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 [...]
The national debt has surged more than half a trillion dollars in the last three weeks, as the suspension of the debt ceiling in late October has allowed the government to borrow as much as it wants. — Report in The Washington Examiner America’s national debt is approaching $19 trillion, and has surged over the least [...]
Economics, as practiced today, is a utilitarian and materialistic study. It is concerned with maximizing profit, with describing the actions of man as an economic being, and explaining the allegedly inevitable results of supposed economic laws. Our Southern forebears did not practice economics. They practiced political economy—which is concerned with human well-being. Those old-time [...]
Let us be clear on one point: the usual defenders of the free market—the Friedmans, Hayeks and Mises—are not primarily concerned with private property or liberty. They are firstly concerned with economic growth which mainly means continuous economic, technical and social change. For example, when airplanes became popular, air travel would have been very [...]
The concept of “substitution” is a familiar one in economics. Many products are used as substitutes for others such as margarine for butter and tea for coffee. If the price of one becomes too high the other product may be used even though it isn’t perfect. Economic substitution provides people with alternative options which [...]