Available Now! (click cover)

America's Counter-Revolution
The Constitution Revisited

From the back cover:

This book challenges the assumption that the Constitution was a landmark in the struggle for liberty. Instead, Sheldon Richman argues, it was the product of a counter-revolution, a setback for the radicalism represented by America’s break with the British empire. Drawing on careful, credible historical scholarship and contemporary political analysis, Richman suggests that this counter-revolution was the work of conservatives who sought a nation of “power, consequence, and grandeur.” America’s Counter-Revolution makes a persuasive case that the Constitution was a victory not for liberty but for the agendas and interests of a militaristic, aristocratic, privilege-seeking ruling class.

Sunday, October 07, 2007

Government Failure

A popular academic rationalization for having government forcibly override people's economic decisions is the theory of market failure. Advocates of the free market have long emphasized that the countless self-regarding actions individuals perform daily in the marketplace generate a larger complex spontaneous, or undesigned, order -- that is, a high degree of interpersonal coordination that is remarkably pleasing to consumers. This is the social cooperation Ludwig von Mises placed at the center of his description of the market process. Critics of the market realize this is a powerfully appealing feature of the economists' case for what these critics deride as the unfettered marketplace. So this feature has been among the prime targets of those who would straitjacket or even abolish the market. Hence the attraction of market-failure theory.
The rest of my TGIF column, "Government Failure," is at the Foundation for Economic Education website.

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