In P. J. O’Rourke’s classic best-seller Eat The Rich, he takes on an elusive subject, but one that is dear to us all—wealth. What is it? How do you get it? Or, as P.J. says, “Why do some places prosper and thrive, while others just suck?”
The obvious starting point is Wall Street. P.J. takes the reader on a scary, hilarious, and enlightening visit to the New York Stock Exchange, explaining along the way stocks, bonds, debentures, commodities, derivatives—and why the floor of the exchange is America’s last refuge for nonpsychotic litterers.
P.J. then sets off on a world tour to investigate funny economics. Having seen “good capitalism” on Wall Street, he looks at “bad capitalism” in Albania, views “good socialism” in Sweden, and endures “bad socialism” in Cuba. Head reeling, he decides to tackle that Econ 101 course he avoided in college. The result is the world’s only astute, comprehensive, and concise presentation of the basic principles of economics that can make you laugh, on purpose.
Armed with theory, P.J. ventures to Russia in a chapter entitled “How (or How Not) to Reform (Maybe) an Economy (If There Is One),” and discovers that Russia is a wonderful case study—unless, of course, you’re Russian. P.J. then goes to Tanzania, a country rich in resources that is utterly destitute, before arriving in Hong Kong, which even as the British prepare to hand it over to the communists is a shining example of how unfettered economic activity can “make everything from nothing.” P.J. ends up in Shanghai, observing a top-down transition to capitalism, a process he describes “as if the ancient Egyptians had constructed the pyramid of Khufu by saying, ‘Thutnefer, you hold up this two-ton pointy piece while the rest of the slaves go get 2,300,000 blocks of stone.’ ”
P.J.’s conclusion in a nutshell: the free market is ugly and stupid, like going to the mall; the unfree market is just as ugly and just as stupid, except there’s nothing in the mall and if you don’t go there they shoot you.
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