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.
In The Wealth of Nations, Adam Smith applied Francis Hutcheson’s idea of “natural liberty” in formulating a conception of the meaning of individual freedom and the role and functions of limited government in a free society.
Hume presented a devastating criticism of Mercantilist thinking on trade and commerce, while at the same time, demonstrating the self-regulating and “balancing” forces of the market process.
One of the most cherished misunderstandings, if not delusions, of the social engineer – the individual who would presume to attempt to remake society through conscious and planned design – is the confident belief that he (and those like him) can ever know enough to successfully remold mankind and human institutions.