This “inconvenient history” of how individualism and capitalism changed the course of human events from its thousands-of-years of slavery to near universal human liberty, has been practically eliminated from college courses.
Economic warfare threatens a downward spiral with reduced trade among nations, and declining standards of living from following this wealth-destroying path.
A false guide for central bank monetary policy.
Neither the total amount of government spending nor the likely budget deficit is threatened with meaningful reduction.
Everything the Marxists said about capitalism – exploitation of the many by a privileged few; a gross inequality of wealth and opportunity simply due to an artificial arrangement of control over the means of production; a manipulation of reality to make slavery seem as if it meant freedom – was, in fact, the nature and essence, of Soviet socialism.
What should be fairly clear is that behind President Trump’s mantra of “America First” is a dangerous paternalistic protectionism that sees tax cuts and reduced regulation of business at home not as ends in themselves to restore individual liberty and economic freedom to the American people; but, instead, as fiscal and interventionist policy tools to influence and manipulate the direction and form of economic activity in the United States.
Marx’s flight from reality was the wish to have all that capitalism, division of labor, and competitive exchange can produce, but without the cost of work, discipline, specialization, and selecting among alternatives.
Marx’s critique of capitalism and capitalist society has shaped much of the social thinking in Western countries that led to the welfare state and extensive government intervention into economic affairs.
“a wise and frugal Government, which shall restrain men from injuring one another, shall leave them otherwise free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned. This is the sum of good government…”
On collectivist myths and racial prejudice
A dark time is threatening America with the Trumpian ideology and implementation of his vision of political and economic nationalism at the expense of individual liberty, private property rights, rule of law and constitutionally limited government.
The nineteenth century victory of free trade over Mercantilism and Protectionism represented one of the great triumphs in the history of classical liberalism.
David Ricardo (1772-1823) was one of the most influential economic theorists of the first half of the nineteenth century.
This escape from poverty originated in Western Europe in the eighteenth and nineteenth centuries with the coming of the Industrial Revolution and the freeing of men and markets from the heavy-handed regulations and commercial restrictions of government.
Adam Smith on Free Trade, Crony Capitalism, and the Benefits from Commercial Society: Economic Ideas
Adam Smith’s central contribution to economic understanding was surely his demonstration that under an institutional arrangement of individual liberty, property rights, and voluntary exchange the self-interested conduct of market participants could be shown to be consistent with a general betterment of the human condition.