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.

Friday, January 13, 2012

Private Equity and Creative Destruction

The private-equity controversy raging around Mitt Romney is complicated in part because of corporatist interventions. But it misses the point to say, as some have, that Bain Capital wasn't trying to create jobs; rather it was trying to make money for its investors. For that just raises the question: How does one make money for investors? Theoretically the answer is: ultimately by creating value for consumers. That could require reducing the use of labor and resources in one line of production in order to free them for another line in which consumers have a more intense demand. We live in a world of scarcity.

Of course, I’ve only scratched the surface.

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