Eighty years ago, in the autumn of 1934, there appeared in English one of the most important books on money and inflation penned in the twentieth century, The Theory of Money and Creditby the Austrian economist, Ludwig von Mises. Even eight decades later, it still offers the clearest analysis and understanding of booms and busts, inflations and depressions.
“Extremist voices and groups have hijacked Islam and misappropriated the right to speak on its behalf,” Iyad Ameen Madani, secretary general of the Organization of Islamic Cooperation, told the 25th Session of the Arab Summit earlier this year.
One of the great fallacies arrogantly believed in by those in political power is the notion that they can know enough to manage and command the lives of everyone in society with better results than if people are left to live their own lives as they freely choose.
One-hundred-twenty fellow lovers of liberty signed up to attend an evening with Steve Forbes and Elizabeth Ames at the historic Union League Club in Chicago on Wednesday, August 13, for a special edition of The Heartland Institute’s Author Series to hear Forbes and Ames discuss their new book, “Money: How the Destruction of the Dollar Threatens the Global Economy, and What We Can Do About It.”
We live at a time when politicians and bureaucrats only know one public policy: more and bigger government. Yet, there was a time when even those who served in government defended limited and smaller government. One of the greatest of these died one hundred years ago on August 27, 1914, the Austrian economist Eugen von Böhm-Bawerk.
It is a rare occurrence when Hollywood produces a film that neither glorifies the welfare-warfare state, nor vilifies capitalists and businessmen. Yet that is exactly what Marvel Studios has managed with the Iron Man series. In the character of Tony Stark we see the pinnacle of the capitalist fantasy: an ingenious businessman who values property rights and self-defense, and who does not compromise those fundamental rights in the face of government intimidation and force.
We recently discussed a bipartisan group of Senators and House members who correctly identified a global trade problem and its negative domestic ramifications. 57 Senators and 152 House members…sign(ed) letters to Barack Obama Administration Secretary of Commerce Penny Pritzker. In which they expressed concern about inexpensive Korean steel being in mass quantities imported here….
Want to know why capitalism will always triumph over collectivism? It responds to people’s desires, even those who would consider themselves enemies of capitalism. A case-in-point is the ubiquitous Che Guevara t-shirt. Anyone who has spent any time walking down a city street will have come across at least one young person wearing Che’s famous likeness. Some leftists have argued that the sheer pervasiveness and popularity of the image is proof of the enduring principles of which Che has sometimes been seen as a symbol. Yet that is not the case.
John Feehery’s piece here on the dangers of rising Republican skepticism for big business is an amusing read, not just because I’m pretty sure nearly every sentence of it can be debunked in whole or in part. The tone is one of desperate confusion: when did the Republican Party stop being knee-jerk pro-business in the subsidies and carveouts and bailouts sense? Why do they want to kill the jobs of hardworking K Street influence peddlers?
All over the world, advocates of the free market are looking askance at Pope Francis. Since succeeding Benedict XVI in 2013, Pope Francis has mounted a vocal challenge to what he sees as the now dominant global ideology of capitalism.
The subject of tax inversion, in which American firms avail of lower tax rates in foreign countries by merging companies in those countries, has become very topical in the last couple weeks thanks to a decision by Abbvie, a drug company, to merger with Shire, an Ireland-based firm and move its headquarters overseas. One of at least 47 tax inversions in the last decade, the Abbvie-Shire deal is the largest such action yet, worth $54 billion. Perhaps unsurprisingly, President Obama and Democrats in Congress have become apoplectic with rage at the audacity of a business making a prudent decision to escape bloodsucking taxes.
The American presidency has grown in power almost continuously since the outbreak of World War II. The executive has risen from being simply the chief magistrate of the government to be being a quasi-legislative force, a leader who pushes an aggressive legislative agenda as well as enforcing the laws passed by the legislature. The president is frequently referred to as “the most powerful person in the world,” or “the leader of the free world.” Such appellations represent far more than good PR. They are statements of fact that the president of the United States has drastically more power and authority than any other individual on Earth. For that reason certainly, presidents should be restricted to a single term of office.
In the minds of many people around the world, including in the United States, the term “capitalism” carries the idea of unfairness, exploitation, undeserved privilege and power, and immoral profit[...]
According to data released this week, Samsung and Apple make up the majority of the top 20 global smartphone models sold in the first quarter of 2014. While that success demonstrates the robust market prowess of these smartphone manufacturers, the real winners are the customers, getting more services, better products and lower prices. Almost the exact opposite happens when companies resort to lawsuits to gain market advantage, a sort of rent seeking via the courts.
Debt is an issue that affects countries all over the world. Almost all countries are in debt as their governments take loans to cover for variations in their tax receipts. Yet while many developed countries such as Greece and Ireland are increasingly facing debt crises of their own, the effect of such debt is not nearly as crippling as it is for developing nations.
It was long the case that American presidents held less power on domestic issues than the Congress. The executive branch could only enact the laws of the legislature with a limited tendency to veto. The president’s real power lay in setting foreign policy, as he had much more freedom of action in that arena than on the home front wherein the checks and balances of the Constitution were in full force. That traditional balance has been overridden in the current political system. The fault for this breakdown of traditional magisteria of influence lies with both the executive and the legislative branches.
Forty years ago, during the week of June 15-22, 1974, the Austrian School of Economics was reborn during a conference in the small New England town of South Royalton, Vermont. Why was this important? Because the economists of the Austrian School have developed the most persuasive understanding of why only economic freedom can give mankind both liberty and prosperity.
Today, the Manhattan Institute re-released its Obamacare Interactive Map. The map is one of the most comprehensive and useful tools for people looking to determine how Obamacare will affect their healthcare premiums. Presenting data by county, individuals can see just how costly the “affordable” care act is going to be.
The American Dream is one of the driving concepts in our country’s national story, one that occupies a special place in the national discourse. It is a sort of national ethos, born out of various statements of the Founding Fathers, particularly Thomas Jefferson’s in the Declaration of Independence: “We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.”
For every 100 mortgages being sold in the United States these days, at least 95 of them have government backing. We’re told America has a free-market economy? Not judging by the government’s involvement in housing, arguably the most important market there is. Most people can go years without needing health care. A healthy adult can go weeks without food. We cannot go one day without needing shelter.