Summary
The United States had a government-run central bank along with a host of banking regulations, not to mention all the other economic regulations born out of the Progressive Era and World War I. Second, the Great Depression itself resulted not from the failures of capitalism, but the Fed's monetary mismanagement in the 1920s and 1930s, and its length and depth were caused by the protectionism and interventionism of the Hoover and Roosevelt administrations. It is also ironic that a man of the left would focus only on the vulnerable in the United States and ignore the massive increase in well-being that free trade has produced for the most vulnerable people in the rest of the world.The billions of Chinese and Indians who have risen out of abject poverty in the last decade or so are a major accomplishment of free trade, and that increase in wealth has benefited American citizens as well.
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Extract
The Free Market Is Failing? It Just Ain't So!
There is no doubt the U.S. economy has hit a rough patch over the last several months. As is often the case when economic problems make headlines, pundits rush to declare that capitalism is "in trouble," or "is ailing" or even "has failed."This reaction to economic bad news is as old as capitalism itself. It is also consistendy wrong. What the pundits fa...
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