About the Authors
Preface
Introduction
Milton Friedman’s Legacy
New Research and Political Breakthroughs
What Other Books Overlook
How to Read This Book
Part One - The Need for School Reform
Chapter 1 - Failure of the Public School Monopoly
Dismal Performance and Rising Costs
Importance of Scholastic Achievement
Declining School Productivity
Other Problems Afflicting Government Schools
Schools of Choice Are Not Similarly Failing
Schools of Choice Are More Productive
Excuses for the Failure of Government Schools
The Public Wants School Choice
Recommended Reading
Chapter 2 - Why Government Schools Fail
Lack of Competition
Ineffectual School Boards
Union Opposition to Reform
Conflicts of Interest
Political Interference
Lack of Standards
Centralized Control and Funding
Antiacademic Classroom Incentives
Conclusion
Recommended Reading
Chapter 3 - How a Capitalist School System Would Work
Private Schools in U.S. History
Democratic Values and Private Schools
Can Parents Be Informed Consumers?
Who Would Educate the Poor?
Is Competition in Education Appropriate?
Conclusion
Recommended Reading
Part Two - Can Capitalism Be Trusted?
Chapter 4 - What Is Capitalism?
A Good Time to Reconsider
The Rise of Exchange
The Coordination Problem
How Capitalism Works
Origins in England
The Founders’ Values Today
Capitalist versus Government Schools
Conclusion
Recommended Reading
Chapter 5 - Nine Myths about Capitalism
The Rich Get Richer and the Poor Get Poorer
Capitalism Caused the Great Depression
Corporations Earn Obscene Profits
Corporations Lie, Cheat, and Steal
Capitalism Harms the Environment
Monopolies and Cartels Are Common
Globalism Hurts Workers and the Poor
Labor Unions Protect Workers from Exploitation
Capitalism Rewards Racism and Segregation
Conclusion
Recommended Reading
Chapter 6 - Capitalism and Morality
The Reality of Greed and Ambition
Capitalist Values
Capitalism and Justice
Utilitarianism and Income Redistribution
One Institution among Many
Capitalism and Religion
Capitalism and Postmodern Values
Conclusion
Recommended Reading
Chapter 7 - Capitalism and Intellectuals
Libertarians Are Not Anarchists
Government is Force; Capitalism Is Freedom
Capitalism and Politics
Capitalism’s Debt to the State
Capitalism and Intellectuals
Conclusion
Recommended Reading
Part Three - Education and Capitalism
Chapter 8 - What Is Economics?
Attacks on Economics
Why People Fear Economics
What Is Economics?
Individuals versus Groups
Rational Action
The Subjectivity of Values
Economics and Ethics
The Role of Assumptions
Ideology and Economics
Public-Choice Theory
Recommended Reading
Chapter 9 - The Economics of Education
Is Information an Exception?
Schooling as a Market Phenomenon
More Than a Commodity
Not Like Blueberries
Eight Public-Choice Propositions
Why Choose Markets?
Reforms That Reach Students
Recommended Reading
Chapter 10 - Privatization and School Choice
The Privatization Movement
Contracting Out for Services
Charter Schools
Privately Funded Vouchers
Tuition Tax Credits and Deductions
Homeschooling
School Vouchers
Conclusion
Recommended Reading
Part Four - Doing It Right
Chapter 11 - School Vouchers
Demand for Private Schooling
Private School Capacity Would Increase
Avoiding New Regulations
Constitutionality
Vouchers As a Reform Strategy
Vouchers versus Tax Credits
Long-Term Consequences of Vouchers
Recommended Reading
Chapter 12 - Design Guidelines for School Vouchers
Choices to Be Made
Phasing In and Incrementalism
Value of Vouchers
Tuition Add-ons
Funding Sources
Education Savings Accounts
Fiscal Impact
Testing and Vouchers
Vouchers for Homeschoolers
Closing Unneeded Government Schools
Administration and Voucher Redemption
Transportation
Conclusion
Recommended Reading
Conclusion
The Choice Paradox
The Need for School Reform
Can Capitalism Be Trusted?
Education and Capitalism
Using Economics
Doing It Right
Postscript
Why Conservatives and Libertarians Should Support Vouchers
Not a New Entitlement
Let Parents and Educators Decide
Government Control Is Not Inevitable
Overlooking Reality
Separation in a Single Bound?
A Moral Duty
Index