- Hardcover: 416 pages
- Publisher: Macmillan (23 Mar 2001)
- Language English
- ISBN-10: 0333900715
- ISBN-13: 978-0333900710
- Product Dimensions: 23.1 x 15.7 x 3.8 cm
- Average Customer Review: 2.0 out of 5 stars See all reviews (1 customer review)
- Amazon Bestsellers Rank: 1,534,437 in Books (See Top 100 in Books)
- See Complete Table of Contents
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More About the Author
Product Description
Amazon.co.uk Review
Is it possible that Just Capital could prove to be a textbook for "The Third Way", that mysterious path to goodness often invoked in hushed tones by modern politicians? One might expect a man who was, until 1999, the Director-General of the Confederation of British Industry, and who, at the time of writing, remains a vice-chairman of Merrill Lynch to be a capitalist's capitalist. Instead, it is claimed, Adair Turner has a philosophy that rejects 20th-century socialism as much as Conservative laissez-faire. The answer lies, we are told, in embracing the power of market economics without accepting the simple dogmas of extreme free market and conservative philosophy. This is akin to smoking marijuana, but not inhaling. Or to accept that loving thy neighbour is a perfectly sound rule for constructing a society, without accepting that the philosophy's most celebrated proponent is or was divine.
Does Adair Turner convince? Well, he does recognise the importance of working-time flexibility, which is no doubt useful in fulfilling his duties at Merrill Lynch Europe, and as director of a "number of media and Internet companies", and as a visiting professor at the London School of Economics. He also nods in the direction of wage flexibility, though without sounding terribly enthusiastic about it.
As is illustrated by the chapter on Green Capitalism, the author is keen on making points in series of three ("this book has three main themes", for instance, or "this chapter applies those principles to three of the most difficult environmental issues we face"). Both in style and tone, this is unarguably a more traditional approach to social, political and economic matters than, for example, Noreena Hertz's The Silent Takeover. But low octane does not mean low performance. Adair Turner uses the tried and tested technique of telling the reader what lies ahead before proceeding to address the subject, giving the reader time to engage the brain. --Brian Bollen
Product Description
Challenging and at times provocative, "Just Capital" explores how we combine, reconcile and, if necessary, trade-off a dynamic and growing economy with an inclusive and environmentally responsible society. It considers in particular, and debunks, the proposition that the "globalization" of the world economy limits our ability to combine economic success and a "good" society. It explores how information technology is transforming businessess and economic structures, but challenge conventional assumptions about the social implications of the "knowledge" society. Liberal in its economic and political outlook, and committed to a market economy, Turner's book also identifies where the market is failing and where the state needs to, and can usefully intervene to achieve desirable social and environmental ends. Turner strongly believes that, provided we make sensible choices and reject confused conventional wisdoms, we can successfully combine economic dynamism with an equitable society, with adequate provision for all.
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Customer Reviews
Most Helpful Customer Reviews
3 of 8 people found the following review helpful
Format:Hardcover
In this book Adair Turner raises a number of very good points in defence of trying to steer an econoomic course between the extremes of state socialism and unfettered laissez-faire capitalism. Contrary to the Amazon review, not only is such a compromise possible, it is probably also inevitable as neither extreme is truly achievable. Although now several years old, many of the arguments remain valid in showing that globalisation can be an opportunity as well as a threat, and they deserve greater exposure.
Turner's principal point is his belief that globalisation need not mean European welfare states have to be sacrificed on the altar of "competitiveness", and he puts forward a number of strong arguments in support of his thesis. In other areas however Turner falls into a number of common traps; in his enthusiasm for Britain joining the Euro, I felt Turner failed to address the monetary risks from a single "one size fits all" policy, instead concentrating on the single issue of labour flexibility which, in this case, is a straw man. There are similar weaknesses in his environmental policies, although these may in part be an effect of the way the arguments have developed since the book was published. Faced with these weaknesses which I was able to see, I found myself wondering whether there may not be other weaknesses I had missed (I am an interested general reader, not a professional economist).
If the book concentrated on analysing the probable consequences of globalisation compared with the ill informed panic being spread by both politicians and the media it would heve deserved three, perhaps four, stars, but by weakening his arguments in this way I feel I have to drop to only two.
Turner's principal point is his belief that globalisation need not mean European welfare states have to be sacrificed on the altar of "competitiveness", and he puts forward a number of strong arguments in support of his thesis. In other areas however Turner falls into a number of common traps; in his enthusiasm for Britain joining the Euro, I felt Turner failed to address the monetary risks from a single "one size fits all" policy, instead concentrating on the single issue of labour flexibility which, in this case, is a straw man. There are similar weaknesses in his environmental policies, although these may in part be an effect of the way the arguments have developed since the book was published. Faced with these weaknesses which I was able to see, I found myself wondering whether there may not be other weaknesses I had missed (I am an interested general reader, not a professional economist).
If the book concentrated on analysing the probable consequences of globalisation compared with the ill informed panic being spread by both politicians and the media it would heve deserved three, perhaps four, stars, but by weakening his arguments in this way I feel I have to drop to only two.
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