Economics

The People’s Poverty: Democracy as the New Face of Socialism

In previous articles, I have reflected on the variants of socialism: both traditional marxism and reformism. I have observed that the orthodox marxists are adamant in their opposition to deviations from revolutionary attempts to establish a system of the public ownership of the means of production. However, the fact of the matter is that these …

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Socialism as a Spectrum?

if we define socialism in a broader sense we relegate “public ownership in the means of production” to the Marxist category and distinguish it from the less rigorous, less extreme version of socialism, represented by the Reformists and modern interventionists.

Peter Klein is the Carl Menger Research Fellow of the Mises Institute and Professor of Entrepreneurship at Baylor University. He is an Adjunct Professor of Strategy and Management at the Norwegian School of Economics. He earned his PhD in economics at the University of CA in Berkeley and is a former Associate Editor of The …

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Socialist Propaganda and The Plight of Underdeveloped Nations

Mises’ article on “The Plight of Underdeveloped Nations” makes an insightful observation regarding the sad impact of western socialist propaganda on underdeveloped nations— especially during the mid-twentieth century increases of worldwide awareness and globalization. As he points out, the very possibility of “foreign investment” originated when the capitalists of wealthier nations saw profit opportunities in …

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Economic Analysis and the Limits of Empirical Data and Model Driven Conclusions

We live in the age of the anti-apriori; a complete rejection of any theory which exists independent of “the data.” This refusal to embrace or even consider the importance of theory advertises itself as a commitment to “evidence,” “hard-facts,” and independence from ideologies and biased interpretations. Any attempt to challenge the usefulness of “facts” independent …

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Bohm-Bawerk Against Marxian Exploitation Theory

As Mises predicted, government interventionism has wrought economic pain for the very people groups it was intended to benefit. This economic pain has, also predictably, resulted in a growing voice amongst an agitated public against capitalism, or at least what they perceive it to be. In its stead, many of the themes and narratives of …

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The Aleatory Contract: A Definitional Comment on Fractional Reserve Banking

This post is intended to be a quick note, and in no way a complete investigation into the matter. As I have elaborated in extensive detail in the past, modern defenders of fractional reserve banking (who go by the phrase “free bankers”) are, whether they know it or not, defending something referred to as an …

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Two Austrian Schools: The Mengerians and the Walrasians

Anyone who has spent a decent amount of time browsing overviews of Austrian School economics has no doubt come across the fact that Carl Menger was the Father of Austrian Economics. Mises once wrote that “until the end of the [eighteen] seventies there was no ‘Austrian School.’ There was only Carl Menger.” From this fact …

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Economic Coup D’etat and German Guilt at the Dawn of the Euro

When the West’s Bretton Woods monetary agreement (see Phase V here) fell to pieces in the late 1960s, the time was ripe for the European socialists to pursue their vision for a single European currency that would be used by as many countries as possible. Because governments love fiat money that can be printed up at …

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Five Misunderstandings of the Austrian View of Inflation and the Business Cycle

Some clarification is necessary regarding the Austrian view of inflation and the Boom-Bust cycle. Unfortunately, the Austrian view is often mischaracterized; sometimes by Keynesians and other economic Progressives, and other times by general critics of the Fed and those who purport to represent the Austrian view. I’ve picked a handful of them to address here. …

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Democratic Socialism and the End of Interventionism

A second group seems to be less radical. They reject socialism no less than capitalism. They recommend a third system, which, as they say, is as far from capitalism as it is from socialism, which as a third system of society’s economic organization, stands midway between the two other systems, and while retaining the advantages …

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