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Tag Archives: Capitalism

Was Marx Right about Capitalism Destroying Itself from Within?

One of the core tenets of Marx’s work is that capitalism will be undone by internal contradictions that would manifest as ever-greater crises that would eventually destroy the system from within. As the global economy continues to unravel beneath the surface, it’s a good time to re-examine Marx’s claim. If if turns out the current version of global capitalism is indeed unraveling due to its internal contradictions, it would be valuable to understand this now rather than...

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Economics as the Study of Peaceful Human Cooperation and Progress

Earlier this month I was the recipient of one of the annual Prometheus Awards from the Greek liberal think tank KEFiM. My award was for my contributions to economic literacy. My keynote acceptance speech is now available here. I weave several themes of interest to CP readers, including Mises's emphasis on how specialization and exchange lead to social cooperation, and Hayek's point that exchange is about turning enemies into friends. Economics is a lot more than an explanation of...

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Open Letter to John Taft, Report 17 Dec

Dear Mr. Taft: I eagerly read your piece Warriors for Opportunity on Wednesday, as I often do about pieces that argue that capitalism is not working today. You begin by saying: “Financial capitalism – free markets powered by a robust financial system – is the dominant economic model in the world today. Yet many who have benefited from the system agree it’s not working the way it ought to.” Leaving aside that our financial system is not robust—the interest rate is collapsing, and the debt is...

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Peter Schiff: If They Were Smart, They Wouldn’t Be in the Stock Market

Peter Schiff hit a number of subjects in his most recent podcast, including bitcoin, the stock market, wealth inequality, the Fed and the voting age. He also said we should be thankful for capitalism.Stock markets hit record highs again this week. Some of it was due to more optimism about a trade deal. Peter said he underestimated the impact of QE4 on the markets.I mean, I knew QE4 was coming. I was 100% sure of that. I knew the Fed was going to cut rates, and they’ve...

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Milton Friedman

Today marks the thirteenth anniversary of the death of Milton Friedman. I am using this occasion to bear witness to the influence the Nobel economist had on my intellectual development as it had on the opinions of countless others. (See, for example, the testimony of my co-blogger David Henderson.) When I was a graduate student at the University of Toronto at the turn of the 1970s, Friedman’s Capitalism and Freedom (University of Chicago Press, 1962) appeared as a...

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Prohibitions: Frontiers of liberty & markets

For the next ten weeks, I will write a series of posts about prohibitions: frontiers of liberty and markets.  This will be a topic discussion club, inspired by Bryan Caplan’s recent book club about persistence of poverty.  However, we won’t focus on one book.  I will provide links here and there to short, ungated readings about facets of our general topic. Let’s keep in mind two overarching questions: Why are some behaviors, which don’t intrinsically involve force or...

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Socialism Vs Capitalism

Mike Maloney is a collector. He collects fine art, cars, books, music, gold, silver…and MEMES. Enjoy this ‘first in series’ video where Mike gives you a look at his collection of memes that highlight the stark differences between socialism and capitalism. Post Views: 6

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Self-interest and Capitalism Are Not Synonymous

“I am in favor of self-interest and thus of capitalism. It follows that I may legitimately judge any public policy according to whether or not it furthers my personal interest.” This is a paraphrase of what an intelligent Twitter correspondent of mine seems to believe. Although he does know something about business and economics, he is completely wrong on that point. It is not because one favors self-interest that one must support capitalism. (I take capitalism in the...

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The New York Times Is Truly Messed Up

Although rightly rejected today, the Virginia-born Fitzhugh attained national prominence in the late antebellum period as one of the most widely read defenders of a slave-based economy. Charles Sumner called him a “leading writer among Slave-masters,” and his regular contributions to the pro-South magazine DeBow’s Review gained him a national readership in the 1850s. In 1855 Fitzhugh embarked on a publicity tour of the Northeast, jousting with abolitionist Wendell...

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McCloskey and Horwitz on Women, Markets, and Liberty

Well, mostly McCloskey. This is the full recording of the inaugural Madam C. J. Walker Colloquium in Political Economy at Ball State University, sponsored by the BSU Institute for Entrepreneurship and Free Enterprise. Deirdre and I wandered over a lot of territory in the nominal topic of "Women, Markets, and Liberty" in the first hour, and we got some excellent questions from the attendees. I hope you enjoy it as much as we did. 

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