Capitalism

Rather than engaging in futile debates about reparations and colonial grievances, developing countries should focus on forward-thinking policies that drive progress.

We are bombarded with claims that capitalism causes inequality, yet what does it really mean? In truth, in a free market economy, differences in income, even large differences, don‘t mean much since most people have a high standard of living.

Lack of products that precisely match skin tones are often said to be evidence of “white privilege,” yet the market division of labor provides the basis for very specific goods and services.

As Mises and other Austrian economists have reminded us, government cannot “invest” profitably because it directs funds toward ventures that were not chosen by voluntary investors.

For all of the political and social turmoil in this country and elsewhere, the technological revolution marches on. While many pundits tell us we should fear these technological advances, the net result of them is positive, as new and improved technology advances capital development.

Given these realities of state power and economic intervention, the only reasonable position for those who cherish freedom and prosperity is the radical one: a pure market economy.

In this week‘s Friday Philosophy, Dr. David Gordon looks at Allen Wood‘s attempts to salvage Marx‘s theory of exploitation. While Dr. Gordon acknowledges Allen‘s expertise in 19th-century philosophy, he notes that Allen truly misunderstands economics.

The challenge facing economic science is to counter the reactionary counterrevolution by states and governments that smother voluntary cooperation and free human interaction based on liberty. The chains must be thrown off in favor of the libertarian ideal of an anarchocapitalist system. 

The author James Lindsay has gotten mileage by introducing the phrase “Woke Right” to describe certain ideological elements associated with the MAGA movement. The “woke” concepts coming from the left, however, are not the same, structurally speaking, as what conservatives are saying.

Marxism is seen by American and European intellectuals as being a sophisticated and legitimate set of theories that explains social problems in capitalist societies. Yet, the entire edifice of Marxism from “class conflict” to the Labor Theory of Value is nonsense.