Turbo-Capitalism : Winners and Losers in the Global Economy
Author: Edward N. Luttwak, Nicolson Weidenfeld &
List Price: $15.95
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ISBN: 006093137X
Publisher: Perennial (01 March, 2000)
Sales Rank: 195,668
Average Customer Rating: 3.09 out of 5
Customer Reviews
Rating: 2 out of 5
Somewhat interesting
I bought this book because I thought it would be interesting to see critical comments of an American author of what people usually call "globalization" or "new economy". None of these terms is well-defined and Luttwak adds another one to the list: "Turbo Capitalism". I admit that as a European I have a certain prejudice, namely that American authors generally don't understand too well what's going on outside of the US - and this book is no exception to the rule. To give just one example: Luttwak states that American executives usually work hard whereas European ones spend a lot of their time at the Riviera with their secretary-mistresses. No comment. Even where Luttwak knows a little bit more about what's going on outside the US, he oversimplifies things a little bit too much and he would have been well-advised to get rid off about 50% of the statistics and data and to dig deeper into the remaining 50%. However, the book offers some interesting views of today's "global economy" and, in particular, of what it lead(s) to in the US. Many of the comments he makes aren't too unfamiliar for a European reader. Europeans still stick to their way of dealing with social inequality because they are convinced that it is the duty of the society to support those who are counted amongst the losers of today's liberal economy. It is interesting to see how Luttwak tries to motivate this idea. So that'd be one of my stars. The second star Luttwak gets for pointing out some completely obvious points which nobody really seems to care for. For instance, people claim that in the US many more jobs are created than destroyed. While that is true, an implicit implication which is usually made is wrong: Contrary to naive beliefs of many people (and especially of European "New Labour/Third Way/Neue Mitte" social democrats), a worker who looses his job at, say, GM is NOT hired by, say, Microsoft. Rather, he is usually forced to accept another GM-like job for a lower salary. Luttwak gives some nice statistics which show this. I especially liked how he pointed out that white-collar workers earn less than blue-collar workers. You don't believe it? Have a look into the book!
Rating: 4 out of 5
An American author with deep insight of Europe
I knew that Luttwak is fluent in Italian for having seen him talking in several interviews on Italian TV so I was expecting from him a good insight of the Italian political situation.What I did not expected was such an extremly good insight of the situation of Venezia, my hometown, which is usually not understand even from other Italian living nearby!! Luttwak really surprised me. I would like to know from other readers if his insight of Japan and Russia was good and reliable as the one of Italy (and Continental Europe in general).
One small defect of this book is that the bibliography is not really that satisfing, albeit the idea to give the url of the economical tables is great.
As a final point I have to say that I was strocken by the fact that Luttwak does not draw a clear conclusion about the fate of "turbo capitalism"; except for the statement that, as it happens to all human things, it will pass. Fact of which I am personally convinced too, point is how it will pass.
I hope the author will clarify his toughts about it in a future work which, hopefully, will contain a more extented bibliography.
Rating: 5 out of 5
Insightful and very readable analysis of the new capitalism
Unlike some other reviewers, I find that Edward Luttwak's analysis of the new capitalism, or what he calls Turbo capitalism, was very well considered and presented. Luttwak knows europe very well, as he lives and teaches in Italy and speaks a number of languages fluently. The book is not a condmenation o cpaitalism; rather it shows how from the late seventies and after the fall of Soviet communism the Keynesian economic system that had been devised to produce a compromise between the aspirations of socialism and the practical realities of capitalism, which existed in much of the Western world has been dismantled. He notes that in order to reduce the appeal of socialism, which was gaining ground throughout Europe prior to the rise of fascism and after the Second World War, Western governments were almost forced into satisfying vast numbers of their populations by institutionalizing such benefits as free medical service and schooling. the equalizing policies help to soften demands for outright socilaism while allowing free enterprise to grow - albeit with some regulation. Luttwak then terms 'turbo capitalism' that transformation, which took place after the fall of the Berlin wall, characterized by the de-regualtion of free enterprise and the simultaneous retraction of the social welfare mechanisms that had been established in the post-war period.
Luttwak also looks at how certain market inefficiencies, like having too many employees, family businesses and fewer working hours actually helped make the 'capitalist' system more sustainable for the vast majority - or for what used to be the middle class until a decade ago. Turbo capitalism has accelerated and accentuated class divides, reducing the influence and size of the middle class. There are some cultural anecdotes involving work hours and differences in public morality between the United States and Europe mentioned here and there and they add an amusing effect. i found little to object in what he noted, as he remained fair and relevant. Overall this is an excellent book, which provides a great deal of insight into an the socio-economic processes that affecting the modern society. Similar Products
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