Central Banks and Socialism Are Forever Linked Together

It is well known that socialism is a shortage economy. It is the economy of inefficiency and corruption, of indifferent workers and of bigwigs, of lacking spare parts, of lacking funds, of failure, of permanent reform needs and of constantly unsuccessful reforms. This concerns in particular total socialism, as it was realized in the Soviet Union or under National Socialism.

Contract Rights Are Not the Same as Natural Rights

Purchasing Submission: Conditions, Power, and Freedom
by Philip Hamburger
Harvard University Press, 2021, 320 pp.

Philip Hamburger has made a revolutionary contribution to American constitutional law. He shows that what is often regarded as a narrow topic, “unconstitutional conditions,” of interest only to specialists, is in fact fundamental to understanding our contemporary system of government and moreover that its abuse poses grave dangers to liberty.

The Dangers of “Should Be”

In this world, there exists a multitude of supranational organizations, agencies and committees which, may or may not, work in concert with each other for the purpose of central planning. Countless bureaucrat salaries are funded with the public’s money or debt, paid not to produce goods or services that have a market price; instead the goal is to rearrange society based on the notion that they possess a calculation method or some higher knowledge allowing them to know how society “should be.”

Industrial Policy—a.k.a. Central Planning—Won’t Make America Great

Across the political aisle pundits are suggesting industrial policy as a tool to contain the ascent of China. Commentators worry that failure to do so might result in China eclipsing America as the world’s economic superpower. Without doubt, the tantalizing arguments abetting industrial policy are gaining traction because defenders of markets have failed to make their case in a way the public can understand. 

Hans Bader practices law in Washington, D.C.