Editor's Note: Days after the Soviet Union collapsed, and shortly after the Iron Curtain fell, David Kelley delivered this lecture at the University of Aix-en-Provence, France. The event was a forum for classical liberals. The audience included some 350 students, more than 100 of whom were from Eastern Europe. The lecture, entitled “Altruism and Social Justice,” was about two types of social justice: egalitarian and welfare rights.
The capitalist system came of age in the century from 1750 to 1850 as a result of three revolutions. The first was a political revolution: the triumph of liberalism, particularly the doctrine of natural rights, and the view that government should be limited in its function to the protection of individual rights, including property rights. The second revolution was the birth of economic understanding, culminating in Adam Smith's Wealth of Nations. Smith demonstrated that when individuals are left free to pursue their own economic interests, the result is not chaos but a spontaneous order, a market system in which the actions of individuals are coordinated and more wealth is produced than would be the case if government managed the economy. The third revolution was, of course, the Industrial Revolution. Technological innovation provided a lever that vastly multiplied man's powers of production. The effect was not only to raise standards of living for everyone, but to...
Read Article : The Fourth Revolution
The new century’s continuous procession of business scandals, collapsing bubbles, and financial meltdowns have left defenders of capitalism nonplussed. The business leaders who have been most prominent in the news are a peculiar mix of the incompetent, the sleazy, and the criminal, as the names Jack Grubman, Bernie Ebbers, John Rigas, Jeff Skilling, and Ken Lay attest.
Read Article : The Two Faces of Capitalism
BOOK REVIEW: Edwin S. Rockefeller, The Antitrust Religion (Washington, D.C.: Cato Institute, 2007), 123 pages. $9.95 (hardcover).
When Ayn Rand published Alan Greenspan’s criticism of the antitrust laws in 1966, there were relatively few critics of antitrust, and certainly few lawyers and economists among them. Now there are many: mostly university professors, Austrian School economists, and writers for libertarian think-tanks. However, there are very few critics who are pillars of the U.S. antitrust bar. So it is quite significant to hear a rejection of the entire notion of antitrust from someone who is a former chairman of the American Bar Association’s Section of Antitrust Law with more than fifty years of practice in the field. Edwin S. Rockefeller is a venerable member of the antitrust establishment.
Read Article : Antitrust Apostate
Ayn Rand published her magnum opus, Atlas Shrugged in 1957. It's an enduringly popular novel -- all 1,168 pages of it -- with some 150,000 new copies still sold each year in bookstores alone. And it's always had a special appeal for people in business. The reasons, at least on the surface, are obvious enough.
Read Article : Capitalist Heroes