Capitalism is the engine that drives our economy, except it is
broken now.  We have to find a way to rebuild our economy for
lasting success, not a roller coaster ride of ups and downs that
diminishes the middle class with every up and down .

Lecture on Capitalism

The Teaching Company has a course entitled Thinking About
Capitalism, taught by Dr. Jerry Muller of Catholic University of
America.  It is an excellent course and I highly recommend it. It is
available on audio CD or DVD.

Our future leaders must have a better understanding of
economics than today's leaders.  With a commercially available
course on Political Economics, this could be taught in high school
or studied in continuing education or study group.

Practical Applications of Economics in North Texas

If we think of Texas as though it were an independent nation and
look to see how we can build up the Texas economy then we can
apply lessons from the history and theory of economics.

Alexander Hamilton wrote an important article, "
Report on the
Subject of Manufactures," that serves as an example of thinking
how to grow an economy.  Japan is an example of government
planning to grow their economy.  Perhaps studying how
MITI (the
Ministry of International Trade and Industry) succeeded could
give us ideas on how to grow the Texas economy.

Readings in Political Economics

The foundational work of political economics is "An Inquiry into
the Nature and Causes of the Wealth of Nations" by Adam Smith.  
Political economics is the strategic thinking behind higher level
economic planning.  Political economics is planning.  Business
and finance is execution.  Economics is intelligence gathering
and assessment.

Ideas are grist for the mill.  We can plumb the great works of
political economics to develop plans to grow the Texas economy.
Here are examples of books that can be mined to ideas:

  • The Philosophy of Money by Georg Simmel
  • The National System of Political Economy by Friedrich List
  • The Protestant Ethic and the "Spirit" of Capitalism by Max
  • The Theory of Economic Development by Joseph
  • Essays on Entrepreneurs by Joseph Schumpeter
  • Capitalism, Socialism, and Democracy by Joseph
  • The Road to Serfdom by Friedrich von Hayek
  • The Constitution of Liberty by Hayek
  • The Coming of Post-Industrial Society by Daniel Bell
  • The Cultural Contradictions of Capitalism by Daniel Bell
  • Good Capitalism, Bad Capitalism by William Baumol, et al

There is a link between Capitalism and culture.  The idea of
Human Capital changes the role of people from consumers to
intrinsic parts of the economic system.  Here are some books and
essays that provide important context for Political Economics:

  • Democracy in America by Alexis de Tocqueville
  • Reflections on the Revolution in France by Edmund Burke

Better Leaders for a Better Future

It is time to rebuild our economy and do it right.  We must be
smart to do it right and studying is the way to get smart on

Our children need to understand Capitalism to succeed in our
Capitalist society.

Robert Canright
Timeless Way Foundation

Copyright © 2009-2013 Robert Canright