A history of America’s economic dynamism
America’s exceptionalism, write Alan Greenspan and Adrian Wooldridge, The Economist’s political editor, is a result of its embrace of creative destruction
Capitalism in America: A History. By Alan Greenspan and Adrian Wooldridge. Penguin Random House; 496 pages; $35. Allen Lane; £25
NO PAIN, no gain, is the moral of “Capitalism in America”, a business history of the United States by Alan Greenspan, the former chairman of the Federal Reserve Board, and Adrian Wooldridge, The Economist’s political editor. It will surprise no one to learn that these authors are fans of capitalism: the more disruptive it is, the better they like it. America’s exceptionalism as a capitalist economy, they argue, has been its distinctive tolerance for Schumpeterian creative destruction.
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