“… there are two and only two ways of attaining wealth in society: (a) by production and voluntary exchange with others — the method of the free market; and (b) by violent expropriation of the wealth produced by others. The latter is the method of violence and theft. The former benefits all parties involved; the latter parasitically benefits the looting group or class at the expense of the looted.”
Murray N. Rothbard
Ethics of Liberty, pp. 166–67
Art Carden is a professor of economics at the Brock School of Business at Samford University.
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0:00 – Quote
1:07 – Why some countries are wealthy and others are impoverished, “The Great Enrichment”
4:18 – Do free markets breed exploitation of the weak by the strong?
6:16 – How to measure wealth or standard of living?
7:50 – Free markets = materialism
10:13 – The innovation double standard
12:32 – “Freedom means not caring about the long term results of your actions”
16:00 – “Slavery and colonialism caused the west to grow rich”
20:32 – Who protects the workers?
22:32 – Who protects the consumer?
26:38 – The moral difference between the state and the free market
29:51 – Criticisms of the free market THAT ARE UNIQUE to the free market
32:12 – Best lessons from Adam Smith