“Hyphenated capitalism is no capitalism at all. The better name for it is socialism lite.” Nikki Haley
Read More“Recovery had proceeded far enough to end despair, but not far enough to restore satisfaction. People still felt that many things were wrong, but no longer felt, as they had in the terrible days of 1933, that their single duty was to trust Franklin Roosevelt and hold their peace. By transforming the national mood from apathy to action, the New Deal was invigorating its enemies as well as its friends.”
Read MoreJust as a slight difference in the angle at it origin can dramatically change the direction and distance of a trajectory, a seemingly slight change in a definition can dramatically change the the outcome from from the use of a commonly used term or idea.
Read MoreLevin observes that for the left it is forever 1965 and we are just one huge federal program away from supreme social justice. For the right it is forever 1981 and we are just one big tax cut away from economic nirvana. The conditions of 1965 or 1981 no longer exist.
Read MoreWalter Williams properly noted that socialism works if you know everybody’s name; in small family and tribal units. It is poorly suited to the dispersed knowledge that is the glue of an integrated complex world. Capitalism is efficient but contrary to our biological nature. It is no surprise that the growth of tribalism in politics is accompanied by anti-capitalist rhetoric. Capitalism, like democracy, depends on values that may be contrary to human nature, while serving the betterment of mankind in our complex world.
Read More“To the contrary, it’s because they don’t believe politicians recalibrating the tax code in the name of the common good will bring about the moral economy. It’s because they don’t believe technicians redirecting capital investment will work, or that it can be had with no costs or unintended consequences. Above all, it’s because they believe that trusting Washington to give us a new and improved capitalism by repurposing private companies to serve the priorities of the government rather than those of their owners requires a faith far greater than any ever demanded by the Lord.”
Read MoreCapitalism works best when knowledge and power meet. Government is power without knowledge; regulation strips power from knowledge. It is suspicious when the answer to unfettered capitalism which does not exist is unfettered government which is the greater problem. It is hard to conceive of distant parties with no skin in the game making wiser decisions than people who have to face the consequences of their choices. The problem is political actors who want to dispense benefits without paying for them.
Read MoreLike all ideologies capitalism evolves with experience and adjusts to failures and social evolution. It never achieves perfection, but its endurance indicates a strength that competing ideologies lack. We can learn much from the ones that failed, though it seems every generation is cursed to try them again. The ones that succeed are subject to be taken for granted. It is the job of the educational institutions to transfer the understanding of our critical institutions, and their failure is crippling.
Read More“The best case for capitalism is a case for markets as one crucial set of institutions in a free society deeply rooted in the West’s liberal and pre-liberal soil. It is crucial because at its best it protects every man’s right to the fruits of his labor, encourages virtues crucial to living free, and has proven unbeatably capable of improving everyone’s living standards. But it must remain rooted, because man does not live by bread alone, and because both the market and the larger society depend upon other formative institutions that help us all become better human beings and citizens.”
Read MoreThey likely do not recognize the legitimacy of individual ideas as property. For them it is not theft, it is a stark difference in political culture. Trump may think he is seeking simple economic fairness, but he is really asking for China to change its civic culture. This is a challenging reconciliation.
Read More“How delicious that, as we approach the bicentenary of his birth, Karl Marx should have turned into the thing he loathed above all: the prophet of an irrational faith.”
Read MoreThe danger of excess regulation or central planning is not frustrating the natural organic order, but undermining the institutions that control our baser instincts.
Read MoreCompetition is both wasteful and efficient. Lots of ideas die, but the new ones that emerge more than make up for the loss. Central planning may restrict competitive ideas, but rarely leads to the emergence of great ideas because central planning is reacting to problems and needs that become obsolete before the ink is dry on the plan.
Read MoreBy acknowledging human flaws and addressing them, conservatives permit human potential to flourish. By seeking a non existent perfection socialists require central control and power that frustrates human potential and growth.
Read MorePatience is a virtue and a vice for Americans. We can be suckers for simplistic formulas, excess leverage, and delusions of certainty. Buffet and Munger avoid these traps. Our obsession with finance distracts from the effective and efficient production of goods and services, engagement with the customer, and the patience and faith to adhere to sound principles.
Read MoreSocialism and its cousin, Progressivism, are not the forward-thinking ideologies they pretend, but regressions to the natural tendencies of man.
Read MoreFrom Andy Kessler in The Wall Street Journal, Quit Modifying Capitalism (paywall) State Sponsored Capitalism (China) Casino Capitalism (Bernie Sanders) Sustainable Capitalism (Al Gore) Patrimonial Capitalism (Piketty) Surveillance Capitalism ( new one for me- Ivy League origin) Popular Capitalism Conscious Capitalism (John
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