The Roots of Capitalism

Book excerpt: Capitalism is a system that can stand on its own attainments, says John Chamberlain, and he offers here a fast-paced, provocative look at the intellectual forces and practical accomplishments that have created American capitalism. In clear, unequivocal language he discusses the ideas responsible for our economic institutions, the originators of these ideas, and the times in which they first became important. The political theories of the men who hammered out the Magna Carta and the Declaration of Independence; the thinking of John Locke, James Madison, and Adam Smith; the deeds and discoveries of the James Watts, Eli Whitneys, and Henry Fords--all these diverse elements are shown to be part of the tradition of a free society in which American capitalism has grown and flourished. A unique blend of political and economic theory and the practical accomplishments of businessmen and innovators, The Roots of Capitalism provides valuable insights into the ideas underlying the free economy. John Chamberlain is an editor and journalist.