Mises Search

In our modern world, most states are  democracies or at least call themselves  “ democratic. ” The adoption of democracy is hailed as one of humanity’s  greatest achievements . Once upon a time, humanity broke out of the shackles of monarchies and has never looked back since. Nowadays, all citizens in democratic countries are free and safe from

Time preference refers to the preference of satisfaction in the present as compared to a future time. A person who heavily prefers current consumption to future consumption has a high time preference as he places a heavy premium upon satisfaction as soon as possible. By contrast, a person who does not place a heavy premium upon instant

Fair trade is an increasingly politically popular idea, and opponents of the free market see it as a moral way to fix market abuse. Proponents of fair trade argue that free trade favors developed countries or bigger corporations and that steps should be taken to correct the balance of power to ensure equitable outcomes. However, fair trade fails

Socialists are obsessed with  eliminating the need to work . They contend that it amounts to coercion that is oppressive. However, they fail to understand the implications of what it means to choose to work and why working is a necessary part of life. Working in the context of a job refers to exchanging labor for money. Most jobs work on a

The “ middle of the road ” has become a popular position among those who find both free market capitalism and communism both to be extreme opposites. Despite the fall of the USSR, many still believe in various, often moderate, forms of socialism. This leads many to oppose a pure free market economy because they believe it is a radical idea prone