In Germany these days, “s-words” are held in high currency. Any public or private action has to be “sozialverträglich“ (roughly translatable as socially compatible), everything from labor relations to health care to the pension system to the special tax levied for the reconstruction of the former East Germany—ironically wrecked by decades of central economic planning in the first place—marches under the almighty banner of solidarity and social justice.
The Mises Institute is pleased to announce that James W. Fogal has accepted a position as Director of Development. He assists Mises Institute members in making contributions, including gifts of appreciated securities, life insurance, retirement plan assets, charitable trusts, gift annuities, and other estate gifts. Contact him here.
The Justice Department is running an inquiry into how the network deals with college conferences and whether their business practices limit the exposure for some schools. ESPN spokesman Mike Soltys says the network is not commenting.
So that’s what’s going on. My wife and I were wondering what was happening with the news trucks, the radio broadcasts, and the lemonade stand a couple of blocks from our apartment. Apparently, a couple of young lemonade stand entrepreneurs found themselves in hot water with the vaunted City of Saint Louis for not having the necessary licenses, permits, etc.
The economist Ludwig von Mises was once asked what one institution gives evidence that a society has crossed into socialism from capitalism or vice versa. He answered clearly and without hesitation: the presence of a stock market. Stock markets indicate a toleration for private ownership and exchange and provide the essential means to compare the worthiness of investment projects by a common denominator of prices. With such markets, calculation is possible and so is prosperity.
