HIGHLAND HEIGHTS, Ky., April 12, 2004 (PRIMEZONE) -- In his new book, Warren E. Peterson coins a term for America's unique economic system, which has evolved over time through the unification of the people. Controlled Capitalism (Capitalism or Socialism in 2004?) (now available through AuthorHouse) tells of a type of capitalism that has been transformed by workers' demands and regulations.
In the early days of industrialization, company owners declared that everything their property produced belonged to them. If they chose to share the wealth with their employees, it was a mere act of kindness. Soon, as the wealthy got wealthier and workers were cast aside to live in poverty, the workforce began to rise up and fight the system. Their efforts, and the changes that occurred, morphed traditional capitalism into a version that protects workers and imposes regulations on companies. Peterson calls America's current system "controlled capitalism," the economic system that has allowed the country to enjoy the greatest standard of living in the history of mankind.
He highlights the business leaders and workers' rights advocates who fueled the changes in early American capitalism. He then delves into the future of the American economic system and argues that more and more people are attempting to change it again. Peterson suggests that liberals in the Democratic Party are threatening to shift capitalism to a more socialist state, while conservatives in the Republican Party are trying to do away with regulations designed to protect the American worker.
Controlled Capitalism is an interesting take on America's current economic structure, uniquely molded by the people who built this country.
"With the freedoms we have been provided by the Constitution, both the capitalists and workers are jointly responsible for this great adventure in an economic system I refer to as controlled capitalism," Peterson writes. "Is it any wonder that America is looked upon by the world as the land of opportunity and is desired by many people as the place they wish to live?"
Peterson worked for 37 years as a production control manager and purchasing manager. A U.S. Navy veteran, he earned a degree in factory management from the University of Cincinnati Evening College. He and his wife have two sons.
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