The fundamental dogma of all brands of socialism and communism is that the market economy or capitalism is a system that hurts the vital interests of the immense majority of people for the sole benefit of a small minority of rugged individualists.
If we were to make a science out of the study of special interest groups, we would conclude that the cause of liberty is hopeless. Those who have the most to gain from intervention are well organized and well connected. Those who have the most to gain from freedom are dispersed, diffuse, and not well connected.
The most accurate description of the twentieth century is "The War and Welfare Century." This century was the bloodiest in all history. More than 170 million people were killed by governments with ten million being killed in World War I and fifty million killed in World War II. In regard to the fifty million killed in World War II, it is significant that nearly 70 percent were innocent civilians, mainly as a result of the bombing of cities by Great Britain and America.
A debate between Dr. Glenn Drover of the UBC School of Social Work and Dr. Walter Block of the Fraser Institute on 24 September 1988.
Hayek argues that exceptionally intelligent people who favor the market tend to find opportunities for professional and financial success outside the Academy (i.e., in the business or professional world). Those who are highly intelligent but ill-disposed toward the market are more likely to choose an academic career. For this reason, the universities come to be filled with those intellectuals who were favorably disposed toward socialism from the beginning.
No government, no matter how tyrannical, maintains its power by force of arms alone. The ruled always greatly outnumber the rulers, and so government depends essentially on the acquiescence of the populace, an acquiescence it attempts to promote through patronage and propaganda.
Walter Block debates Rev. David Bolieau on the topics of ethics and economics.
The best that Professor Yunus could do to help his country would be to use his now-considerable credibility to push for a freer market through radical privatization and free trade.
The Austrians began with the actions of the individual. Economic value, for example, consisted of the valuations made by choosing individuals, and prices resulted from market interactions based on these valuations.
Unless there were some serious lack of coordination among prices, costs, and wages, mass unemployment would not exist in the first place.
