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Why We Bite the Invisible Hand: The Psychology of Anti-Capitalism
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Why We Bite the Invisible Hand: The Psychology of Anti-Capitalism

3.9  ·  Rating Details ·  30 Ratings  ·  2 Reviews
In Why We Bite the Invisible Hand, Peter Foster delves into a conundrum: How can we at once live in a world of expanding technological wonders and unprecedented well-being, and yet hear a constant drumbeat of condemnation of the system that created it? That system, capitalism, which is based on private property and voluntary dealings, is guided by the "Invisible Hand," the ...more
Paperback, 504 pages
Published April 7th 2014 by Pleasaunce Press
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Richard C.
Dec 09, 2014 Richard C. rated it it was amazing
The author, Peter Foster, is a Canadian economist, Cambridge-educated. The Invisible Hand is, of course, Adam Smith's concept of the crowd intelligence of a free market, as opposed to a centrally-controlled one (i.e., Marxism). Biting the hand is a metaphor for ingratitude; Foster asks why so many modern beneficiaries of free markets and capitalism have such a bad opinion of what capitalism is and what its results are.

Full disclosure: I'm a conservative Republican, graduate education, scientist
...more
Sara
Apr 27, 2016 Sara rated it liked it
Shelves: old-pop
A great book that lays out what capitalism is and why we need to stop turning capitalism into the scapegoat for all of our economic failures. I learned a lot from reading this. I can't agree with Foster about his skepticism over global warming. And his constant adoration for Adam Smith is a bit nauseating. But overall this was a rational written account opening my eyes to the good that capitalism brings into the world.
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