December 07, 2004


Book Recommendation: COWBOY CAPITALISM by Olaf Gersemann
MYTH: "Americans work three jobs just to make ends meet, and unemployment is low only because so many people are in jail." That’s what most European (and many American) pundits believe. While the U.S. economy may create more growth, Europeans think they are better off when it comes to job security, income equality, and other factors. But does European-style "comfy capitalism" really deliver better results than American “cowboy capitalism”? Olaf Gersemann, a German reporter who came to America, checked the facts and discovered that the common perception in Europe and elsewhere of America's economic model is either wrong or misleading. The greater market freedoms in the United States create a more flexible, adaptable, and prosperous system than the declining welfare states of Europe. Contrary to what one might expect, continental Europe’s welfare states provide no meaningful advantage compared with America. In clear and accessible terms, Gersemann separates the economic myths from the reality. The book, "Cowboy Capitalism" is a provocative and devastating rebuttal to the stereotypes promoted by the likes of Paul Krugman and Michael Moore. And it's not about trumpeting American superiority; it’s about helping Western European countries achieve the robust growth and job creation their citizens deserve.
Comment: "This book offers an excellent comparison of U.S. capitalism with the ‘social’ model of Germany, France, and Italy. It is also a penetrating study of anti-market propaganda. Olaf Gersemann shows that the features of the American model that are attacked most by European critics from both left and right are those which continental Europe actually needs in order to overcome the social problems of high unemployment and to make the European economy more dynamic and competitive. The book displays a rare combination of clarity, passion, and moderation. I highly recommend that this book be widely read on both sides of the Atlantic." —LESZEK BALCEROWICZ, Former Finance Minister of Poland
Links:
Read more at amazon.com
700 Club article "Paradise Lost: Swedish, European Economy Muddled in Mediocrity"

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