The Capitalist Manifesto

The Capitalist Manifesto by Johan Norberg presents a compelling argument reasserting the value of free-market capitalism in our modern world. As technological advancements, globalisation, and unprecedented economic growth have transformed society, Norberg explores how these changes have been primarily driven by capitalist principles. With an insightful narrative, the book dives into historical evidence and contemporary examples to show how capitalism has lifted millions out of poverty and spurred innovation across the globe.

Marx and Engels rightly observed in the Communist Manifesto that free markets, in a relatively short time, had created greater prosperity and technological innovation than all previous generations combined. Now, a century and a half later, the evidence overwhelmingly supports the idea that capitalism has dramatically reduced hunger and poverty worldwide.

Today, however, the narrative around global capitalism is often skewed. Right-wing and left-wing populists, along with significant segments of the political and economic establishment, acknowledge the creation of prosperity but argue that its benefits have been concentrated in too few hands. This perspective fuels the notion that the global economy functions as a zero-sum game, leading to calls for controlling new innovations, introducing trade barriers, and renationalising value chains. Critics accuse capitalism of exacerbating inequality, inciting populist revolts, contributing to climate change, and enabling China’s ascension to global dominance.

Norberg, in his sharp and passionate investigation, articulates a robust defence of capitalism. He underscores the vital role the free market plays in addressing today's uncertainties. Drawing on a wealth of data and analysis, he contends that moving away from global capitalism would not only stifle economic growth but also exacerbate social exclusion, particularly for the world’s poorest and most vulnerable populations. In his view, a retreat from capitalism would represent a profound setback for global development and equity.

With eloquence and rigour, The Capitalist Manifesto challenges prevalent misconceptions and urges us to reconsider the importance of economic freedom in fostering a more prosperous and inclusive future.