system. Writes Greider, “Authorities are clinging wistfully to the reigning free-market orthodoxy, as it breaks down before their eyes. The proposition that utterly unregulated markets rule society more wisely than sovereign governments is being smashed by
The Free Market 16, no. 4 (April 1998) The Clinton administration, applying its theory that give us pause to think about economic principles. The most basic one is that free markets create order from seeming chaos. There is no central authority on the They do so using entrepreneurial talent, and no one can foresee the success or failure of their enterprises before they are actually tried out. The result is an
The failure of a major hedge fund, in concert with the lingering shrinkage of Asian markets and the further slide of Russians into corruption and chaos, is ripe for the symbolic pickings. The anti-capitalist crowd, the people who never respected the market, has found their whipping boy. After spending the last two decades downtrodden
The Free Market 16, no. 2 (February 1998) The conventional wisdom on the defeat of Fast Track trade legislation is dead wrong. As the press would have it, the failure of Fast Track reflects the rise of grass-roots protectionism. The vote in Disintegration of the International Division of Labor,” in Money, Method, and the Market Process (Norwell, Mass.: Kluwer, 1990). Rockwell, Llewellyn H. “Fast Track
fears, and collapsed world currencies. Instead of allowing a much-needed market correction to run its course, it may attempt to head it off by driving from coming to terms with the downturn. Such short-sighted attempts to shore up failure assume that recessions serve no real economic purpose. They are exogenous
in 1882; the Fed in 1914; the Bank of South Korea in 1950. As the Fed’s Open Market Committee meets Tuesday, many free-market economists say central banks are for global emerging markets at Credit Lyonnais Securities Asia. Political failure rather than marketfailure is ‘’at the root of today’s financial market
as essential to the efficient use of resources, and government intervention in the market process as always and everywhere destructive. The School has become continuing business cycle mysteries, the collapse of socialism, the costs and failure of the welfare state and public frustration with big government. Before a
and downturns. The parallels between the 1920s and 1990s are uncanny: stock market excesses, ostensible price stability, uneasiness in foreign markets. The 1920s phrase “new era” has even reappeared as intellectuals, government
an economic debacle of huge proportions. A global New Deal would amplify these failures a hundred times over. The unemployment rate during the 1933-1940 period of unions. The 1933 National Industrial Recovery Act first fixed wages at above-market levels, and then required (via the “code authorities”) all unionized more government jobs. Roosevelt’s public works programs may have been an economic failure, but they were a resounding political success as they provided virtually
and the Wall Street Crash” “Why the Depression Was So Deep and Long-Lasting” “The Failure of the Great Engineer” I hope to review Mr. Johnson’s massive work in the interference, coordinated internationally, was part of the problem” (p. 729). The market crash of 1929 “ought to have been welcome. ... Business downturns serve
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