TGIF: Socialism with a Fig Leaf

TGIF: Socialism with a Fig Leaf

What work does democratic perform in the phrase democratic socialism? It's a fig leaf intended to conceal what would presumably be repugnant to most people: the coercive regimentation inherent in socialism, whether international (Marxist) or national (fascist). Socialism has a nasty record dating back to 1917, so socialists have felt compelled to clean up its image. Democracy is supposed to do the cleaning up. But does it? Could it? Before we get to that, we should remind ourselves that no single conception of socialism exists. In one version, socialism denotes central economic planning, the...

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TGIF: The Capitalist-Socialist Asymmetry

TGIF: The Capitalist-Socialist Asymmetry

Free-marketeers have long pointed out a particular asymmetry between capitalism and socialism (whether of the international or national variety). While anyone in a capitalist society would have a right to engage in socialism (as anyone can do now in our hampered market economy), the reverse would not hold: under socialism—that is, a centrally planned economy, democratic or not—no one would be free to engage in "capitalist acts between consenting adults" (to use Robert Nozick's phrase from Anarchy, State, and Utopia). It would upset the plan. In other words, in a fully free society, no legal...

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Orwell on Socialists

"The truth is that, to many people calling themselves Socialists, revolution does not mean a movement of the masses with which they hope to associate themselves; it means a set of reforms which ’we’, the clever ones, are going to impose upon ’them’, the Lower Orders." —George Orwell, The Road to Wigan Pier, 1937

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TGIF: Benevolent Self-Interest

TGIF: Benevolent Self-Interest

The most famous sentence in Adam Smith's 1776 treatise, An Inquiry into the Nature and Causes of the Wealth of Nations, appears in Book I, Chapter 2: It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest. It's a beautifully written sentence (except that he should have twice written "his" instead of "their"). He might have written, "It is not from the benevolence of producers that we expect consumer goods, but from their attending to their businesses." Ho hum. Who would have remembered it? More...

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Abolish the Corporation Tax and All Other Taxes on Investment

Corporate taxes and other taxes on investment constitute double and sometimes triple taxation. That's more unjust than taxation of labor or consumption. Businesses can't pay taxes; only people can. But who pays business taxes need bear no relation to whom the lawmakers targeted. The corporate tax has been known to reduce wages and dividends (to retirees of moderate wealth) and indirectly to increase prices to consumers. How's that help anyone? Capital accumulation is what raises labor productivity and wages. Thus, taxes on capital steal from workers, among others. As economist Roy Cordato...

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TGIF: Envy, Ignorance, Barbarism Triumph in New York

TGIF: Envy, Ignorance, Barbarism Triumph in New York

Democratic socialist Zohran Mamdani's mayoral victory in New York City is a triumph of moral barbarism, economic illiteracy, illogic, and just plain envy. Mamdani's campaign had a double pitch: billionaires should not exist, and "the people" deserve free stuff. At first I thought his supporters did not understand the old free-market meme, TANSTAAFL: There Ain't No Such Thing As A Free Lunch. Nature provides only raw materials, which are useless in their original state. Ingenuity turns them into resources. But then I realized that while Mamdani used the word free, he also said he would get...

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TGIF: Separating Powers

TGIF: Separating Powers

We may be sure that the "separation of powers" doctrine is of no interest to the vulgar egotist currently residing in the White House, which happens to be undergoing the most glorious renovation the world has ever known. Or so we hear. But it stands to reason that the doctrine is vital to personal liberty. No imagination is needed to understand what concentrated political power is likely to mean for the individual and society. The name most closely associated with the separation of powers is Charles Louis de Secondat, baron de La Brède et de Montesquieu (1689-1755), a judge, philosopher, and...

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