“Good corporate citizenship” is a familiar song that has topped the charts for far too long. Every two decades, it comes back with a slight variation, finding wild popularity. The new version arrived in the mid-Eighties with suggestive lines about corporate behavior. The traditional corporate enterprise, it sings, should modify its goals not only
[Presented September 16, 1999, at the Mises Institute conference “Austrian Economics and the Financial Markets,” Toronto, Canada] My topic is How the SEC Subsidizes Stocks, and my subtitle could be: Why and How is the government in the securities industry? I mean “subsidy” in the broadest possible sense here and not direct cash support.
The Free Market 16, no.2 (February 1998) It’s time to start thinking of the stock market as a giant S&L. Money continues to pour in, despite a bounty of evidence that the extraordinary gains of the last few years cannot be enjoyed in the near future. The perception has never been stronger that the stock market is the right place to be for your
The Free Market 17, no. 1 (January 1999) The most talked-about financial failure of the year is Long-Term Capital Management, an investment partnership (loosely termed a hedge fund) run by Wall Street darling John Meriwether. The fund is known for its esoteric financial models and complex securities transactions, many involving derivatives. Its
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.