Turbo-Capitalism

Winners and Losers in the Global Economy

Bibliographic Data

ID9826953
AuthorsRichard N Cooper (corresponding author), Edward Luttwak, Edward Ν Luttwak
Year1999
Volume78
Issue4
Pages127
Publication date1999-01-01
Peer ReviewedYes
Open AccessNo
TypeARTICLE
VenueForeign Affairs (JOURNAL)
Journal identifiersISSN: 0015-7120 • E-ISSN: 2327-7793
PublisherJSTOR (PUBLISHER)
DOI10.2307/20049379
OpenAlexW1514805284
LanguageEN
Citations received48

In this critical analysis of today's free-market capitalism, Edward Luttwak shows how it is vastly different from the controlled capitalism that flourished so successfully from 1945 to the 1980s. Turbo-capitalism is private enterprise liberated from government regulation, unchecked by effective trade unions, unfettered by concerns for employees or investment restrictions, and unhindered by taxation. The winners - the architects and acrobats of techno-organizational change - become much richer; the losers, the majority, become relatively or absolutely poorer and are forced by downsizing to take the traditional jobs of the underclass, more and more of whom end up in prison. Led by the United States, closely followed by Britain, turbo-capitalism is spreading fast throughout Europe, Asia, and the rest of the world (only in France and Japan is there any resistance) without the two great forces that check its enormous power in the United States: a powerful legal system and the stringent rules of American calvinism. Acknowledging the great efficiency of turbo-capitalism, Luttwak provides no solutions but describes in powerful detail the major societal upheavals and inequities it causes and the broad dissatisfaction and anxiety that may result

Capitalism · Economic system · Economics · Economy · Market economy · Political science · Economic Theory and Policy · Political Economy and Marxism

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