“Doux Commerce,” or the Peacemaking Power of Trade: Just a Dangerous Illusion?
Does trade among nations promote peace? The liberal-minded Enlightenment affirmed this under the phrase “doux commerce.” At present, however, we are witnessing how economically closely linked nations are at war with each other.
The Governments Were Financed Through by the Printing Press, And Now We Have Inflation
The rise in inflation does not fall from the sky. Inflation means general devaluation of money, not an increase in individual prices. It is the result of the money glut of the last several decades. Avoiding the dramatic consequences could make things uncomfortable.
Genocide in Ukraine? A Western-Oriented Nation’s Fear of Extinction
An overview of Ukrainian history shows why the fight against the Russian aggressor is a matter of either supporting or not supporting the continued existence of Ukraine. The accusation that this is a form of genocide seems justified in this light.
The mRNA Vaccine Makers Got Rich—But Not at the Taxpayers’ Expense
According to one criticism, Moderna and Biontech, the two manufacturers of the mRNA vaccines against Covid-19, have enriched themselves from government subsidies. This is wrong. Without the perseverance of individual researchers and billions in private money, the vaccines would not exist.
The State and Freedom—Are Classical Liberals Anarchists?
Individual freedom by itself is not a political good. Classical liberalism understood the state not only as a threat, but always as a guarantor of freedom. To this end, it can also restrict freedoms, as in the case of fighting a pandemic. Everything is a question of proportionality—and about this some people have justified doubts.
The Earned Income Tax Credit (EITC)—The Best Social Program in the World
Economists and researchers in the U.S. agree: the Earned Income Tax Credit helps millions of households stand on their own two feet. Work is rewarded, and with the help of this program, one million children have escaped child poverty.
What Does the Coronavirus Crisis Teach Us about the Labor Market?
The Covid-19 crisis threw many out of work, many suffered accordingly, and labor markets were also damaged. Depending on the situation, some governments fared better than others. In any case, policymakers can learn a few things from the pandemic.
The Austrian Academy 2021: Liberation from Academic Lockdown
Capitalism and the market economy are the foundations of our prosperity, which, thanks to globalization, is also spreading to places in which poverty still prevailed decades ago. At the Austrian Academy 2021 experts explain to twenty-two young people why this is so.
Globalization Before and After the Covid-Pandemic: Should There Be a New Normality?
It is not globalization, nor the market economy, nor capitalism that is a danger and should be reformed; it is the policies that might provide the wrong, anti-market response to the pandemic that are the real danger precisely to the growth of prosperity in the world’s poorest countries.