Fans pick 100 books like Capitalism and Freedom

Even though Adam Smith is often said to be the father of all that is good or bad about capitalism very few people have read his famous Wealth of Nations. Why? Well, 1) they think they already know what’s in it: no government intervention in the economy, thank you. 2) It is two volumes. 3) It must be very dreary because it is about economics, and 4) they are not good at economics or math.  

But read it for yourself, and you will find that it is readable, nuanced, and you can skip the bits that you can’t make out, enjoy the examples, and decide for yourself what he actually argued and whether you agree with it or not.

The classic exposition of the idea that central governmental economic planning will inevitably be wasteful and tyrannical. Hayek today is caricatured by both right and left, but he is not the minimal state absolutist that both sides often take him to be. Hayek thinks that the way to attack poverty is not redistribution – there isn’t yet enough wealth in existence to give everyone a decent life – but the opportunities created by free markets. Another impetus for my own work was reading this book and discovering that I agreed with him much more than I had expected to. 

Bastiat was a 19th-century French economist, writer, and politician. Economic Sophisms is a collection of short and enjoyable essays illustrating the case for free trade and attacking some economic misconceptions. Many of the essays’ themes and arguments are relevant today, and Bastiat’s critiques of big government are often witty.

In one essay, Bastiat presents a “candlemakers petition” to the parliament for protection against the unfair competition of sunlight, which was flooding the market with a superior product at virtually zero price. Modern critiques of zero price “monopolists” (e.g., Facebook or Google) should take note!

In What is Seen and Not Seen Bastiat introduces the “parable of the broken window” to show that economic resources are fundamentally scarce: resources expended on one activity are not available for others. Centuries later, many policymakers are yet to grasp this insight.

Locke’s Second Treatise on Government is the first book to present a coherent liberal theory of the State. Many of its core ideas are now common-sense: that the legitimate end of government is to preserve and enlarge the freedom of its subjects; that sovereigns should be held accountable to the law; and that individuals have a natural right to life, liberty, and property even in the absence of government.

This is a short and readable book that reminds us how much the liberal tradition initiated by Locke is, at least rhetorically, embedded in much of contemporary discourse on democracy and politics.

This book is also of paramount importance to libertarians because it presents one of the first articulated arguments for private property as a means to create wealth.

Although not Fromm’s best-known book, The Sane Society is crucial because it states for the first time a description of the human condition. I was astonished when I first read it, as it presented to me the possibility that the human condition could be described, and, therefore by implication, understood, something which had never before occurred to me. Fromm’s thesis is that society in the 20th century, when he was writing, can be characterised as insane, because it does not meet humanity’s real needs. Part of the revelation of this book is that such needs can be developed from an analysis of the human condition. Since reading the book, I have followed Fromm’s conviction that a real and true description of ourselves is crucial to humane ethical progress. 

Tomasi offers a new synthesis of Rawlsian high liberalism and market-oriented libertarianism, which he calls "market democracy." It treats capitalistic economic freedoms as crucial elements of liberty, but demands that institutions be designed so that their benefits are shared by the least fortunate citizens. His central focus is the value of entrepreneurial activity as a moral ideal. I have a lot of disagreements with this book, but without its smart provocations I might not have written my own.

This is the indispensable book if you want to know what libertarianism is and where it came from. It is filled with more entertaining eccentrics than a Dickens novel. My book focuses on philosophical arguments for a minimal state, but I couldn’t get very deep into the historical background: who was making those arguments and what moved them to do it. One of the pleasures of intellectual history is encountering minds that are weird and surprising (not necessarily in a bad way), and Doherty offers a lot of them.

This book was published after communism collapsed. Heilbroner doubted America’s intention to reform the market system, he saw a new society emerging that does not believe in the promise of progress. Heilbroner saw the communist collapse as giving corporations the opportunity to control the economy and reshape society. As I wrote in my books, the communist system was politics’ last attempt to control economics, therefore, the collapse of communism allowed large corporations and banks to control the political process, corrupt politics, and politicians, and control global wealth. The latest report by Oxfam says that since 2020, the richest 1% of the world’s population took 63% or $26 trillion of the global wealth, leaving %37 or $16 trillion for 99% of the world’s population. 

I like that the economic advantages of capitalism have not been underestimated, but also that its social, economic failures (corruption, exclusion/poverty, harmfulness and hubristic behaviours, impersonalism, and environmental degradation).

A solution offered is balancing justice and productivity, is trying to fix capitalism without alienating its elites. 

A brilliant short history of capitalism, and how it all evolved until we got to today’s late or hyper-capitalism.

I love the way the book draws from social and economic history, to show how economic, social, and personal relations and ways of life have been weakened is something that starts from the 14th century but also evolved locally as much as in more universal ways.