A Capitalism for the People
A Capitalism for the People: Recapturing the Lost Genius of American Prosperity is a nonfiction work authored by Italian economist Luigi Zingales, who serves as Professor of Entrepreneurship and Finance at the University of Chicago's Booth School of Business. Zingales is also known for his earlier publication, Saving Capitalism from the Capitalists (2003).
The book addresses the protection of markets and competitive dynamics against two main dangers: excessive regulation driven by the political left and a pro-business stance from the right that prioritizes corporate interests over market fairness. Zingales points to crony capitalism as the foremost threat facing the U.S. economy, supporting his case with data and suggesting reforms aimed at reducing rent-seeking behavior, boosting competition, and directing populist frustration constructively. Among his principal proposals are enhanced transparency in economic reporting and tighter controls on lobbying activities.
Zingales elaborated on these themes during an appearance on the Business Daily show broadcast by World Service BBC and delivered a lecture at the London School of Economics, cautioning that the United States could devolve into a crony-capitalist system resembling that of Berlusconi’s Italy—favoring privileged insiders instead of broad-based economic opportunity.
The book has garnered favorable critiques from sources including EconTalk, Publishers Weekly, and The Sacramento Bee.
Background and contents
Zingales emphasizes that between 1900 and 2005, the role of the U.S. government in the economy expanded dramatically, with government-controlled portions of GDP increasing eightfold. He contends that large corporations have taken advantage of this growth. While most Americans endorse free-market principles in theory, they reject corporate favoritism in practice. Highlighting that democracy in the U.S. predated industrialization and that a vast frontier encouraged individual enterprise, Zingales advocates for widespread populist mobilization to restore authentic market competition, including measures such as curbing lobbying influence.
Reviews and reception
Russ Roberts, economist and host of EconTalk, lauded the book as "an excellent exploration of economic, philosophical, and ethical issues" concerning both the current state and future prospects of the economy. Economist Tyler Cowen from Marginal Revolution described it as "clearly articulated," expressing agreement with nearly all its arguments.
Publishers Weekly found Zingales’ reasoning compelling though occasionally lacking precision, noting that his recommended solutions were less detailed than his critique of America’s economic framework. Nonetheless, they praised his analysis linking intellectual freedom with economic liberty and recognized the important role business schools play in advancing societal welfare.
Ben Boychuk of the Sacramento Bee included this title among his summer "recommended reads," suggesting it resonates with audiences ranging from Tea Party supporters to Occupy Wall Street activists.