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.
In the 1980s I devoted a lot of effort to debunking a torrent of Green lies about pesticides and herbicides. This was before the Greens latched onto “global warming” which has since become “climate change” and the subject of a recent White House report filled with dire predictions of planetary doom and disaster.
A new book by French economist Thomas Piketty on “Capital in the Twenty-First Century” has recently caused a major stir on the opinion pages of newspapers and magazines. Piketty has resurrected from the ash heap of history Karl Marx’s claim that capitalism inescapably leads to a worsening unequal distribution of wealth with dangerous consequences for human society.
The siren song of independence and national self-determination has sounded once again across Europe. It is a song that holds echoes of a century ago, when the internal force of nationalism convulsed the European empires into world war. Yet, while the song remains the same, the tune has changed.
Few French economists have achieved the kind of adulation Thomas Piketty has experienced recently from the media and the left. Within the context of the American political scene, Piketty’s dour predictions for the future of capitalism and his call for a “utopian” global wealth tax fit perfectly with the left’s frame of an inequality message.
Wouldn’t making it in America be easy if you could just pass laws to put your competition out of business? That’s precisely what’s being attempted by anti-GMO organic activists across America today.
Coming thirteen days after state and federal income tax returns were initially due, Tax Freedom Day, according to the Illinois Policy Institute’s Senior Budget and Tax Policy Analyst Benjamin VanMetre, marks the point in the year when Illinoisans have worked long and hard enough in the aggregate to cover their share of state, federal and local taxes “and can start keeping their hard-earned money.” About a third of Illinois residents’ efforts this year – 118 days’ worth out of the calendar year’s 365, in other words – went just to paying taxes.
Regardless of where someone may view himself along the political spectrum (conservative, libertarian, or modern liberal), there are always a variety of government programs and activities that they either think are not worth the money or should not be the business of government in the first place. Yet, it seems almost impossible to rein in government. It keeps growing in size and scope in one direction after another. Why? And is there any way to reverse it?
Your average government – anywhere in the world – has more resources at its disposal than just about any private company on the planet.
So when a government sets its sites on making a private company’s life miserable – it almost always can. Because it can put the full weight of the Leviathan behind the push – and it is spending Other People’s Money to do it.