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-Turbo Capitalism' is Luttwak's name for private enterprise gone amok. In contrast to the -Controlled Capitalism' of the Cold War era, turbo capitalism is unregulated by governments, unchecked by effective trade unions, unfettered by concerns for employees or communities, unrestrained by customs barriers or investment restrictions, and unhindered by taxation. The winners in this free-for-all (i.e., the architects of techno-organizational change) are getting richer, much richer, while the losers (i.e., everyone else) are becoming poorer and are forced by down-sizing to take the traditional jobs of the underclass-more and more of whom are ending up in prison. A powerful indictment of the excesses of the -free' market, turbo capitalism is a must read for anyone concerned with the inequities that are endangering the stability and welfare of our soceity.

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Publishers Weekly Review

Since the administrations of Reagan and Thatcher, the virtues of deregulation and privatization have become accepted wisdom in the U.S. and the U.K. Luttwak, a senior fellow at the Center for Strategic and International Studies in Washington, D.C., and the author of The Endangered American Dream, has dubbed this free market, with its accelerated rate of structural change, "turbo-capitalism." Although he shares the general opinion that deregulation, privatization and globalization have reinvigorated sleepy economies, he writes that within the shiny apple of prosperity achieved in the U.S. and Britain lurks a worm in the form of reduced real wages, greater income inequality and increased alienation among those excluded from the benefits of growth. Luttwak argues that, in the U.S., such negative consequences are balanced by a vigorous legal system and Calvinist values. He is not as sanguine about the prospects for countries where turbo-capitalism is unchecked by such legal and cultural balances. Seeing unemployment as the global problem of our time and realizing that turbo-capitalism is more likely to aggravate than alleviate it, Luttwak singles out Japan as exemplary for its full employment policy, which endorses the position that the economy exists to serve society, not the other way around. Clearly relishing his Cassandra-like role, Luttwak outlines worst-case scenarios: conservative European monetary policy (with the euro) inhibits employment opportunities; geo-economic conflicts erupt with the spread of globalization. Even if his darkest forebodings never materialize, Luttwak puts readers on notice that, at the very least, speed bumps lie along the road ahead. (Feb.) (c) Copyright PWxyz, LLC. All rights reserved

Booklist Review

Luttwak is a senior fellow at the Center for Strategic and International Studies. He is also the author of a number of books dealing with military and defense issues. His new book, which was published in Britain last fall, sorts out the economic standings of the major competitors in the global economy. The world economy is characterized by what Luttwak calls "turbo-charged" capitalism: unregulated growth in the U.S. and privatization in Europe and the previously planned economies of Eastern Europe and elsewhere. Although Luttwak unabashedly defends capitalism, Luttwak longs for the controlled capitalism that flourished from 1945 until 1980 and that limited "disruptive" competition and shielded workers from "adverse market forces." He trenchantly details the consequences of this newer brand of capitalism: increasing income disparity and a growing underclass, job instability, a growing crime rate resulting in an overly restrictive society, and destabilization of families. --David Rouse