21st Century Capitalism Essay -- Term Papers Research Essays

21st hundred Capitalism 21st Century Capitalism. By Robert Heilbroner. (New York Norton, 1993. 175pp., $17.95)The Work of Nations Preparing Ourselves for 21st Century Capitalism. By Robert Reich. (New York Vintage, 1992. 339pp., $14.00)Undoubtedly, the twentieth century has witnessed some of the most significant economic events in modern history. For example, the Great Depression saw capitalism come close to its end, and the principles of laissez-faire repudiated as the New Deal was enacted to rehabilitate the economy. More recently, the downfall of the Soviet Union represented a major victory for capitalism over the now-defunct communist system, which is nearing extinction even in the land of Mao, as China reluctantly and gradually moves towards a free market economy. Despite the fall of communism, one should not be too quick to celebrate. Alas, the future of capitalism remains undetermined. Several notable economists have issued predictions for the role of capitalism in the upcomi ng years. I choose to heighten on two Robert Heilbroner and Robert Reich. Robert Heilbroner, the Harvard-educated economist and New School professor most noted for The Worldly Philosophers, details his predictions for the future of capitalism in 21st Century Capitalism. Heilbroner is reluctant to draw any great conclusions about capitalisms future and instead leads a rather deceptive course, first analyzing capitalism from a distance. Heilbroners first task is to study the primitive Kung people of Africas Kalahari Desert in a brilliantly effective and easy-to-understand strategy think to differentiate between the three forces of Command, Tradition, and the Market. Describing Tradition, he writes From their infancy, Kun... ...xpecting striking revelations about capitalisms future. Perhaps the disparity is due to the fact that Heilbroner is a brilliant economist, represent to the likes of Keynes, Schumpeter, and Galbraith, while Reich is a politician-as-academic. Another point wo rth noting is the likely audiences of both books. Heilbroner, whose works are read in college economics courses across the nation, likely intend his book for serious economists. On the contrary, Reichs book with its colorful cover is likely intended for the general audience.In conclusion, Heilbroners long list of erudite achievements will now grow by one. 21st Century Capitalism is a brilliantly written work with expert analysis and a consummate study of the future of economics. However, Reichs work is somewhat less impressive, and his analysis is, to a certain extent, less in-depth than that of Heilbroner.