Economics

Foreign Investment: Expropriation of Foreign Capital (3 of 5)

Foreign investment is made in the expectation that it will not be expropriated. Nobody would invest anything if he knew in advance that somebody would expropriate his investments. At the time when these foreign investments were made in the nineteenth century, and at...

Socialism: Central Planning vs The Freedom to Plan (3 of 4)

The socialist system, however, forbids this fundamental freedom to choose one’s own career. Under socialist conditions, there is only one economic authority, and it has the right to determine all matters concerning production. One of the characteristic features of our...

Capitalism and the Origin of Economic Institutions

Economic progress is the leading manifestation of yet another major institutional feature of capitalism: the harmony of the rational self-interests of all men, in which the success of each promotes the well-being of all.

Capitalism: Capital and Wages (3 of 3)

The capitalist system was termed “capitalism” not by a friend of the system, but by an individual who considered it to be the worst of all historical systems, the greatest evil that had ever befallen mankind. That man was Karl Marx.

The Economics of Socialism (Part 4)

The exclusion of free initiative and individual responsibility, on which the successes of private enterprise depend, constitutes the most serious menace to socialist economic organization.

The Economics of Socialism, Part 1

In the cloud-cuckoo lands of socialist fancy, roast pigeons will fly into the mouths of the comrades,with no realistic explanation of how this miracle is to take place.

The Inevitable Failure of Socialism

“As soon as one gives up the conception of a freely established monetary price for goods of a higher order, rational production becomes completely impossible.” – Ludwig Von Mises