2019 | Fall Issue

The Capitalism Issue

Innovation, progress, and human freedom: The story of capitalism

People alive today are, on average, the richest that have ever lived. We enjoy a standard of living beyond the wildest dreams of kings and emperors in times past.

— Stephen Davies, Institute of Economic Affairs

what’s inside

Where Are These Better Angels?

Milton Friedman

In 1979, Nobel Prize-winning economist Milton Friedman appeared on The Phil Donahue Show and gave his most memorable interview about the nature of greed. Today, there are over 100 clips of the interview uploaded to YouTube. Some have hundreds of thousands of views; others, millions. Phil Donahue: When you see around the globe, the maldistribution of wealth, a desperate plight of millions of people in underdeveloped countries. When you see so few “haves” and so many “have-nots.” When you see the greed and the concentration of power. Did you ever have a moment of doubt about capitalism and whether greed is a good idea to run on?

The Morality of Capitalism

Larry G. Salzman

Socialism is popular again. The rise of politicians such as Bernie Sanders and Alexandria Ocasio-Cortez shows how the promises of socialism are once again influencing our political debate

Innovation: A Modern-Day Miracle

Stephen Davies

People alive today are, on average, the richest that have ever lived.

The Road from Serfdom: How Geza Karakas Escaped Socialism and Thrived Under Capitalism

Kathy Hoekstra

Growing up in 1950s Hungary, Geza Karakas developed a unique pair of exceptional skills: bicycle riding and troubleshooting.

Interview with a CEO: How Capitalism Got Blamed for the Fiscal Crisis

Nathaniel Hamilton

The market crash of 2008 was the worst financial crisis in a generation. Millions of people lost their jobs, their homes, and their livelihood.

The Failure of Blaming Market Failure

John Hasnas

Nathaniel Hamilton

There's a common refrain in the modern calls for socialism: It’s up to government to prevent markets from failing and corporations from taking advantage of us.

Why Capitalism and Socialism?

Scott Barton

It might seem unusual for a public interest legal organization to focus so intensely on the debate over capitalism and socialism.

There Are No Winners Without Competition

Anastasia Boden

Capitalism, at its core, is about the freedom to compete.

Reflections from a Supreme Court Champion

Steven D. Anderson

Peace and quiet. That’s all Rose Knick—heroine of our 12th and most recent victory at the U.S. Supreme Court—wanted when she purchased her homestead in Eastern Pennsylvania nearly five decades ago.

How Rock-and-Roll Killed Communism

Nathaniel Hamilton

Behind the Iron Curtain, Western-loving youths embraced American pop culture and fashion with feverish enthusiasm.

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