It’s not capitalism that has crushed millions of people into the dust of poverty across Africa and many other places and times around the world. Capitalism lifts people out of the dust.
What keeps the poor in grinding poverty?
Writing in the Wall Street Journal, Daniel Henninger’s column Capitalism’s Corruptions discusses the real causes of poverty (more…)
A: Extend.
That’s the conclusion of Dr. Lee Ohanian, Professor of Economics at UCLA, as explained in his video Did FRD End or Extend the Depression?
[youtube=http://www.youtube.com/watch?v=a7KYn5xCyCI&feature=player_embedded]
The primary reason cited by the Professor is artificial increases in prices and wages driven by federal policy, specifically the National Industrial Recovery Act. (more…)
You really need to check out the graph of GDP per person for the last 1,000 years in the U.S., Europe, and the rest of the world.
AEI – The most important economic chart in Western civilization – and how it happened.
Then you need to ask yourself why everyone on the planet had a horrible income level since forever until around 1800.
Winston Churchill suggests two ways to drive down an economy: “We contend that for a nation to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” and “If you have ten thousand regulations you destroy all respect for Read more…
The Economist magazine had a nice profile on the legacy of Margaret Thatcher: No ordinary politician.
Items of interest for this blog are comments about her changing the overall economic and political direction of England away from Socialist back to Capitalist.
A colleague of hers once quoted Abraham Lincoln as encouragement to her before a major speech. She pulled out a copy of the quote from her purse. The comment? (more…)
Contrasts between capitalism and socialism:
“The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries.”
Winston Churchill
Ponder that contrast: (more…)
Why favor smaller, less-powerful government?
So people you can’t stand whose values you detest will have less power to impose their silly opinions on you.
Take your pick from these two perspectives from Don Boudreaux in his post Laissez Faire at Cafe Hayek.
If your opinions run to the left side of the political spectrum, consider this: (more…)
An update of the old story:
Capitalism
You have two cows. You sell one and buy a bull.
You have lots of cows.
Socialism