Property and ownership imply the right to trade with others. Market is a word people use to describe the conditions of trade. Conditions under which people are allowed to trade with each other without interference are known as a free market.
Tag: world
Blurring The Lines
Our society has a bizarre way of handling children. Kids spend the bulk of their time preparing to enter this mysterious “Real World” which they are (more often than not) not allowed to participate in. They are stuffed with facts in a vacuum, sorted by age, neat and still.
The Pretense of Omniscience
The tragedy of the Great Leap Forward illustrates that the differences between a command and a market economy reflect a deep difference in mentality and attitude. A market economy can only be tolerated when no one is confident enough to claim omniscience.
The Never-Ending Contest in Politico-Economic Life
Written by Robert Higgs. A contest is under way in the world between the forces of creation, improvement, and progress and the forces of destruction, spoliation, and retrogression. This contest has been going on for thousands of years, and except during brief interludes the negative forces always kept the positive forces firmly in check. Roughly…
Reflections from Traveling Around the World
I recently got back from an epic trip around the world. It was by means of traveling east, first to Virginia and New York City, then to India (New Delhi, Agra, Jaipur and Dharmsala), then to Macau and Hong Kong, followed by Tonga and New Zealand, and finishing up in California and Oregon before heading back home to Minneapolis where the trip all began.
Sealed Borders Are Not Gated Communities
“A sealed border is like a gated community” if and only if that gated community were a fortress owned by an autocratic tyrant.
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.
A Hitchhiker’s Guide to Libertarian Infighting
One of the first things people realize upon becoming acquainted with libertarianism is how much libertarians fight amongst themselves about questions that seem highly esoteric and about which very few normal people would care. Esoteric though they may be, understanding these questions is central to understanding why we libertarians believe what we do.
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.
On Social Progress
Social progress. The true sense of the phrase is ennobling. Make no mistake, if there is to be a leap in human evolution, social progress is the requisite precursor. I long to see an era of broad, lasting social progress.