“Irrational Stock Exchanges” and the Wirecard Scandal: On the Blanket Suspicion of Financial Capitalism

Joint stock companies and stock exchanges have made the upswing of modern economies possible. However, they have always been suspected of serving the greed of a few. What, then, is the function of “financial capitalism”?

Why Intellectuals Don’t Like Capitalism

Anti-capitalism is widespread among both right-wing and left-wing intellectuals. Both are united by the belief that economic and social problems can be solved primarily through state action.

What Do Families Contribute to the Social Welfare System?

In Austria, about half of public expenditure benefit the 60+ generation. Pensions, health care and long-term care benefits are the most important public programs aimed mainly at the elderly population.

Racism: On the Bad and “Good” Kinds of Prejudicial Suspicion

For the guardians of political correctness, prejudicial suspicion is not bad in itself, so long as it is directed against the right groups. Moreover, the current hysteria about racism obscures the real problems—creating an obstacle for those who actually want to help.

The Bolivian Fairy Tale – The Illusory Success of “21st Century Socialism”

For years Bolivia was considered a successful example of the “Socialism of the 21st century”. An apparently booming economy blinded economists and politicians and obscured the view of a regime that was in reality authoritarian and corrupt.

Is the Pope Calling for a Universal Basic Income?

Pope Francis never called for a “universal basic income” as a new socio-political model. He asked for financial assistance for those on the margins who have been harmed by the quarantine. Even so, the idea of a “basic income” is only feasible, if at all, in a country with strong protection of property rights and a market economy.