articles from scholars including Anne Case, Angus Deaton, and Kate Raworth. The conversation it helped shape endures in international contexts, referenced in policy discussions within the European Union, United Kingdom, and emerging-market debates in India and Brazil.
Category:Books about public policy