Saving Capitalism

On September 21, 2009,
author and economist Pat Choate discussed his new book, Saving Capitalism: Keeping America Strong,
at the New America Foundation. In a conversation with Michael Lind, Policy
Director of the Economic Growth Program at New America, Choate offered his
perspective on the ongoing economic crisis and outlined his book’s comprehensive
policy prescription for recovery and sustainable growth.

Choate’s animating
argument was that the great economic clash of the 21^st century is no
longer between capitalism and communism, but rather between American-style
free-market capitalism and the state capitalism exemplified by
China. In the cutthroat environment
of today’s global economy, U.S. businesses simply cannot compete against
their state-backed rivals in countries such as Japan, South
Korea, Taiwan, and Germany. In order to become
competitive once again, Choate argued, U.S. economic policymakers must
abandon free market dogmatism and undertake pragmatic but far-reaching economic
reforms. Among Choate’s recommendations were reviewing America’s existing trade
agreements, adopting a policy to support American innovation, dramatically
increasing public investment and infrastructure spending, and strengthening
intellectual property protections.

Following Choate’s
remarks, a lively question and answer session touched upon manufacturing, labor
unions, and the political leadership necessary for
reform.

Participants
Featured Speakers
Pat
Choate
Author, Saving Capitalism: Keeping America Strong

Moderator
Michael
Lind
Policy Director, Economic Growth
Program, New America
Foundation