A Critique on the Book “Capitalism's Achilles Heel: Dirty Money and How to Renew the Free-Market System”

This book explains the impact of dirty money on the functioning of the global capitalist system. Raymond Baker introduces a three-loop interconnected chain of interactions, including lawlessness, inequality, and the philosophy of utilitarianism, as the Achilles' heel of capitalism which has provided the ground for the vulnerability of this system, especially in the twentieth century. Baker considers the restructuring of the free market system and the continuation of the optimal functioning of this system in the 21st century to be subject to serious reforms in the philosophy of capitalism, namely utilitarianism, with an emphasis on the theory of justice of John Rawls and Thomas Pogg. He believes that effective measures to reduce inequality in wealth within and between countries should be taken to reduce dirty money and debt forgiveness of developing countries. Baker also recommends institutional changes in the structure of the World Bank and the financial system of developed countries to reduce the creation and flow of dirty money from developing and transition countries. In this article, while evaluating the form and content of Baker's book, his innovations in the critique of the global capitalist system are presented from within and compared with other critiques of capitalism, and suggestions for updating the book are presented.