Category: News and Events

Philosopher and theologian, Michael Novak recently delivered a speech at the Catholic University of America on the vocation of business and Forbes published the transcript. Novak argues that “capitalism is lifting the world out of poverty.” As many Asian and African economies shift from socialist to capitalist, they are seeing enormous economic growth, and small businesses are the force behind these economic gains:

Even in developed nations, most jobs are found in small business. In Italy, over 80 percent of the working population works in small businesses. In the U.S., the proportion is just about 50 percent, but some 65 percent of new employment is in small businesses.

During the great economic expansion of 1981-1989, the U.S. added to its economy the equivalent of the whole economic activity of West Germany at that time. Sixteen million new jobs were created in the U.S., the vast number of them in small businesses. Startups peaked as new businesses came into being at a rate of 13 percent (as a portion of all businesses) – an all-time high. Much the same happened under Clinton in 1993-2001, but even better – 23 million new jobs were created.

In the creation of small businesses, four factors are necessary. First, ease and low cost of incorporation; second, access to inexpensive credit; third, institutions of instruction and technical help (such as the system of local credit unions in the U.S.), and the steady assistance of the extension services of the A&M universities; and, fourth, throughout the population habits of creativity, enterprise, and skills such as bookkeeping and the organization of work. Economic development is propelled, as John Paul II said, by know-how, technology, and skill (Centesimus Annus 32). Therein, perhaps, lie the greatest entry-points for Americans and others who wish to help poor nations by proffering assistance in economic development from the bottom up. (more…)

bieberJustin Bieber is no different than many 20-year-olds in the US and Canada. He is naturally searching for identity, meaning, and purpose — and searching for a community with whom to pursue those things. This is a normal process of transitioning from the teenage years into adulthood. Bieber, like many 20-year-olds, has shown a lack of judgement at times that has landed him not only in the news but also in jail. Many of us remember our own antics in those years and breathe a sigh of relief that we were never caught.

January 23, 2014 was one of those nights for Bieber. He was taken into custody with singer Khalil Amir Sharieff after police busted an illegal street drag race involving exotic cars, according to news sources. The Miami Police are now releasing photos from the custody intake process that put on display Bieber’s many tattoos. What I find interesting is that Bieber not only has a tattoo of Psalm 119:105 and but also one of Jesus. It made me wonder what Bieber’s life would like look if these things were tattooed not only on his skin but also on his heart.

It would be great to have an opportunity to ask Bieber what Jesus and Psalm 119 mean to him with no cameras, no media, no “selfies,” and the like–just to have an honest conversation about how he believes Jesus and Psalm 119 provide direction in his life. According to the Christian Post, Bieber recently tried to get baptized in an evangelical Protestant church.
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chevron-ran-clean-up-ecuador-oilIn 2005, religious shareholder activists of various stripes jumped aboard the bandwagon filing resolutions against Chevron for an environmental disaster it allegedly caused. Chevron asserted its innocence, but the activist shareholders put the squeeze on:

Chevron’s Ecuador environmental disaster, considered by experts to be the worst oil-related ecological problem on the planet and currently the subject of a high-stakes law suit estimated to cost the company upwards of $6 billion, will be high on the agenda of the company’s 2006 annual shareholder meeting with the filing of three new resolutions asking Chevron’s management to take various steps to protect human rights, the environment and shareholder interests.

The resolutions were filed by institutional and socially responsible investors, including the New York State Common Retirement Fund, Trillium Asset Management, Amnesty International USA and members of the Interfaith Center on Corporate Responsibility (ICCR), which together own more than $1 billion in Chevron shares. The resolutions increase the pressure on the California-based oil major to address the widespread toxic contamination left by Texaco (now Chevron) in the Ecuadorian Amazon during a 20-year period that began in the early 1970s.

This story has a twist, however. Over at the National Review, Kevin Williamson reports Chevron beat the rap on the $6 billion judgment rendered against it by an Ecuadorean court several years ago. Seems the judge who established the original fine was in cahoots with a cadre of nasty elements. (more…)

In an excerpt from the splendid PovertyCure series, Michael Fairbanks offers a helpful bit on why our attitudes about competition matter for economic development:

I can predict the future of a developing nation better than any IMF team of economists by asking one question: “Do you believe in competition?” When I go to Venezuela and I say, “do you believe in competition?,” they say “competition means the rich get richer and the poor get poorer.” They say “competition is the unnecessary duplication of effort because you have two firms doing the same thing.” They say “competition is a quaint North American concept that doesn’t apply here.”

But when I go to Silicon Valley and I say,“What do you think about the word competition?,” they say, “Well, I love competition, because even when I lose, I learn something. And my success is due to the fact that I speeded up my failures, and the only way to fail was to compete, and figure out where I wasn’t good enough.”

As Hayek put it, competition is a discovery procedure. If we neglect, distort, or downplay that process, we can expect the outcomes of discovery — the fruits of our sacrifice and service — to digress accordingly.

