The African continent is exceedingly rich in natural resources, yet the living standard of Africans is very low. The most plausible explanation for this discrepancy is the lack of a system that protects private property.
A common view is the bust is caused by various mysterious factors that have nothing to do with the previous boom. But that the main problem with Friedman’s model is the lack of a coherent definition of what a boom-bust cycle really is.
Our right to privacy is premised upon the idea of personal autonomy and extends to the right to bodily integrity. This includes our stem cells.
One East Berliner told me there was not much difference between “freedom” in West and East Berlin because some workers in West Berlin had to commute more than half an hour by bus to get to work. Hence, they had no freedom.
In the 19th century, the common view of federal soldiers was "as slackers on the public dole" and people with "such a lazy life," as to be "certainly not worth their country's crying about."
Argentinians have voted again for the policies that led to the 2014 financial crisis, and many crises before it. The regime remains inflationary and committed to big spending.
The American cost of living is driven up not only by housing and healthcare costs, but by even larger increases in tax bills and government spending.
The fewer non-productive bubble activities we have, the better it is for those activities that actually crate wealth. But attempts to reverse deflation with new money creation only create new bubbles.
It's not necessary to completely destroy capitalism to impoverish us irrevocably. The further a regime moves in the direction of the "egalitarian" states of the old communist world, the worse the impoverishment will be.
When it comes to addressing the popularization of socialism, the radicalization of academia is the lynchpin issue. If we could succeed in reversing that tsunami, many dominoes would fall.
