By Harry G. Shaffer
This e-book is an excellent creation to capitalism for the lay reader. Shaffer's kind is very readable, funny and nentertaining. He covers a huge diversity of issues, elevating provocative questions about how concerned executive can be in such things as well-being care and schooling.
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Additional info for American Capitalism and the Changing Role of Government
The recurrence of recessions and depressions—often dubbed ‘‘necessary periods of readjustment’’—appears to be a price that must periodically be paid for whatever other advantages a capitalist, free enterprise system may have to offer. This being the case, we must at least see to it that these ‘‘periods of readjustment’’ do not bring unbearable hardships to those least able to cope with them. Chapter 4 Distribution of Wealth and Income: Poverty Amidst Plenty The extent of poverty in this, still the richest country in the world, is deplorable.
Corporations to their top executives is over $6,000 per day. And some of the highest of these incomes stagger the imagination. Walt Disney’s Michael Eisner’s remuneration in 1994 was $202 million. Each hour during that year, day and night, awake or asleep, he earned more than an unskilled worker earned in two and a half years—and that doesn’t even include other income from stock dividends, interest on bonds, and what have you. And while the average salary of top executives of large American corporations is around 140 times the wage of average workers—a remuneration widely believed to be essential so as to give the CEOs the necessary incentive—German and Japanese CEOs seem to be doing just fine earning 30 times as much as their workers.
Chapter 3 Boom and Bust: The Capitalist Experience Capitalism, as an economic system, has been indicted on many counts, but none of these charges has been more clearly documented, none of the alleged shortcomings has proven more universally prevalent, and none has been less responsive to alterations within the system than the recurrence of business cycles. Throughout their histories, all capitalist countries without exception have been plagued by the continuous succession of periods of recession, depression, recovery, prosperity, recession, depression—and so on in perpetual, unending economic cycles.