capitalism
The Wealth of a Nation: Institutional Foundations of English Capitalism, by Geoffrey M. Hodgson, Princeton University Press, 304 pages, $39.95 A galaxy of brilliant scholars have tried to account for the economic transformation of England in the 18th and early 19th centuries—the period that began the Great Enrichment that created the modern world. What could Geoffrey M. Hodgson'sThe Wealth of a Nation add to this mountain of scholarship and disputation? Quite a lot. Building on his earlier work, especially 2015's Conceptualising Capitalism, the British economist argues that the Great Enrichmen...
Reason
It's OK to calm down about the economy. Yes, Friday's unemployment news was bad. Yes, the NASDAQ and Dow Jones neared correction territory on Friday morning. And yes, the Sahm Rule Recession Indicator has now been triggered. Odds are, though, a recession is not imminent. Here are three reasons why, in descending order of optimism. One, recent growth has been strong. Two, the economy has been near full employment for a while, and some kind of job growth slowdown is almost inevitable. Three, we're past the window where Federal Reserve actions can influence the election, though its recent behavio...
Reason
:15 :15 Download Glenn Loury: Tales of Sex, Drugs, and Capitalism"All you need, besides the cocaine, is a lighter, water, baking soda, some Q-Tips, high-proof alcohol, a ceramic mug, and a piece of cheesecloth or an old T-shirt," writes Glenn Loury in his riveting Late Admissions: Confessions of a Black Conservative. The book is surely the only memoir by an Ivy League economist that includes a recipe for crack cocaine along with technical discussions of Karl Marx, Ludwig von Mises, Friedrich Hayek, and Albert O. Hirschman. Born in 1948 and raised working class on Chicago's predominantly black ...
Reason
Nicolás Maduro is the authoritarian leader of Venezuela. Last weekend, he declared himself the winner of that country's presidential election—an outcome that is highly disputed; the Carter Center lambasted the Maduro regime's lack of transparency and said the process "cannot be considered democratic." Thousands of Venezuelans have taken to the streets in protest. In response, the government has implemented a crackdown, killing at least 16 people and detaining a thousand more. Such behavior is entirely characteristic of Maduro, an outlaw who has faced credible accusations of drug trafficking, p...
Reason
In America, we do not punish businesses for their success. We certainly do not punish businesses because their competitors are struggling to keep pace. Sadly, that is exactly what the Department of Justice (DOJ) is attempting to do in its recent lawsuit against Apple. In March, the DOJ, joined by 15 states and the District of Columbia, filed a lawsuit aimed at penalizing Apple for successfully competing in the market for smartphones. However, like much of the Biden administration's approach to antitrust enforcement, the DOJ's lawsuit is focused on punishing Apple for its success rather than ad...
Reason
Can a Catholic be a socialist? Can a libertarian be a Catholic? Just asking questions. Today's guest, Trent Horn, is an apologist and speaker for Catholic Answers and a defender of capitalism. He hosts The Counsel of Trent podcast and has authored several books on Catholicism, including Can a Catholic Be a Socialist? In this episode, we discuss the themes of that book, respond to some of the anti-capitalist rhetoric that has come from the Vatican over the past decade, analyze the rise of "post-liberal" Catholics on the right, and question whether religion is becoming more palatable to the mode...
Reason
Today's guest is Mike Rowe, the podcaster, former host of Dirty Jobs, and star of Something To Stand For, an unabashedly patriotic film in which he tells unknown stories about legendary figures in American history. Something To Stand For will be in theaters from June 27th through the 4th of July, and will be available online afterward. Reason's Nick Gillespie and Rowe talk about the decline of patriotism and trust in experts over the past 50 years, the necessity of knowing history and your neighbors, and how developing gratitude may lead to a social renaissance even in the midst of political p...
Reason
Today's guest is John Mackey, the co-founder and former CEO of Whole Foods, who just released his memoir, The Whole Story: Adventures in Love, Life, and Capitalism. As befits the entrepreneur who revolutionized grocery shopping from a grim, pragmatic necessity into an exciting, multi-sensory adventure, Mackey's story is far from conventional and we talk frankly about the failures, successes, and psychedelics he encountered while reshaping how Americans think about food, fitness, and free enterprise. We also discuss Love.Life, the chain of holistic health and wellness clubs he's opening this su...
Reason
My guest today is economist and podcaster Glenn Loury, whose new memoir is titled Late Admissions: Confessions of a Black Conservative. Born in 1948 and raised working-class in Chicago's predominantly African American South Side, Loury tells a story of self-invention, ambition, hard work, addiction, and redemption that channels Benjamin Franklin's Autobiography, Richard Wright's Native Son, Saul Bellow's The Adventures of Augie March, and Milton Friedman's Capitalism & Freedom. The first tenured black economist at Harvard, Loury emerged in the 1980s as a ubiquitous commenter on race and class ...
Reason
The Road to Freedom: Economics and the Good Society, by Joseph E. Stiglitz, W.W. Norton & Company, 384 pages, $29.99 Joseph Stiglitz, a former chief economist of the World Bank, thinks that taxation is a precondition for freedom, not a threat to it. The current political problem, he argues in The Road to Freedom, is that the right (which for Stiglitz includes libertarians as well as conservatives) rejects the Founding Fathers' idea of no taxation without representation in favor of opposing any taxation at all. This is a problem, he continues, because market failures are more extensive and seve...
Reason
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