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 [...]
Wilhelm Röpke asked how to address the problems of social fragmentation and the loss of community feeling, in a world where the market is left to itself. Röpke’s own idea was that society is nurtured and perpetuated at the local level, through motives that are quite distinct from the pursuit of rational self interest. [...]
The economic ignorance makes me want to gouge my eyes out. With the coronavirus pandemic upon us, and the topic of 24/7 media coverage, attention has been given to so-called “price gouging.” Webster’s dictionary defines the term simply as “charging customers too much money.” In the context of the current coronavirus panic, the term [...]
Can “free trade,” as understood by Adam Smith, bring peace among nations? Or does it just allow the strongest nations to become imperial powers? In answering these questions, we must keep in mind that Smith was an economist and not a prophet. In all normal civilisations the trader existed and must exist. But in [...]
The trade war has ignited debate on the merits of tariffs and the need to protect the nation’s manufacturing base. Battle lines are drawn between an exaggerated localism that stresses self-sufficiency and a bloated globalism where products transit the Earth unhindered and markets alone rule. […]
Will we have a recession in the next year or so? I don’t know. As an old joke has it—one that I’ve seen several times in the last week or so—many were those smart enough to have predicted seven of the last three recessions. My question, moral rather than strictly predictive, is whether we [...]
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. […]
At the G-7 summit in Canada, President Donald Trump described America as “the piggy bank that everybody is robbing.” After he left Quebec, his director of Trade and Industrial Policy, Peter Navarro, added a few parting words for Prime Minister Justin Trudeau: “There’s a special place in hell for any foreign leader that engages [...]
Many Hungarians clearly perceive their way of life and their country as under threat and sense that influential individuals like George Soros would like them fundamentally transformed. This is a fight between nationalists and anti-nationalists… The victory of Viktor Orbán and his party Fidesz in the Hungarian elections last month elicited the predictable flurry [...]
There still are men and women enough among us who know what makes life worth living—enough of them to keep out the modern barbarian, if they are resolute. If they are not resolute, and if they cannot make common cause, the garment of our civilization will go to the rag-bin, and the cultural debris [...]
The nexus between the Straussians and neoconservatives has been overstated for partisan ends, but it is still nonetheless there. Sociologically and culturally, the two movements are largely indistinguishable… The Truth About Leo Strauss by Catherine and Michael Zuckert (University of Chicago Press, 2006). In The Truth About Leo Strauss, Catherine and Michael Zuckert, both professors [...]
Wilhelm Röpke grew mesmerized by population growth projections which counted 300 billion inhabitants on the Earth by the year 2300. In such an anthill existence, he asked, what would happen to those “unbought graces of life”: “nature, privacy, beauty, dignity, birds and woods and fields and flowers, repose and true leisure”… Today’s offering in [...]
That boredom, sexual perversion, consumerism, and the general malaise of the West are to a great extent the fruits of past economic growth is long recorded… “Conquest or superiority among other powers is not, or ought not ever to be, the object of republican systems.” —Charles Pinckney of South Carolina The Rise of Neo-Mercantilism. [...]
June 20th, 1998, marked the fiftieth anniversary of the German “economic miracle.” Of course, there was nothing miraculous about it. Germany’s success was not due to the hard-working character of her people, or to foreign aid, or to any other special reason. It was the natural outcome of a market economy and currency reform. And [...]