Steve Forbes, the wealthy publisher-presidential hopeful, can be an eloquent defender of free enterprise. But there's another side, too, which was revealed in a recent group discussion on economics that took place on Fox News Channel. Forbes's comments revealed a complete lack of understanding of the basics of a free economy.
In uncertain times such as today, it is too easy to look the other way when the federal government expands its power and curtails our freedoms. In a fit of rhetorical frenzy, the attorney general himself told a Senate panel that those who scare "peace-loving people" with "phantoms of lost liberty" are themselves aiding terrorists.
World War I marks one of the great watersheds of modern history.
Time has not been altogether kind to John Rawls. True enough, his A Theory of Justice has been the most widely acclaimed book in political philosophy since its publication thirty years ago.
This past September, the state government of South Carolina came under fire for issuing a special license plate bearing the slogan "Choose Life." Affronted abortion-rights groups quickly filed suit, claiming that the state was violating the first and fourteenth amendments by failing to offer a "Choose Choice" or similar specialty plate. Florida's and Louisiana's "Choose Life" plates faced similar court challenges.
Politics creates a setting where, in the words of Longfellow, "man must either be anvil or hammer." Thus, a vast array of political machinery is created to represent a wide variety of interests and to further those interests at the expense of the other groups.
No government can live up to its billing as a semi-divine problem solver. Government intervention is not an alternative to the market; it merely creates a different kind of market full of con men selling very sour lemons.
Instead of incorporating the agenda of those who would malign free enterprise, business schools should do more to educate tomorrow's corporate executives about the myriad ways in which business advances social progress.
Prior to the Keynesian era, recessions were called panics and had durations of about three months. The shortness in duration reflected the lack of interventionism by extra-market authorities. Today, recessions last much longer, as the bad idea that the state should manage the economy has become legitimized.
