John L. Chapman

The memorialization of D-Day has conferred upon this day a special place in American history and even pop culture , and has literally generated a cottage industry of hundreds of books, articles and...

This week some 80 world dignitaries including Presidents Putin, Trump, and Chancellor Merkel are gathering in France to mark the culmination of year-long remembrances of the centenary of the end of...

Privatization is the only hope for renewal of once proud cities, writes John Chapman. In his 1944 book entitled Bureaucracy, Mises distinguished between “bureaucratic management” and “profit management.” He explained that neither incentives nor exploitation of useful information are optimal under bureaucratic management, and by definition there could be no rational calculation via profit and loss. Hence, coordination of resources will never be optimally efficient. That is to say, it is in the very nature of government management (bureaucracy) that it will be inefficient, and prone to corruption. Conversely, after privatization, operations and cost efficiencies improve because once incentives are in place and aligned, and people are empowered and incited (by the lure of profit) to utilize “particular knowledge” of markets, methods, competitive conditions, et al., performance improves.