Thank You, Donald Trump

We advocates of liberty owe Donald Trump a great debt of gratitude. Thanks to Trump it is clearer than ever that most people who call themselves conservatives, and not just those who have lined up with Trump, are no cousins of ours. Freedom is not on their list of priorities. Neither is free enterprise. Nor civil liberties. And I need not mention war, peace, and empire.

Words Poorly Used #72: Oligarchy

I got in trouble last month for using the term “oligarchy” in, admittedly, a pejorative sense. Here’s what I wrote on Facebook: “No matter how one votes tomorrow, the winner will be oligarchy A or oligarchy B (where A = B).” Very good friends called me to task for this logic fallacy, justifiably so since I had committed several logic fallacies, the worst of which was the fallacy of begging the question. My premises assumed their own truth without establishment. Is the USA really run by an oligarchy?

Economic Localism Is No Better than Economic Nationalism

As Black Friday has continued to expand in recent years, one response to its orgy of discounts and deals has been to promote the following day as “Small Business Saturday.” The idea is to encourage people to shop at their local stores rather than at national chains or big-box stores, or perhaps on the Internet. Doing so, argue its proponents, is both moral and good for the local economy, as it keeps jobs and money in “our communities” rather than, presumably, in the hands of faceless and distant corporate masters.

The Five Institutions of the Market Economy

Let us see what the basic institutions of the market economy are. We may subdivide them for convenience of discussion into (1) private property, (2) free markets, (3) competition, (4) division and combination of labor, and (5) social cooperation. As we shall see, these are not separate institutions. They are mutually dependent: each implies the other, and makes it possible.

Thanksgiving Was a Triumph of Capitalism over Collectivism

This time of the year, whether in good economic times or bad, is when we gather with our family and friends and enjoy a Thanksgiving meal together. It marks a remembrance of those early Pilgrim Fathers who crossed the uncharted ocean from Europe to make a new start in Plymouth, Massachusetts. What is less appreciated is that Thanksgiving also is a celebration of the birth of free enterprise in America.