A Professor of Economics at Yale University makes a provocative appeal for a ""determined reexamination"" of the basic principles of Capitalism in order to meet the challenge of a rival system that strongly asserts its intention to bury us, and to ease our own doubts in order to best answer the questions of underdeveloped countries searching for an economic system which offers the greatest growth potential. In order to meet these challenges, Dr. Wallich asks us to take a critical look at the changes in our free economy. He goes on to suggest that the modern conservative is swayed by the ""free"" more than the ""economy,"" prejudicing a valid evaluation in this search for the most effective of all economics. Are the old rules still adequate? Does an incentive economy, even with softened rules, preclude, inequality--and is all inequality bad, or can it be a dynamic force in a free economy? Dr. Wallich, a member of the President's Council of Economic Advisers, looks into these questions and comes up with no easy answers. But he does put into perspective the risk and cost of alternative courses of action, examining the need for incentive, the meanings of ""equality,"" and the Galbraithian accusation that America is rich in gadgets and poor in public services.