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The massive federal student loan program is creating a gargantuan higher education bubble and unsustainable levels of student loan debt, but at least all that borrowed money is going primarily to educate people, right? Apparently not. Yahoo Finance reports on yet another way that the nanny state is creating moral hazard and impoverishing the culture:

A number of factors are behind the growth in student debt. The soft jobs recovery and the emphasis on education have driven people to attain more schooling. But borrowing thousands in low-rate student loans—which cover tuition, textbooks and a vague category known as living expenses, a figure determined by each individual school—also can be easier than getting a bank loan. The government performs no credit checks for most student loans.

College officials and federal watchdogs can’t say exactly how much of the U.S.’s swelling $1.1 trillion in student-loan debt has gone to living expenses. But data and government reports indicate the phenomenon is real. The Education Department’s inspector general warned last month that the rise of online education has led more students to borrow excessively for personal expenses. Its report said that among online programs at eight universities and colleges, non-education expenses such as rent, transportation and “miscellaneous” items made up more than half the costs covered by student aid. (more…)

By now even many people who didn’t watch the Oscars have seen or heard Matthew McConaughey’s acceptance speech for Best Actor. The Texas actor thanked God for all the opportunities in his life, thanked God some more (cut to Academy members squirming in their seats), and then he told a story about when he was a teenager and was asked who his hero was.

The answer he gave at the time: his hero was Matthew McConaughey in ten years. Then when he was asked the same question ten years later, he gave the same answer: himself in ten years; and so on and so on throughout his life because, as he explained, he’ll never achieve the ideal he was striving for, but the important thing is to aspire to the heroic ideal and chase after it.

It’s easy to make fun of this: an apparently narcissistic actor picking his future self as his hero, thanking God while being infamous for the wild oats he has sown, and drifting into theological incoherence at certain points in his speech. And while all that may be worth noting, I’m inclined to give him the benefit of the doubt. (more…)

truthiness_largeThe Supreme Courts is hearing a case that involves a First Amendment challenge to an Ohio law that makes it a crime to “disseminate a false statement concerning a candidate, either knowing the same to be false or with reckless disregard of whether it was false.”

During the 2010 elections, the Susan B. Anthony List, a pro-life advocacy group, published ads in Ohio claiming that then-Rep. Steven Driehaus supported taxpayer-funded abortions (because he had voted for the Affordable Care Act). Driehaus filed a complaint with the Ohio Election Commission over the ads. The SBA List challenged the constitutionality of the law, which is now before the Supreme Court.

In support of the SBA List, P.J. O’Rourke, humorist and national treasure, contributed to an amicus brief defending our constitutional right to “truthiness”:
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protestOffering yet another contribution to a series of recent discussions about the religious liberties of bakers, florists, and photographers, Jonathan Merritt has a piece at The Atlantic warning that the type of protections Christians were fighting for in Arizona “could come back to hurt the faithful.”

“These prophets of doom only acknowledge one side of the slope,” Merritt writes. “They fail to consider how these laws could be used against members of their own communities. If you are able to discriminate against others on the basis of religious conviction, others must be allowed to do the same when you are on the other side of the counter.”

Merritt sets things up with the following hypothetical:

“I’d like to purchase a wedding cake,” the glowing young woman says as she clutches the arm of her soon-to-be husband. “We’re getting married at the Baptist church downtown this coming spring.”

“I’m sorry, madam, but I’m not going to be able to help you,” the clerk replies without expression.

“Why not?” the bewildered bride asks.

“Because you are Christians. I am Unitarian and disapprove of your belief that everyone except those within your religion are damned to eternal hell. Your church’s teachings conflict with my religious beliefs. I’m sorry.”

Would conservative Christians support this storeowner’s actions? (more…)

Pope Francis recently installed 19 new cardinals in a ceremony at the Vatican, the first that he has chosen in his pontificate. Most of the new Cardinals hail from outside Europe and North America, and the group includes the first Cardinal from the long-impoverished nation of Haiti. Kishore Jayabalan, Director of Istituto Acton in Rome, spoke with the BBC about what this new group of Cardinals means for the Roman Catholic Church, and how they reflect the changing face of the church in the 21st century. This interview originally aired on February 22, 2013.

From The Independent:

He leads a company that some would consider the epitome of ruthless global capitalism. But Apple chief executive Tim Cook has shocked some in the US with an impassioned attack on the single-minded pursuit of profit – and a direct appeal to climate-change deniers not to buy shares in his firm.

Eyewitnesses said Cook, who succeeded Steve Jobs as boss of the technology giant in 2011, was visibly angry as he took on a group of right-wing investors during a question-and-answer session at a shareholders’ meeting.

And what were these (presumably) egregious and inappropriate questions levied by the “right-wing investors”?

Responding to calls from the National Centre for Public Policy Research (NCPPR), a conservative think tank and investor, for Apple to refrain from putting money in green energy projects that were not profitable, he shot back that Apple did “a lot of things for reasons besides profit motive”.  The chief executive added: “We want to leave the world better than we found it.”

Addressing he NCPPR representative directly, he said: “If you want me to do things only for ROI [return on investment] reasons, you should get out of this stock.”

So some Apple investors were concerned that the company might be throwing good money after bad (but socially chic) investments into green energy, and that is what set off the CEO of one of the world’s largest companies? Really? (more…)