The presence of American companies in foreign nations was once seen as a sign of American superiority and an instrument of American cultural power. Not anymore.
Persistently loose monetary policies always have negative growth and distributional effects that impair political stability. In extreme cases, there are civil wars and armed conflicts between countries.
Economic growth is not something that just happens. It requires saving. It requires investment and capital accumulation. And it requires the real market process.
Everything from huge Keynesian "stimulus" policies to the war in Ukraine is dovetailing in a bout of stagflation: the simultaneous growth of inflation and unemployment.
Utilitarianism assumes that morality—the good—is purely subjective to each individual. It also assumes that these subjective desires can be added, subtracted, and weighed across the various individuals in society.
In Nock's view, the usurpation of social power by state power went hand in glove with a rise in war, intra-social conflict, arbitrary authority, indebtedness, and many other injustices.
