This is an unusual book and should be mandatory reading for those wondering how business, government and the markets really function in our modern times.
John Stossel basically pioneered ambush journalism, where he and a lone cameraman would turn up at a crooked business and confront the shady owner. This shock style of confrontation is normal now, but back in the 70's it was new. He made a career out of attacking exploitation by big business and crooks.
But in this book he explains that over time his opinion of the real causes of injustice and unfairness began to change with constant exposure to these incidents.
He made the great intellectual leap that most economists and political commentators never want to take; that the source of big business exploitation almost always comes from the coercive power of the State (state-monopoly capitalism), not from free and voluntary exchange between individuals (free-market capitalism).
Here is where John Stossel diverges from the path of journalistic commentators, where he realizes that State enforced regulations were the main cause of injustice and hurt the little guy.
In example after example, John shows that what we think of as regulations designed to 'protect' the consumer, are actually laws written by big business itself, to monopolize markets, create barriers to entry for competitors, and stifle any genuine competition. Behind all of this is the hidden hand of government, interfering in voluntary exchange between private citizens, for the benefit of crony capitalists.
Contrary to popular belief, almost all regulations passed by government are enthusiastically promoted by big business. But even in cases of laws passed due to genuine public outrage, big business knows that over time, the regulatory board will become filled with their own industry experts, and then become a toothless tiger, protecting the status-quo. This is a process known in political terms as 'regulatory capture'.
John Stossel also talks about his reputation over his career, in that when he was criticizing private business he was a hero to the liberal and progressive crowd. But once he moved his criticism to law regulations and the government itself, he became enemy number one. Due to his experiences over many years of investigating corruption, Stossel became a Libertarian. If you ever have misconceptions about the Libertarian political movement, and think it is about supporting big business capitalism, then this book will be enlightening.
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Top reviews from other countries
Ian Smith
Everyone should read this
Reviewed in the United Kingdom on June 24, 2013