Product Description
The book describes: 1. Three powerful forces that are creating a far more peaceful and prosperous world. 2. The learning process that has, in the last half century, moved capitalism from a defective childhood to a mystifying adolescence on the way to a much-improved maturity. 3. A bottom-up development of world governance to accompany the growth of world capitalism. 4. How social services, even though often badly designed, saved capitalism by ameliorating the social tensions produced by capitalism's inevitable income inequality. 5. The cause of inflation. This explanation is much more accurate than the oft-cited claim that "inflation is always and everywhere a monetary phenomenon." 6. The choice between improving structural competition or using below-capacity competition to control inflation. 7. The likely growth of the S&P 500 stock price index in the coming twenty-five years together with a method, based on latent earning power, to determine when stocks are overvalued or undervalued.