An isolated study of economics and emphasis on applying mathematics & Statistics along with greater governmental intervention, by the so called capitalist governments, has make the case for appreciating the true benefits of capitalism difficult. Factually, no one has done more harm, even the collectivists, than these imposters. There are different schools of thought claiming to be protagonists of capitalism and also considering them as the only true exponents. This phenomenon is, however, not only confined to economics but is prevalent in all other fields as well. The solution to this contradiction and difference of opinion is in presenting the views in a cogent, logical (as distinct from sophism) and lucid manner.
Edward Younkins, has the gift to convey his message in effective manner by incorporating the above mentioned traits. He has restricted his work not only to the monetary aspects but also covered the important functions concerning man and society in which a capitalist system works. For a true understanding of capitalism this holistic approach is the proper method, indeed. The civil society and rule of law are the fundamental requirements for functioning of any ethical system. In Capitalism and Commerce, Edward Younkins, has done a fantabulous job in arguing the moral superiority of capitalism.
Entrepreneurship is the cornerstone for the successful operations of free market economy. His analysis of entrepreneurship and entrepreneur is incisive and factual.
We are living in an internationalist environment; which on the one hand has created opportunities, and on the other hand it also poses threats. Jingoism is the greatest of all threats to our era. Jingoism is a tool of sophists to gain their personal interests pertaining to power politics. It has no place in the world of ideas and truth. Further, the discipline of peace is missing in his book that is essential subject matter of any ethical system. This is mainly a factor pertaining to arrogant ethics and spurious metaphysics inherent in objectivism. These are the areas where this book has some flaws and hope to be rectified in future editions.
It is a mistaken belief that scope of capitalism is only economics. For this mistaken belief partial blame also goes to the intellectuals for they have also presented it as an economic system. Even today we know the Austrian school of thought as a proponent of economic system. Although, commerce is of pivotal importance in any system at operational level; never the less, there is always some philosophy behind this operation. Like all other systems Younkins has tried to portray capitalism as a morally superior system. Therefore, the attempt made by Younkins to synthesize the various aspects pertaining to individual and society is much needed and laudable. Writing on dry subjects in an easy to read manner is a difficult task and in this book this aim has been accomplished; besides, one can read the chapters independently to get views about particular area. It deserves place in your shelves whether you want to refresh your views or you want to gain understanding about capitalism.
(June 21, 2007)----Amer Naveed
Originally published in: Intl. Entrepreneurship & Management Journal