Revolutionaries announce themselves. Fabians study the building, learn its procedures, and apply for positions inside it.

That difference explains why the Fabian Society deserves the attention of anyone interested in the growth of the managerial state. Founded in Britain in 1884, the Society rejected the gamble of violent revolution without abandoning radical long-term aims. It chose gradual reform, expert administration, political education, and influence within existing institutions.

For decades, but especially over the last one, Europeans have been told to embrace multiculturalism as a net positive for society and for the economy. They were told to open their hearts and their doors to newcomers and to give them a chance to culturally enrich their nations. Of course, they weren’t actually given a choice in the matter, as their leaders opened the doors anyway, without asking anyone and without securing consent though democratic mechanisms.

What began as farce has ended in tragedy. The strange and fraudulent academic career of Jason Arday, the black sociology professor at Cambridge University who was found to have fabricated much of life’s record, ended with his recent resignation from his prestigious faculty position, but then took an even darker turn as he apparently took his own life.

This essay is adapted from a lecture presented at Mises University at the Mises Institute, July 25, 2026. 

It has been over four years since Stephanie Kelton, the vocal professor and champion of Modern Monetary Theory, publicly challenged me to “find the hole” in L. Randall Wray’s argument for “chartalism” (the claim that money is largely a state invention).

In a year as chaotic, violent, and economically destructive as this one has been, it is interesting that, to many Americans, the great villain of 2026 is turning out to be a traffic camera.