Let the advocates of capitalism proceed in the knowledge not only that socialism is dead, but also that what the world still needs to learn is why capitalism deserves to live.
George Reisman
George Reisman, Ph.D., is Pepperdine University Professor Emeritus of Economics and the author of Capitalism: A Treatise on Economics. See his Amazon.com author's page for additional titles by him.
Visit his website capitalism.net and his blog atGeorgeReismansBlog.blogspot.com. Watch his YouTube videos and follow @GGReisman on Twitter.
A General Campaign at the Local Level for Laissez-Faire Capitalism (Part 9 of 10)
What would be required to restore New York to its former prosperity and greatness would be the combination of the elimination of public welfare, the abolition of rent controls, and the privatization of the city’s transportation system.
The Separation of State from Religion, Science, and Education (Part 8 of 10)
The system of public education could be abolished over the course of a generation, in a way that need not impose financial hardship on the parents of any child alive at the time of the abolition’s commencement.
A Pro-Capitalist Foreign Policy (Part 7 of 10)
In the present-day world, a procapitalist foreign policy is indistinguishable from a pro-American foreign policy.
Establishment of Gold as Money (Part 6 of 10)
The establishment of gold as money is essential to the achievement of a capitalist society.
Abolition of Income and Inheritance Taxes Under Capitalism (Part 5 of 10)
A possible way to start on the elimination of the income/inheritance tax right now would be to fight for the immediate adoption of a universal exemption of at least 51 percent of everyone’s income from federal, state, and local income taxation under all circumstances.
Capitalism and the Abolition of the Welfare State (Part 4 of 10)
The savings of individuals would steadily replace taxes as the source of provision for old age.
The Freedom of Production and Trade Under Capitalism (Part 3 of 10)
An appropriate vehicle for the establishment of the freedom of production and trade, whether all at once or gradually, would be the establishment of one last regulatory-type agency: the Deregulation Agency.
Privatization of Property: Importance of Fighting on Basis of Principles (Part 2 of 10)
The privatization of property is the most fundamental aspect of a procapitalist political program
Toward the Establishment of Laissez-Faire Capitalism (Part 1 of 10)
If a laissez-faire capitalist society is to be achieved, a political movement pursuing a long-range program will be necessary.
Why Nazism Was Socialism and Why Socialism Is Totalitarian
Nazi Germany was a socialist state, not a capitalist one and socialism, understood as an economic system based on government ownership of the means of production, positively requires a totalitarian dictatorship.
Prices and Costs of Production in a Free-Market
In a free market, the prices of products tend to be governed by their costs of production.
Capitalism vs. Racism: Black Consumers & Ending Segregation
Under laissez-faire capitalism, racial segregation would disappear, even though it would be legally permissible on private property. It would disappear because it is fundamentally incompatible with the requirements of profit-making and because it is irrational.
Capitalism vs. Racism: Equal Pay for Equal Work
Profit-seeking employers qua profit-seeking employers are simply unconcerned with race. Their principle is: of two equally good workers, hire the one who is available for less money; of two workers available for the same money, hire the one who is the better worker. Race is simply irrelevant.
Wage Rates Under Capitalism
In a free market, within the limit of his abilities, each person chooses that job which he believes offers him the best combination of money and nonmonetary considerations. In so doing, he simultaneously acts for his own maximum well-being and for that of the consumers who buy the ultimate products his labor helps to produce.
1970s Oil Shortages Not Caused By Oil Companies
The oil shortage was “manufactured” by the government, through price controls, not by the oil companies and their perfectly natural and praiseworthy desire to earn profits.
Commodity Speculation in a Free-Market
Speculative activity, of course, is not limited to anticipating just future scarcities. Rather, it seeks in general to balance consumption and production over time by accumulating stocks of commodities and regulating their rate of consumption.
Ludwig von Mises: Defender of Capitalism
Ludwig Von Mises is important because his teachings are necessary to the preservation of capitalism and thus of civilization.
Tariffs, Transportation Costs & The Case for Unilateral Free Trade
A policy of unilateral free trade is analytically equivalent in its effects to a fall in inbound transportation costs while outbound transportation costs remain the same.
Arab Oil Embargo Would Not Be a Threat to a Free Market Economy
If the United States had had a free market in oil when the Arabs imposed their embargo, its oil supplies could not have been seriously jeopardized.
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