Capitalism versus Statism

[This article was originally published in Outside Looking In: Critiques of American Policies and Institutions, Left and Right. New York: Harper and Row, 1972, pp. 60-74. Reprinted in The Logic of Action Two: Applications and Criticism from the Austrian School. Glos, UK: Edward Elgar Publishing Ltd., 1997, pp. 185-199.]

The Afghan Disaster

In the private sector, there is always a test of success. The business must make a profit. It can sustain some losses, but the clock is always running on those. At some point, after all cuts have been made and costs are trimmed to a minimum, the business has to close shop. The summer of losses must become the autumn of profits, or else it’s all over.