MARKETS

Foreign Investment: Protectionism vs. Industrialization (5 of 5)

The prerequisite for more economic equality in the world is industrialization. And this is possible only through increased capital investment, increased capital accumulation. You may be astonished that I have not mentioned a measure which is considered a prime method...

Stocks and Bonds Hurt Alike Under Stagflation

When bonds and stocks decline a lot and simultaneously it suggests inflation is rising rapidly even as the economy is stagnating or contracting (or will soon do so). For most economists today, that combination is near-impossible.

Can Capitalism Survive? 80 Years After Schumpeter’s Answer

Eighty years ago, in the midst of the Second World War, Austrian-born economist Joseph A. Schumpeter published one of his most famous books, Capitalism, Socialism, and Democracy (1942). A central question that he asked and tried to answer was, “Can Capitalism Survive?”

The Intellectual Assault on Economic Activity and Capitalism, Part 1 of 2

Capitalism is denounced as “an anarchy of production,” a chaos ruled by “exploiters,” “robber barons,” and “profiteers,” who “coldly,” “calculatingly,” “heartlessly,” and “greedily” consume the efforts and destroy the lives of the broad masses of average, innocent people.

The Beginning of the End

We’ve reached the end of the road and found that the people who must ultimately pay for unlimited government are us. And whether through taxes or inflation, pay we will.

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.