Confronting Capitalism

Starred review from April 15, 2015

Though known for his writings on marketing, Kotler (marketing, Northwestern Univ.) is a trained economist. His intent here is to examine the flaws in modern capitalism for a wide audience. He identifies 14 interrelated shortcomings, such as the persistence of poverty, its short-term orientation, and the exploitation of the environment. The author devotes a chapter to each, outlining criticisms and defenses, and offering possible solutions. For the problem of rising income inequality, he cites the criticisms of economist Thomas Piketty in his best-selling Capital in the Twenty-First Century as well as billionaire Warren Buffett's objections to having a lower tax rate than his secretary. Kotler then looks at ameliorating inequality by increasing the minimum wage, capping top executive pay, improving transfer payment programs, and closing tax loopholes that primarily benefit the wealthy. VERDICT Kotler's discussion of the issues is both clear and concise; he succeeds in distilling complex ideas and contrasting opinions into a balanced analysis that all readers can understand. He does for the pitfalls of capitalism what Thomas L. Friedman did in explaining globalization in The World Is Flat. This deserves a wide readership.--Lawrence Maxted, Gannon Univ. Lib., Erie, PA

Copyright 2015 Library Journal, LLC Used with permission.