Free Market

Private Government in Genoa

by
Genoa’s Freedom: Entrepreneurship, Republicanism, and the Spanish Atlantic by Matteo Salonia (Lexington Books, 2017); 214 pages. If the city of Genoa had advertised for security services in the 15th century, the job description might have looked like this: Security-Services Wanted Entrepreneurs in the city of Genoa recently fired the king of France and seek a replacement to provide ... [click for more]

Liberal Capitalism as the Ideology of Freedom and Moderation

by
Nowadays, many along the political spectrum seem to agree that America increasingly has become a polarized society. Ideological and public policy discourse has been gravitating more toward the extremes: progressives and the Democratic Party with a more explicitly socialist rhetoric and proposed government agenda, and conservatives and Republicans who increasingly appear to be moving in the direction of populist, ... [click for more]

A Real Agenda for a Renewal of Free Market Liberalism

by
To mark its 175th birthday, the highly regarded and widely read British news magazine The Economist published a “manifesto” in its September 15, 2018, issue outlining its agenda for a renewed and relevant political and economic liberalism for the 21st century. But can it restore the liberal ideal at a time when liberalism is under attack from so many ... [click for more]

The Market Democracy vs. Democratic Socialism

by
Warnings are frequently heard nowadays that democracy is currently under threat. And with a demise of democracy will come a loss of liberty. Indeed, democracy and freedom are frequently heralded as being synonyms. An important question, however, is, What do these concepts mean, and are they in fact synonymous? A useful place to start is with a famous lecture delivered ... [click for more]

Liberty, Law and the Market Economy

by
The history of liberty and prosperity is inseparable from the practice of free enterprise and respect for the rule of law. Both are products of the spirit of classical liberalism. But a correct understanding of free enterprise, the rule of law, and liberalism (rightly understood) is greatly lacking in the world today. Historically, liberalism is the political philosophy of individual ... [click for more]

Free Trade for Christmas (Trees)

by
Whether it's for cheap steel or cheap tires, Americans are supposed to be afraid of trade with China because it provides us with products we want at low prices. But to the damage allegedly inflicted on our economy by those who would save us money, must we now add...artificial Christmas trees? According to a November 27 story ... [click for more]

An Audience with the Tyrant of Yemen

by
The former president of Yemen, Ali Abdullah Saleh, was reported killed in the capital of Sana’a, on December 4, 2017, when he seemingly was changing sides in the on-going and brutal civil war in that country. I actually met Ali Abdullah Saleh in December 2006, when I was president of the Foundation for Economic Education. I was part of a ... [click for more]

Capitalism and Asymmetric Information

by
Capitalism is a wondrous human institution for the mutual betterment for all in society. Yet, critics often insist that market systems enable sellers to take advantage of buyers, because those on the demand-side often lack the specialized knowledge that suppliers possess, thus, enabling a possible exaggerated misrepresentation of what is being offered for sale. What is missed is that ... [click for more]

Capitalism and the Misunderstanding of Monopoly

by
Numerous misunderstanding and mythologies surround the meaning of capitalism and competition, but few match the confusions over the meaning and relevance of “monopoly” in the workings of the market economy. When looked at dispassionately, factually, and historically, monopoly has almost always represented a problem in society only when created, protected or imposed by government intervention. Critics of capitalism have proposed ... [click for more]

Capitalism and Competition

by
Market competition is at the heart of the capitalist system. It serves as the driving force for creative innovation, the mechanism by which market supplies and demands are brought into coordinated balance for multitudes of goods, and an institutional setting for individuals to freely find their own place to best earn a living in society. Yet, listening to the critics ... [click for more]