Education and Capitalism: How Overcoming Our Fear of Markets & Economics Can Improve America's Schools

by Joseph L. Bast, Herbert J. Walberg

"Unless popular myths about capitalism are challenged, school reform will stall well short of success."—Introduction to Education & Capitalism
"This is a thoughtful, thorough examination of the virtues of capitalism & free markets as a way to organize elementary & 2ndary education in a democracy."—Milton Friedman, Senior research fellow, Hoover Institution & Nobel Prize winner in economics
For parents, teachers, policymakers, taxpayers & scholars who want better schools for children regardless of their race, social background or parents' income, this book asserts that, if schools were privatized (moved from the public to the private sector), they could once again do a superior job providing K-12 education. Drawing on insights & findings from history, psychology, sociology, political science & economics, the authors reveal: Why schools & past efforts at school reform have failed. Why capitalism can be trusted to produce safe & effective schools—& why economics is an appropriate tool for studying how schooling is delivered. What history tells us about the government's role in schooling—& why keeping most schooling in the hands of government doesn't help achieve equality & democracy. How guidelines for voucher programs that protect the poorest & most vulnerable members of society otherwise work as well as their proponents predict. Why conservatives & libertarians should support school voucher programs. The authors show that, unless popular myths about capitalism are challenged, school reform will stall well short of success. Without a broader understanding of how & why markets work, the small steps in the right direction taken at the end of the 20th century risk being swept away at the start of the 21st.

Genres: Economics, Education

364 pages, Paperback

First published January 1, 2003

About the author

Joseph Lee Bast: son of LeRoy J. & Elizabeth M. Bast (m. 9.29.51); Married Diane C. Ver Voort, 8/29/81.
Catholic
Attended U of Chicago until 1984
Dir, Nomos Press 1983-88
Founding Dir, State Policy Inst 1991-97
Dir, American Conservative Union
President/CEO, The Heartland Institute
Trustee, Shimer College
State Policy Network Roe Award '94
Eagle Forum Award '98
Philadelphia Society Member 2002+
Libertarian Party Champion of Liberty
Award 2004
Published in Phi Delta Kappan, Economics of Education Review, Wall Street Journal, Investor’s Business Daily, Cato Journal & USA Today. Publishes 5 moly papers: School Reform News, Environment & Climate News, Health Care News, Budget & Tax News & IT&T News. Contributes to public policy debate, testifying before Congress against environmental legislation. Named one of “88 to Watch in '88” by Chicago's Tribune. Commissioned a Kentucky Colonel by Gov. Paul E. Patton on 6/19/96. Corecipient of the '96 Sir Antony Fisher Internat'l Memorial Award. Elected to American Conservative Union board in '07.
He was the Heartland Inst's lst employee in '84. Originally focused on policies relevant to the Midwest, since '93 it's focused on nat'l officials & opinion leaders. It features an Internet application, PolicyBot, a clearinghouse for research from other conservative thinktanks like the Heritage Foundation, American Legislative Exchange Council & Cato Inst. Criticized for having executives from ExxonMobil & Philip Morris on its board & in its PR dept, it counters that "no one on Heartland's board of directors works for a tobacco company (Roy Marden retired yrs ago) or for an oil company (Walter Buchholtz was on the board but no longer is)."

Reviews

[Jessica Zu]

Bast claims that capitalism is moral. As a system that relies on competition and self-interest to create and distribute wealth, it's actually curtails greed and encourages moral behaviors. Hahaha. this is like saying to establish peace you first have to beat the crap out of everyone who disagrees with you. well argued!

[Noah]

It made me think a bunch.

I've been talking with/working with Herb - he's smart and thoughtful.

The book is a little heavy-handed, I think.