Whether diversity is a social benefit depends on whether it creates excuses to fight each other for special treatment. Politicizing our differences is far more likely to make diversity a source of conflict.
Private ownership of the means of production is the fundamental institution of the market economy. It is the institution the presence of which characterizes the market economy as such. Where it is absent, there is no question of a market economy.
Mr. Volcker certainly deserves credit for curbing the Great Inflation of the 1970s. However, he also merits a lion’s share of the blame for unleashing the Great Inflation on the US and the world economy in the first place.