The Virtues of Capitalism: Volume 1

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“Capitalism . . . is the instrument which people in all societies and stages of development instinctively use to escape from want and enrich one another by exchange.”
-Arthur Seldon, from The Virtues of Capitalism

The Virtues of Capitalism, the first volume in Liberty Fund’s The Collected Works of Arthur Seldon, lays the foundation of his views and theories of capitalism and its alternatives. The first part, Corrigible Capitalism; Incorrigible ...

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Overview

“Capitalism . . . is the instrument which people in all societies and stages of development instinctively use to escape from want and enrich one another by exchange.”
-Arthur Seldon, from The Virtues of Capitalism

The Virtues of Capitalism, the first volume in Liberty Fund’s The Collected Works of Arthur Seldon, lays the foundation of his views and theories of capitalism and its alternatives. The first part, Corrigible Capitalism; Incorrigible Socialism, was first published in 1980. It explains why, Seldon believes, “private enterprise is imperfect but redeemable,” but the “state economy promises the earth, and ends in coercion to conceal its incurable failure.”

The second part, Capitalism, is widely considered to be Seldon’s finest work. Originally published in 1990 by Basil Blackwell of Oxford, it is the winner of the 1991 Antony Fisher Award from the Atlas Economic Research Foundation. This book covers a wide range of the classical liberal thought that inspired the movement toward free-market reforms in Great Britain and intellectually opposed the collectivist tide of socialism. In an understandable and eloquent manner, Seldon offers Capitalism as a celebration rather than a defense of classical liberalism. Through his analytical commentaries, Seldon chronicles the economic and social history of the western world throughout the 20th century, noting the intoxicating yet detrimental effects of collectivism. Along the way, he builds a powerfully compelling case why government should economically confine itself to the delivery of essential public goods. Throughout the book, he proposes free-market alternatives to socialist models of government, many of which still plague the economies of the world.

The entire series includes:

Volume 1: The Virtues of Capitalism (September 2004)
Volume 2: The State Is Rolling Back (November 2004)
Volume 3: Everyman's Dictionary of Economics (January 2005)
Volume 4: Introducing Market Forces into "Public" Services (February 2005)
Volume 5: Government Failure and Over-Government (May 2005)
Volume 6: The Welfare State: Pensions, Health, and Education (October 2005)
Volume 7: The IEA, the LSE, and the Influence of Ideas (December 2005)

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Product Details

Table of Contents

General introduction to the collected works of Arthur Seldon
Pt. I Corrigible capitalism, incorrigible socialism
Preface 3
1 Mobilising humanity for progress 5
2 Market success : curable defects 15
3 Government failure : incurable defects 27
4 The reigning error : state holism v. market experimentation 37
5 Reversing the tide 40
6 Finale : summary and policy 47
Pt. II Capitalism
Foreword 53
1 The stake 61
2 Indoctrination against capitalism 81
3 The inevitability of capitalism 108
4 The return and advance to capitalism 132
5 Political and market democracy 158
6 The capitalism open secret 184
7 Intellectual reinforcement for capitalism 205
8 More intellectual reinforcement for capitalism 227
9 The criticisms of capitalism 247
10 The "vision" of capitalism 280
11 The galloping horses 310
12 The values of capitalism 342
13 The verdict 376
14 Prospects 405
Envoi : a promise kept 435
App Contents of the collected works of Arthur Seldon 467
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