Capitalism, Wealth, and Power

The current moaning about neo-liberalism, tends to obscure the fact that the last two hundred years have seen nothing less than the greatest progress in human history, provided, of course, that we are willing to define progress in a purely material way. Capitalism, Wealth, and Power weiterlesen

Neoliberalism: Death of a pseudo-science

Ten logical objections and empirical arguments against persistently held dogmas in current economics

The principle of neoliberalism may be summarized in the following formula: The best way of guaranteeing a maximum performance for the economy is to keep government entirely out of its sphere. Its role should be confined to ensure the safety of personal property, which it does by using police and justice to this very purpose. Neoliberalism: Death of a pseudo-science weiterlesen

Economic decline and the doctrine of free trade

In my opinion the underlying reason for the impending disintegration of Europe is free trade policy as pushed by Germany (see my essay the „The ugly German – a specter is coming back“). I am, of course, aware that this view is diametrically opposed to accepted wisdom as to be found in economic textbooks. Therefore, I would like to emphasize at the outset that I do not consider those textbooks to be wrong – their theory is, indeed, hard to refute and at first glance it seems to be morally sound as well. In my new book, „From Crisis to Chaos“, I even speak of „neoliberal idealists“ – a wording which may sound rather queer to some ears (1). But if they are honest, neoliberals certainly strive for the best. Unfortunately, despite of all their endeavors, they always achieve the worst, and for this there is a very simple and basic reason: Their theory and the world we happen to live in, do not share much of a common ground. Economic decline and the doctrine of free trade weiterlesen