'Capitalism And Commerce: Conceptual Foundations Of Free Enterprise'-A Book That Should Be On Every Free Market Advocate's Shelf
by Patrick Q. Scheper
It is a true achievement when an author can write a book on economic theory that is grounded in reality and based on a philosophical approach that accurately conveys his point. In today’s emotionally-charged world it is rare to find a work on political or economic theory that is reality-based, rational, and is true independent of the author’s personal experience and bias. I recently finished reading Edward W. Younkins’ Capitalism and Commerce: Conceptual Foundations of Free Enterprise, and Dr. Younkins has done just that. He has written a book that is intellectually engaging and challenging. He not only lays the philosophical groundwork that allows him to make a moral case for capitalism, but also does an exceptional job at countering philosophical and political schools of thought that inhibit the free-market processes. And finally, Dr. Younkins makes a compelling case for his readers to take action to ensure that their natural rights are recognized.
Dr. Younkins begins by discussing man’s natural rights and the theory of "negative rights," which lays the groundwork for his development of an airtight and logically valid argument for capitalism as the morally ideal economic system. His approach starts from a very basic discussion of natural rights and then builds upon this in order to advance his argument. Despite the fact that Dr. Younkins takes a very intellectual approach, his writing is flexible enough that even a novice fan of economics could read it and come away with the main points. The book, while best read cover to cover, can also be read in any order by treating each chapter as an individual article.
Besides simply making the case for capitalism and free-trade, Dr. Younkins also devotes a large portion of his work to addressing the barriers free markets and individual freedoms have faced, face now, or could possibly face in the future. In fact, "Part V: Obstacles to a Free Society" makes up over one third of the entire content. Rather than simply pointing fingers and name calling, the author points out basic misconceptions and philosophical errors from Plato to political correctness and shows the reader not only why these fallacies occur but what to do about them. Dr. Younkins is to be commended for not only presenting suggested reading materials at the end of each chapter that support his positions, but also those that do not. As he says in the Preface, "A lot can be learned by reading and understanding your foes’ writings as well as the works of those who hold mixed premises."
Dr. Younkins ends by discussing what can be done to improve society and move the world towards freedom. Instead of blaming others and pushing for irrational action, the author encourages the reader to educate others, be proactive about seeking new information, and use ethical and logical means of reducing the current barriers.
Capitalism and Commerce is a well-written and inspiring book for anyone looking to gain more knowledge of the subject, enhance their ability to defend their position as a proponent of liberty, and learn where the barriers to freedom come from and how to dissolve them. The book addresses nearly every facet of society and shows how all the moving parts of society work together when allowed to freely operate. He dispels the myth that capitalism is a system of exploitation and shows how, if allowed to operate correctly, it is actually the only system which discourages exploitation. It is a fantastic read and belongs in the bookcase of anyone who has an interest in economics and politics.
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