by Zac Tate
“Any capitalist, who had made sixty thousand pounds out of sixpence, always professed to wonder why the sixty thousand nearest Hands didn’t each make sixty thousand pounds out of sixpence,” wrote Charles Dickens during hard times. Nineteenth century Britain was being transformed by the forces of industry and an embryonic market society took shape under a great deal of social stress. But the 20th century, symbolised by the egalitarianism of Henry Ford’s Model T motor car, rendered this sentiment outdated as millions of workers shared the proceeds of material progress.by
by Sydney Williams
With midterm elections just days away, it is worth considering money in politics and attempts to curb speech. Both Parties want money out of politics…but only that which flows to the other. There has been no Court decision in recent times that has upset Democrats so much as Citizen’s United in 2010. The irony is that their reasoning is illiberal. Their objection had to do with the fact that the Court considers corporations to be similar to unions and other political entities. Democrats, naturally, see nothing wrong with public sector unions feeding the machine that is essentially collusion between those unions and favored politicians – jobs for votes and money.by
How far can the peer-to-peer revolution be pushed? It’s time we start to speculate, because history is moving fast. We need to dislodge from our minds our embedded sense of what’s possible.
Right now, we can experience a form of commercial relationship that was unknown just a decade ago. If you need a ride in a major city, you can pull up the smartphone app for Uber or Lyft and have a car arrive in minutes.by
by Richard Ebelling
On October 13th, the 2014 Nobel Prize in Economics was announced in Stockholm, Sweden, with French economist, Jean Tirole, the recipient for his work on developing models to better assist governments in regulating private enterprise.
A couple of weeks earlier, Reuters news agency had reported that the Austrian School economist, Israel M. Kirzner, was on the short list for consideration. In the eyes of many free market advocates, he would have been the far more deserving recipient for his insightful and original work on the nature and workings of entrepreneurship and the market process.
by John Charalambakis
The results of the EU-wide stress tests on banks are out. The EU banks seem to celebrate that all is well. Catastrophe was avoided. The capital that some of them would need to raise seem to be so low that a celebratory tone is raised in the sky. Tranquility needs a poem to be celebrated.
Welcome to a new version of Alexander’s Feast, originally composed by Dryden in 1697 and made into a choral by Handel in 1736. The poem describes the banquet organized by Alexander the Great when he defeated Darius and captured Persepolis.by
by Sydney Williams
Why is it that Democrats see Republican women, especially those in public life, as not women? The answer has to do with the fact that to Democrats those women don’t meet their preconceptions as to what a woman should be. To a Democrat, a woman politician who does not see other women as “victims,” and who does not first proclaim for abortion rights and gender equality, fails to meet their test, no matter her opinion on other issues. But Democrats’ insistence that Republicans are at war with women also suggests a politically correct world that is unraveling.by
Most defenders of the state assume that government services help the poor. And, sometimes, some poor people do benefit financially from government programs. But there’s a hidden cost: taxation and mandatory programs (Social Security, for instance) that hurt the needy by restricting their choices. Government taxes away income that low-income households could invest in improving their lives. At the same time, state-sponsored benefits create incentives that keep the poor trapped in poverty.
Many assume that government barely taxes the poor, but the reality is otherwise. The poorest fifth of Americans pay 16 percent of their incomes in taxes (including federal, state, and local).by
by Iain Martin
Russell Brand has made a very fine living out of the global entertainment industry, selling his wares via Hollywood films, concerts, DVDs and books. Good luck to him. While his particular brand of comedy has never been my thing, he does deserves credit for spotting a gap in the market and making a little go a long way. A few years ago comedians looking like a low-rent version of the great Keith Richards were in short supply. Brand emerged to meet public demand.by
It takes two and half hours by train to get from the Spanish capital Madrid to Barcelona, almost 400 miles away. Since the 1980s, Spain has been among the pioneers of the development of high-speed railways, with a network that is the longest in Europe, and second only to China’s, spanning over 1,900 miles. The construction of the Spanish AVE (high-speed) network has continued even after the country’s debt crisis. By 2020, practically all provincial capitals are expected to be connected to Madrid in less than three hours.by
Scotland’s vote for independence resulted in a negative. There won’t be, for now, further discussions about what Scotland should do with its monetary institutions. Still, there is one more issue that I would like to discuss, because it transcends the particular case of Scotland, had independence been the result of the vote.
There is a widespread belief that a sound banking system requires a central bank to act as a lender of last resort. In a nutshell, the argument goes as follows: there are inherent potential instabilities in the banking system, to avoid a serious crisis and to interrupt means of payment, a central bank that is “external” to market forces should behave as a lender of last resort.by