Professor Reisman delivered this talk at a TEDx event held at Sage Hill High School in Newport Beach, California, on February 15, 2019. Further reading from Dr. Reisman: Why Nazism Was Socialism and Why Socialism Is Totalitarian . Classical Economics vs. The Exploitation Theory 13 Illustrations of the Benevolence of Capitalism His book Capitalism
While Adam Smith originated the doctrine that profits are a deduction from what is naturally and rightfully wages, Marx carried that doctrine to its ultimate limit, in the claim that the greed of the capitalists drives them to deduct so much from what rightfully belongs to the wage earners that the latter are left only with minimum subsistence.
Kevin Carson’s New Book Studies in Mutualist Political Economy centers on the incredible claim, self-contradictory on its face, that capitalism, including laissez-faire capitalism, is a system based on state intervention, in violation of the free market. Volume 20, Number 1 (2006) Reisman, George. “Freedom is Slavery: Laissez-Faire Capitalism is
In his response to my article “ The Anatomy of Deflation ,” Frank Shostak writes: “The problem with this [Reisman’s ] way of thinking is that deflation is presented as an independent destructive force. However, deflation doesn’t have a life of its own - it is always dependent on prior monetary inflation. Consequently, it is not possible to reach
India’s Poor Bet Precious Sums on Private Schools (New York Times): “In this democracy of more than one billion people, an educational revolution is under way, its telltale signs the small children everywhere in uniforms and ties. From slums to villages, the march to private education, once reserved for the elite, is on.”
[Review of On Freedom and Free Enterprise: Essays in Honor of Ludwig von Mises , edited by Mary Sennholz; on the occasion of the fiftieth anniversary of Mises’s doctorate, February 20, 1956).] Nineteen contributors (from six countries) confirm Dr. Mises’s international reputation as a scholar of the first rank. Among them: F. A. Hayek, Jacques
From the website of Barack Obama: • Immediately Provide Emergency Energy Rebate. Barack Obama will require oil companies to take a reasonable share of their record‐breaking windfall profits and use it to provide direct relief worth $500 for an individual and $1,000 for a married couple. The relief would be delivered as quickly as possible to help
New York–Now that carbon dioxide has been declared a pollutant by the EPA, numerous local jurisdictions around the country, whose finances have been badly hammered by the current recession, are considering the imposition of “Exhalation Taxes.” New York’s Mayor Michael Bloomberg and California’s Governor Arnold Schwarzenegger are reportedly
Profits are sales minus costs. The costs reflect expenditures of money made in the past, sometimes, as in the case of depreciation on buildings, decades in the past. In contrast, the sales reflect money spent in the present, or at least in the current year. To the extent that the quantity of money and thus volume of spending in the economic system
The Free Market 28, no. 12 (December 2010) The essential features of the boom-bust business cycle can be understood by viewing them in terms of the financial circumstances of a single individual. Thus, imagine that an ordinary person has been going about his life more or less living within his means. And now, one day, he receives a registered
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.
