Nearly everyone complains about capitalism’s defects, or market failures. In fact, those are social failures, not specifically market failures, which show up when many rational individual actions create a social situation that displeases everyone. This means that government dirigisme — state direction or displacement of the market — cannot be a remedy because who do you think staffs the government and how do they get there? A big difference between the two systems — market and state — is that while the market diminishes social defects, the government magnifies them.
The Kyle Anzalone Show: Trump Meeting in Situation Room to Decide on Iran Deal
A deal with Iran sounds simple until you read the fine print. We dig into the reports of a memorandum of understanding that would reopen the Strait of Hormuz and lift parts of the pressure campaign, then ask the uncomfortable question: is this “freedom of navigation,”...































