The current system of freely fluctuating paper currencies with the US dollar as reserve currency would not have been possible without political centralization of monetary systems.
The career of Philip Cortney, a friend of Mises and Hazlitt, provides some interesting insight into the first generation of the American Austrian school.
Cronyism: when the government passes policies to benefit special-interest politicians, bureaucrats, businesses, and other groups at the expense of the general public.
Capitalism is not a "legacy of colonialism" in Africa. In fact, markets and interregional trade have long been practiced on the continent. And markets today are still the answer to raising standards of living.
The process of learning what’s most efficient and profitable includes merging with competitors and taking over different stages of the supply chain—all tactics that would be considered in violation of current antitrust laws.
