The authors of the Time article are correct in that coming energy crises are brewing. However, they are wrong when they assume that such problems occur because of the ineptitude of capitalists and the lack of political will by members of Congress. Whether it be gasoline or the making of bread, the production of goods is best left to economic, not political entrepreneurship.
The tragedy of mercantilism is that it tends to creep up when it can do the most damage, that is, during economic downturns. Sure enough, the US is experiencing a wave of protectionist sentiment, legislation, and action, some of it supported by the supposed friends of free trade. Let us begin the round up.
Abercrombie & Fitch, a constant winner in the voluntary "dollar-vote" elections of the market, is accused of being an intensely racist company in both its employment practices and its product marketing. In fact, it is doing nothing but what should be permitted in a free society: finding a market niche and making a profit.
Germany's biggest economic troubles trace to Otto von Bismarck, who conceived of a system of social security for the industrial workers in the late 19th century. His goal was to bring them under the control of the State. It was first during World War I and its aftermath and under the Third Reich in the 1930s when the welfare state experienced its greatest expansions.
"Social responsibility" is out. Richard Teather explains that activists are demanding even more: corporate citizenship. This concept demands that a company's whole actions be carried out with regard to their "social impact" as interpreted by unions, environmentalists, poverty campaigners, and other non-profits. Of course, and mainly, it also means big donations to their organizations.
The Invisible Heart: An Economics Romance will no doubt be disappointing for those who like their romance novels with Fabio flexing on the cover, damsel in his arms, his hair blowing in the breeze, but it might reach a few romance novel readers and help expose those in the dating pool to the free-market message.
People can feel socially secure in Denmark—at least for now. People don't get rich from welfare but they can live a comfortable life. Practically all people are eligible for one program or another. But it is not sustainable in the long run. At some point, the trough will be empty. Per Henrik Hansen explains.
When today's clergymen expound on issues of political economy we are often given a stark choice. Will we allow companies to selfishly pursue profits or will they recognize a wider social mission? Will workers be paid the barely subsistent market wage or will they be paid a more Christian "living wage"? Even conservatives tell us we must choose between markets and compassion.
The tax bills of many American families are falling during a period of exorbitant increases in federal spending due mainly to war. Odd? Not once we discover the record levels of government debt accumulation. It's the shell game of government finance at work. It is not the first time that government warriors have turned to debt and the printing press to pay for their military ventures.
In one democracy you vote but every other year for candidates (who may not win) to "represent" you and many others indirectly on myriad issues. In the other, you vote daily, often, directly, for specific vendors, goods, or services, in an endless plebiscite going on every minute of every day, with dollars as ballots.
