“Indeed it has been said that democracy is the worst form of Government except for all those other forms that have been tried from time to time.…” Winston Churchill
Substitute “capitalism” for “democracy” and “economic system” for “Government” and that quote is still valid. You might remember Ben Stein has a deadpan comedian with many Late Night show appearances. Stein is also a big believer in the positive power of Capitalism to improve our lives.
Ben Stein began his career as a speechwriter for Richard Nixon and Gerald Ford before entering the entertainment field as an actor, comedian, and game show host. Stein is best known on screen as the economics teacher in Ferris Bueller’s Day Off, as the host of Win Ben Stein’s Money, and as Dr. Arthur Neuman in The Mask and Son of the Mask. Stein’s love for Capitalism makes sense once you know he’s the son of famous economist and writer Herbert Stein, who worked at the White House under President Nixon.
While The Capitalist Code: It Can Save Your Life and Make You Very Rich! (2017) is basically a Love Letter to Capitalism, I have some reservations with Stein’s passion for an economic system that can create vast inequalities–as we see today.
For Capitalism to work optimally, there needs to be an educated populous, a free and fair legal system, and a political system that regulates the excesses (like price-gouging and price fixing) that greedy capitalists resort to when unchecked. We have none of those aspects working correctly right now. That’s why we have so many Food Banks and homeless people and billionaires who pay no income taxes.
Despite my skepticism of Ben Stein’s little book, I did like his quoting of business leaders. My favorite quote from The Capitalist Code: It Can Save Your Life and Make You Very Rich! is “An idiot with a plan can beat a genius without a plan.” Warren Buffett said that and it is very true. GRADE: C+
TABLE OF CONTENTS:
Dedication — vii
Acknowledgments — ix
Chapter One: Never Too Early for the Truth — 1
Chapter Two; How I Learned to Stop Worrying and Love Capitalism — 17
Chapter Three; The Pre-Dad Class — 31
Chapter Four; A Glory of Life — 61
Chapter Five; The Belly of the Capitalist Pig — 105
Chapter Six; Conclusion — 117
Final Note — 123
Appendix A — 125
Appendix B — 133
Glossary — 137
Further Reading — 147
Index — 151
About the Author — 161
Yours for a mixed economy with taxes commensurate with wealth, and a strong civil libertarian streak to go with strong educational, medical and public welfare benefits. If we ever get to the position that the Germans did, in the previous elections, of the Social Democrats, Greens and classic-liberal Free Democrats forming the government, we are likely to be better off than we’ve been before. But one shouldn’t hold one’s breath.
Todd, I’m not holding my breath. But, on the other hand, I’ve done very well betting on the U.S. Economy over the years.
I dislike Ben Stein and would never read his book.
Jeff, Art Scott is a Big Ben Stein fan.
You say Ben’s Pappy worked for Tricky Dickie? Was he responsible in any way for the resounding belly-flop of Nixon’s Wage-Price Freeze?
Dan, whoever came up with “Wage/Price Controls” for Tricky Dickie provided the irrefutable evidence that…they don’t work! I don’t know if Herbert Stein argued for or against Wage/Price controls. I would guess…against.