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Book Review: Modern Capitalism: The Changing Balance of Public and Private Power, 80 HARV. L. REV. 1375 (1967)


What has converted capitalism from "old-fashioned" to "modem" – or, what is the same thing to Mr. Shonfield, from "cataclysmic failure" in the thirties to an "engine of prosperity" in the postwar world (p. 3) – is the nature of the changes which have taken place in the economic management of Western societies. Shifting economic management's control centers from private hands to public hands has not only overhauled the economic engine, giving it more and steadier power and greater, more constant acceleration; it has improved driving habits, sharpened the vision of the drivers, coordinated the trip plans of travelers, eliminated the need for stop and go lights, and created substantial savings in fuel costs. But this is not all. It has done even more; it has taken travelers to "better" destinations than they could have chosen for themselves.

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