On July 21, Treasury Secretary Scott Bessent called for a full review of the Federal Reserve system. He said on CNBC’s Squawk Box, “I think what we need to do is examine the entire Federal Reserve institution and whether they have been successful.” It’s a completely...
The nineteenth century marked the most dramatic leap forward in human welfare ever witnessed. It was a century defined not by aristocrats or emperors, but by coal, cotton, contracts, and capitalists. In his lectures “War, Peace, and the Industrial Revolution” and “The...
So, what is capitalism? The answer will depend on who's being asked. Language, like markets, basic law, and customs, is a spontaneous order. No one plans it. Words drift in their meaning in ways that probably can’t be fully explained. Language is a tool that people...
If spending on war is the politically easiest way to juice an economy, then the smoothest applications for this spending are wars at home, the easiest to begin and to control. This is why, at an accelerating rate since the 1990s, America’s government has waged wars...
Immigration. Despite other headline-grabbing news, this issue persists. How could it not? Trump's masked goon squad, ICE (Immigration and Customs Enforcement), abducts peaceful people off the streets, from their workplaces, and from Home Depot parking lots, then...
Everyone who has heard a Democratic politician speak in the last decade has heard the mantra, “We can balance the budget (or fund a pet new social program) if we just make the billionaires pay their fair share of taxes.” So let’s see what it would look like. Let’s...
George Selgin’s False Dawn: The New Deal and the Promise of Recovery, newly published by the University of Chicago Press, is a welcome contribution to the revisionist and post-revisionist literature on the legacy of the New Deal. While traditional historiographies of...
Though it’s rare to hear someone praise the military-industrial-congressional complex, it is only the latter component that masks a praiseworthy feat. Markets—also known as “people” voluntarily exchanging—have devised the most efficient methods for producing weapons...
