What’s the “American system” of economics? Most people would say it is capitalism, which thereby deserves all fault when anything goes wrong. Well, Kel Kelly responds to this myth in this fast-paced and darn-near comprehensive treatment of the truth about the free market and intervention. His thesis is that the problem isn’t capitalism; it is that
It is a common assumption in today’s world that capitalism is, at best, out of control and, at worst, outright evil. Everyone knows that it causes most of our financial, economic, and social problems, and that we need a referee — the government — to make sure that all is fair and that we innocent citizens are not taken advantage of by predatory
[From The Case for Legalizing Capitalism ] Socialists commonly cite the existence of the poor as a reason for socialism, and they claim that their concern for the poor shows compassion and morality. Since the topic of poverty is a key battleground in the war of socialism versus capitalism, it is relevant to examine what poverty is, how much of it
[An MP3 audio file of this article, narrated by Keith Hocker, is available for download .] “A growing economy consists of prices falling, not rising.” The stock market does not work the way most people think. A commonly held belief — on Main Street as well as on Wall Street — is that a stock-market boom is the reflection of a progressing economy:
[From The Case for Legalizing Capitalism ] Having learned that the government acts in ways detrimental to its citizens economically, and by causing wars, we should ask exactly why we support our politicians, why we support most of our military operations, and why we support our very national identity. In short, we should ask ourselves why we are
“Citizens, in the end, are “helped” by having been given unemployment, higher prices, fewer savings, and an uncertain future.” The word “politician” usually comes with a negative connotation. It often brings to mind thieving, lying, corruption, and malfeasance. Nonetheless, most people seem to look to politicians to manage their world for them, to
The economic and business community constantly attempts to forecast the effects of various economic changes and government policies on corporate profits. But both the cause and effect of increasing profits are other than what most people imagine. It will therefore be helpful to gain a concrete understanding of what profits do and do not represent.
This topic needs no introduction. We hear discussions in the national media weekly about the possible threat an economically resurgent China poses to the United States — and even to other countries. So how concerned should we really be about China’s economic and military might? Answer: China’s economic development itself is not in any way harmful
Investors are happy today that a deal was reached on “tax cuts for the rich.” Lower taxes definitely help the real economy, but, except for a one-time pop, they can’t raise the stock market. Only money/bank credit can push stock prices higher. See here and here for
The Free Market 28, no. 8 (August 2010) It is a common assumption in today’s world that capitalism is, at best, out of control and, at worst, outright evil. Everyone knows that it causes most of our financial, economic, and social problems, and that we need a referee—the government— to make sure that all is fair and that we innocent citizens are
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.