Adam Smith Institute

Across the pond at the Mises Institute, Llewellyn H. Rockwell, Jr. has written a succinct defense of free-market capitalism entitled Everything You Love You Owe to Capitalism. Rockwell argues that:

The whole of our world is covered with lessons about the merit of economic liberty over central planning. Our everyday lives are dominated by the glorious products of the market, which we all gladly take for granted. We can open up our web browsers and tour an electronic civilization that the market created, and note that government never did anything useful at all by comparison.

However, as the size of government and still limited freedoms both sides of the Atlantic shows, the lessons of history have not been heeded. Rockwell puts this down to ignorance, suggesting that most people accept the existence of wealth in one place and poverty in the other as a given.

Using the painfully authentic scenario of a group of self-proclaimed socialists having a luxurious lunch, while criticising capitalism in isolation from their present surroundings. The solution of this ignorance for Rockwell is for economic education. His own elightenment came from reading Henry Hazlitt’s 1946 classic Economics in One Lesson. Still as true as the day it was written.

 

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