Inflation continues to rise fast, in June 2022 having reached 8.6 percent in the United States and in the euro area. At the same time, regulation continues to thrive. Products, production processes, supply chains and trade are increasingly regulated. What is not obvious: in the background, central banks have been hedging the rampant regulation.

Nothing is certain except death and taxes, but antigunners exploiting tragedy to pass more gun control laws is close behind.

The events of the last few years have resurrected a recurring worry among people mindful of their liberty, property, and personal dignity. This worry centers around the prospects of the emergence of the notorious “new world order,” a worldwide totalitarian plot hatched by globalist “elites” intent on destroying the surviving remains of free speech, free enterprise, and free thought.

Many people blame capitalism for ever-increasing consumption, individualism, and the greedy pursuit of profits. Not very often do we see capitalism defined in any other way. In this article, I suggest an Austrian economics definition of capitalism that explains capitalism economically and without moralistic tones.