The Capitalist Manifesto

Marx and Engels were right when they stated in The Communist Manifesto that, in a short time, free markets had created greater prosperity and more technological innovation than all preceding generations put together. A century and a half later, all the evidence shows that capitalism has lifted millions of people out of hunger and poverty.

Today's narratives about global capitalism – shared by populists on both the right and the left, but also by a large part of the political and economic establishment – do not deny that it has generated prosperity, but they do claim that the wealth has fallen into too narrow a circle. The view of the global economy as a zero-sum geopolitical game has spread, where it is necessary to fight for control over new innovations, introduce trade barriers, and re-nationalise value chains. At the same time, capitalism is generally blamed for deepening inequality, populist revolts, climate change, and the global rise of China.

In this incisive and passionate analysis, Johan Norberg, on the contrary, defends capitalism and the key role that the free market plays in today's uncertain world. He argues that a move away from global capitalism would not only halt economic growth, but would also further deepen the social exclusion of the most vulnerable – and for the world's poor, it would be a deadly blow.