No wonder, then, that our economic problems center in government enterprises. Government ownership breeds insoluble conflicts, inevitable inefficiency, and breakdown of living standards. Private ownership brings peace, mutual harmony, great efficiency, and notable improvements in standards of living.
If we were to make a science out of the study of special interest groups, we would conclude that the cause of liberty is hopeless. Those who have the most to gain from intervention are well organized and well connected. Those who have the most to gain from freedom are dispersed, diffuse, and not well connected.
After all, these intangible financial instruments can't be eaten or used to build a house, so what good are they? The present article seeks to answer just this question.
Contrary to the accepted way of thinking, recessions are not negative growth in GDP for at least two consecutive quarters.
Free movement of capital, including human capital, is one of the pillars of prosperity. What explains this migration is not the political will of some evil western countries, but the price system that does an excellent job in directing capital where it can be the most productive.
Presented at the Smith Center at California State University-Hayward in March 1995.
Presented at the Grove City College “Free Markets and the Environment” seminar on 19 March 2001.
