Adam Smith, the father of the discipline we now refer to as economics, was a moral and political philosopher of the Scottish Enlightenment and contemporary and acquaintance of Edmund Burke. Long heralded as a proponent of self-regulating markets, limited government, and free-market “capitalism,” Smith is often invoked by proponents of corporate capitalism as an [...]
I often cringe a bit when I hear people say, “Let the markets decide.” I’m all for letting the markets decide a lot of things, but with the proviso that in the market I’m a decider. So when companies use their power and their marketing to shut down voices of sanity and to promote [...]
Speaking personally, I’d rather discuss many things during this joyful season of Advent than “capitalism.” And yet Matthew Summers’ recent essay “In Defense of Capitalism” for The Imaginative Conservative has prompted me to comment on the topic, albeit briefly. […]
I found Matthew Summers’ critique of my essay “Capitalism and the Gospel of Love” illuminating in the sense that two serious thinkers can look at the same phenomenon from completely different viewpoints. He seeks to show that capitalism is the best economic system; given capitalism, I seek to understand how to live best; he focuses [...]
The term capitalism has long been used by critics as a catch-all to denote a system replete with greed, indulgence, excess, and deprivation. It is easy to misinterpret self-interest as selfishness and write off capitalism and economics. But the truth of the matter is much more complicated… I find myself still scratching my head over George [...]
We’re filling up so much of kids’ time with extracurriculars and studying that they don’t have time to play—and without play, it’s harder to develop the self-starter instincts and resilience of an entrepreneur… This election cycle, liberal Democrats are rallying around the idea of socialized higher education. Democratic socialist firebrand Alexandria Ocasio-Cortez is leading [...]
We study history to learn from it. If we can discover what worked and what didn’t work, we can use this knowledge wisely to create a better future. But when propaganda is the goal, accuracy is the victim. Cornelius Vanderbilt Capitalism Worked, But We Were Told It Didn’t We study history to [...]
Romanticizing and moralistic contempt of the economy, including contempt of the impulses which move the market economy and the institutions which support it, must be as far from our minds as economism, materialism, and utilitarianism... Editor's Note: The following excerpt comes from Wilhelm Röpke's excellent book, A Humane Economy: The Social Framework of the Free Market, first published [...]
In The Wealth of Nations, Adam Smith was absolutely right: The widespread division of labor would cause the interior life to die; an unsurprising result, for under capitalism, the human person became a commodity, a resource, a thing used to further profits… My parents, Romanian gypsies, born in a Transylvanian village and raised in [...]
The whole notion of a global problem requiring a global solution is rooted in a false logic. Effectively it is saying that because bigness causes problems we need even more bigness to solve them. Distributism as a derivative of the principle of subsidiarity offers the only real alternative to the cult of bigness in [...]
Distributism is the only practical solution to the problem of rampant corporatism and the globalism which is its inevitable consequence. Next time we raise a glass of craft-brewed ale, we should not merely enjoy its flavor, we should also raise a toast to the political and economic freedom that it represents… Some time ago [...]
Editor’s Note: We invite you to join Thomas Jefferson (portrayed by Bill Barker) as he explores the remarkable history of the early American Republic and the principles that undergird it. From Jamestown to Plymouth, from the American Revolution to the Louisiana Purchase, the promise of free enterprise has driven the course of human history [...]
Destruction is always a net negative. Whether it’s a hurricane, tornado or earthquake or even a war, there is no silver lining in destroying capital... As Hurricane Harvey, now tropical storm Harvey, makes its way across the southern U.S., estimates have already come in as to the cost of the storm. According to AccuWeather, Harvey is expected [...]
In their drive to provide abundance, mass markets suppress variety. Far from enriching a culture, mass markets can impoverish it… One of the benefits of modern mass markets is supposed to be the proliferation of choices. The modern consumer can choose from so many things available on a variety of platforms, be it off [...]