Capitalism and Commerce: Conceptual Foundations of Free Enterprise

by Edward W. Younkins

Book Overview

In Capitalism and Commerce, Edward Younkins provides a clear and accessible introduction to the best moral and economic arguments for capitalism. Drawn from over a decade of business school teaching, Younkins's work offers the student of political economy and the educated layperson a clear, systematic treatment of the philosophical concepts that underpin the idea of capitalism and the business, legal, and political institutions that impact commercial...

• Format: Paperback
• Language: English
• ISBN: 0739103814
• ISBN13: 9780739103814
• Release Date: September 2002
• Publisher: Lexington Books
• Length: 360 Pages
• Weight: 1.05 lbs.
• Dimensions: 1.1" x 6.0" x 9.0"

Customer Reviews

Must have for all Lovers of Freedom.

The problem nowadays with discourse on political and economic issues is that there is much confusion over the definition of terms. Two groups demand rights but they're in conflict because one group wants welfare rights while the other wants liberty rights. Whose claim for rights is legitimate? Well, that all depends on what is the definition of a right. Younkins' wonderful contribution with this work is not only to demonstrate that words like `rights', `justice', and `dignity' have specific meanings, but from the view point that man prefers freedom over slavery, he eloquently lays out the ontological framework of a free society. Today many would argue that there's a natural tension between `rights' and `justice' with a tendency for one to happen at the expense of the other. That is not true, according to Younkins. He argues that when these terms are properly understood within the context a free society, they not only fulfill their roles unfettered, they work symbiotically towards producing a happy society. Younkins covers much in his work and in the process he clears the fog by defining the role of the law, government, corporations, education, etc. within a free society. Younkins book is so systematic, consistent and thorough that it can be used as a litmus test to measure the degree of freedom within a particular society. My only criticism of this work (and it is very minor) is that though his intended audience are lay persons in philosophy, economics and political science, Younkins' language does get a bit recondite at times. But overall this is thoughtful and brilliant work from a fine scholar. Every person who cares and thinks about sustaining a free society must have this work included in their library.

Defending Capitalism

In "Capitalism and Commerce," Edward W. Younkins provides a clear and understandable defense of capitalism. The book covers such topics as: the individual, communities, the proper role of the state, law and justice. The author calls for a "return to the political and economic foundations upon which our nation was born." Dr. Younkins rightly contends that society should be based on a commitment to individual freedom, the free market, and the right to private property. It is through these methods that we can overcome the "obstacles to a free society." I recommend this book to any "seeker of the truth." "Capitalism and Commerce" is both well thought-out and well written. Finally, a book about economics that a student can understand.

The Total Package

In Capitalism and Commerce, the fundamental concepts of a free-market economy are thoroughly discussed and extensively examined. The book is written in a manner that is easily understood, yet remains extremely thought provoking through the presentation of its content. While seemingly written as a philosophy book, Capitalism and Commerce offers much more. Through commentary on morality, law, justice, the common good, work, and personal flourishing and happiness, Dr. Younkins creates a work that brilliantly articulates what many people have a difficult time explaining when it comes to the roots of capitalism. Each chapter builds upon the last; yet, Dr. Younkins has also cunningly written each chapter as an end in itself. Other works are referenced throughout the text, giving the reader a more concise description of the instruments found in capitalism. Also, at the end of each chapter the reader is greeted with a list of recommended readings, serving as a wonderful segway for further reference and/or enjoyment. Upon completion of Capitalism and Commerce, any person will have a clear and definite understanding of what it means to live in a capitalistic society; this, in itself, is priceless.

A Modern Masterpiece

Edward Younkins' new book, Capitalism and Commerce, is an impressive work on modern social and economic policy. However, what makes this book a true masterpiece is the philosophic foundation that Dr. Younkins provides to support his political and economic claims. This link between philosophy and economics is reminiscent of the works of Adam Smith. Dr. Younkins contends that the basis for society should be individual liberty and that people have certain inalienable negative rights. He argues that the individual is a moral agent, and brilliantly lays the foundation for free trade. Another superb aspect of this book is the author's writing style. He has great command of language and is able to write in a style that is straightforward and easy to comprehend. He gets right to the crux of issues and makes this book entertaining to read, a direct contrast to many others who create a tedious and dull reading process. If one has any interest in political economy or philosophy, this book is an absolute must. It provides brilliant commentaries on contemporary issues such as environmentalism, tariffs, and many others. Capitalism and Commerce is truly a remarkable work, one that is both enjoyable and insightful.

FOUNDATION OF A FREE ECONOMY

There is today a strong presence of free-market ideas in public debates. Although collectivist ideologies still dominate the academic world, they have been on the defensive for quite some time, following the systematic disintegration of all their utopian promises. More people are finding alternative interpretations on the Internet. And if this trend towards a better understanding of libertarian ideas and values is to continue, it will be in part because of books like Capitalism and Commerce: Conceptual Foundations of Free Enterprise, by Edward Younkins. As Younkins writes in his Preface, "In a world of change, the viability of the market economy is at stake unless those who live and participate within it possess a rational understanding and appreciation of its underlying concepts and values. Present and future participants in the business system need to have access to a "bank" of fundamental ideas that provide the groundwork for the free enterprise system this book provides such a bank. Its purpose is to be a clear, consistent, and accessible introduction and guide for anyone wishing to pursue the study of the theoretical and moral foundations of capitalism." The book magisterially fulfills its promise. It is well-written and concise, and it presents all the fundamental arguments that anybody who supports the capitalist system should know about. Its 29 chapters cover all the main aspects of a free society: individual rights, civil society, private property, the corporation, entrepreneurship, etc. Younkins also devotes 10 chapters to refuting various ideologies and criticizing arrangements like protectionism and antitrust laws that are "Obstacles to a Free Society." Anybody who wants to get acquainted with the classical liberal tradition of individualism, free markets, and limited government faces one big hurdle: where to start? Should one begin with the classical authors, like Adam Smith and David Ricardo, and risk wasting time and being misled trying to understand theories and issues of interest to economic historians only? What's more, the disputes between various brands of Austrians, neoclassicals, objectivists, supply-siders, anarchists, and minarchists reflect genuine theoretical differences, but they are often of little relevance for the newcomer to the discipline. When trying to spread libertarian ideas among the uninitiated, it is no use fighting others who share major parts of our philosophy. What is important is to fight the real opponents the statists and collectivists and let people find their own path as they pursue their study. That is the purpose of this book. Arguments are never narrowly focused on one perspective. Younkins uses all those that he finds compelling to make his point, and he leaves the others out. The chapter on inflation and money, for example, is squarely in the Austrian tradition the only one of all the free-market schools that is consistently antistatist in this field. But the book covers all