Archived Posts August 2012 - Page 7 of 10 | Acton PowerBlog

The legal institutions of capitalism exist not to advance any particular purpose, says Robert T. Miller, but to facilitate the advancement by individuals of their various, often conflicting purposes:

As this article in the Wall Street Journal explains, Missy Franklin, a seventeen year-old from Colorado who won the gold medal in the 100-meter backstroke last week, has steadfastly refused lucrative endorsement contracts. Why? Because she wants to preserve her amateur status so that she can swim competitively in college. In other words, she prefers competing to money. Happily, the economic freedom of capitalism includes not only the freedom to make money but also the freedom not to make money, if one so chooses. That’s an important lesson. If most people in Ms. Franklin’s position choose the money, that just shows that they have desires and views about the human good different from hers.

I can imagine some scolds arguing that, although Ms. Franklin’s is the better course, many young people with her opportunities would go for the money because they are seduced into doing so, and thus there should be legal limits on offering phenomenal young athletes endorsement contracts. Now, some people in Ms. Franklin’s position are no doubt seduced: they honestly believe that they should forgo riches, but they choose them anyway because they cannot control their desires. That certainly happens. But these scolds miss a bigger point, which is that some people honestly believe that going for the money is the best option. There is a very wide range for legitimate disagreement about what’s good and what’s bad in individual cases, and for some people like Ms. Franklin, given their individual circumstances, which could well be different from hers, taking the money may well be the right choice. The person best positioned to make this decision—meaning the person with the best information and indeed the moral responsibility for the choice—is the individual himself. The freedom provided by capitalist economies thus leads both to better choices (because individual decisions are made by people with superior knowledge of individual circumstances—a Hayekian point) and places moral responsibility where it belongs, with individual human beings.

Read more . . .

Blog author: aknot
posted by on Friday, August 10, 2012

PovertyCure, an educational initiative of the Acton Institute, has won a 2012 Templeton Freedom Award for its contributions to the understanding of freedom in the category of “Free Market Solutions to Poverty.” From the website:

Acton Institute, United States
The US based Acton Institute has won a 2012 Templeton Freedom Award for their PovertyCure educational initiative. PovertyCure advocates moral free enterprise as the key to authentic and permanent poverty elimination. PovertyCure has already had a tangible impact on the poverty debate through high-impact partnerships, resources, and conferences even though the project was only officially launched last fall, relying on the efforts of an extensive coalition to market and publicize the effort.

A visit to the website reveals a growing list of 160 national and international partner organizations from over 50 countries. These partners represent academia (University of Notre Dame, University of Cambridge), entrepreneurial groups (SEVEN Fund, MicroRate), and religious ministries (Goshen International, Partners Worldwide). The ‘Voices’ section of the PovertyCure website features over 30 well-known experts, as well as those who have overcome poverty including Peruvian economist Hernando de Soto, Cambridge University scholar Peter Heslam, and Oxford University professor Paul Collier. Over 30,000 web users have watched these short, impactful videos to date.

A major element of the campaign was Poverty, Entrepreneurship, and Integral Development, a seven-part conference series taking place throughout Africa, Europe, and Latin America. In total, conference lecturers fielded some 300 television and radio interviews with media outlets around the world, while the conferences themselves received coverage on television, radio, and Internet sources reaching more than 50 million individuals. This figure includes such popular outlets as The Guardian, The Economist, and Financial Times. Additionally, social media is one of the initiative’s most effective vehicles. PovertyCure’s Facebook page, which had 2,300 likes this time last year, boasts 368,000 today, representing a substantial number of people around the world who interact with and share our content. A documentary is currently in the works and will be broadcasted by PBS.

For more on PovertyCure, please visit the website.

Blog author: jcarter
posted by on Friday, August 10, 2012

People do not love markets,” says Pascal Boyer of the International Cognition & Culture Institute, “there is a lot of evidence for that.” Sadly, Boyer is right and I suspect he’s right about the cause too: People do not like markets because people seem not to understand much about market economics.

We don’t fully understand this antipathy, Boyer notes, because there hasn’t been much research on folk-economics, a study of “what makes people’s economic modules tick.” But I think Boyer has identified one of the key reasons why people tend to prefer government interventions to market-driven solutions:

(more…)

Blog author: jballor
posted by on Friday, August 10, 2012

Call for Papers: “Our Entrepreneurial Future: East, West, North, and South”

The Association of Private Enterprise Education Annual Conference, Maui, Hawaii, April 14 – 16, 2013. “Our Entrepreneurial Future: East, West, North, and South.” The Association of Private Enterprise Education (APEE) invites the submission of papers for its 38th International Conference in Maui, Hawaii, April 14-16, 2013. The Association is composed of scholars from economics, philosophy, political science, and other disciplines, as well as policy analysts, business executives, and other educators. APEE’s annual meeting explores topics related to private enterprise in an atmosphere that respects market approaches. Presentations reflect the latest research in fields such as regulation, public choice, microeconomics, and Austrian economics, as well as development of instructional techniques. The submission fee for the society’s journal, The Journal of Private Enterprise, is waived for papers presented at the conference.

Article: “What is the Philosophy of Law?”
John Finnis, SSRN

The philosophy of law is not separate from but dependent upon ethics and political philosophy, which it extends by that attention to the past (of sources, constitutions, contracts, acquired rights, etc.) which is characteristic of juridical thought for reasons articulated by the philosophy of law. Positivism is legitimate only as a thesis of, or topic within, natural law theory, which adequately incorporates it but remains transparently engaged with the ethical and political issues and challenges both perennial and peculiar to this age. The paper concludes by proposing a task for legal philosophy, in light of the fact that legal systems are not simply sets of norms.

Book Note: “Markets and Growth in Early Modern Europe”
Victoria N. Bateman, Markets and Growth in Early Modern Europe

This is the first study to analyze a wide spread of price data to determine whether market development led to economic growth in the early modern period. Bateman compares agricultural data with less abundant information on cloth, candles and olive oil from numerous European cities. Using a range of economic measures applied to a larger set of goods, she shows that market development occurred earlier than was previously believed.

Book Note: “Limited Government and the Bill of Rights”
Patrick M. Garry, Limited Government and the Bill of Rights

What was the intended purpose and function of the Bill of Rights? Is the modern understanding of the Bill of Rights the same as that which prevailed when the document was ratified? In Limited Government and the Bill of Rights, Patrick Garry addresses these questions. Under the popular modern view, the Bill of Rights focuses primarily on protecting individual autonomy interests, making it all about the individual. But in Garry’s novel approach, one that tries to address the criticisms of judicial activism that have resulted from the Supreme Court’s contemporary individual rights jurisprudence, the Bill of Rights is all about government—about limiting the power of government. In this respect, the Bill of Rights is consistent with the overall scheme of the original Constitution, insofar as it sought to define and limit the power of the newly created federal government.

Lectures: “Theology of Mission”
Edmund Clowney, Westminster Theological Seminary

These are 37 audio lectures from Edmund Clowney (1917-2005) of Westminster Theological Seminary from his course, “Theology of Mission,” within a broader biblical and historical study of mission and the “theology for the city.” This is one of the offerings from WTS made available via iTunesU.

Blog author: jcarter
posted by on Thursday, August 9, 2012

If you want to work in international development, says Charles Kenny, go work for a big, bad multinational company:

Kids today — they just want to save the world.

But there is more than one way to make the planet a better place. Here’s another option: Get an MBA and go work for a big, bad multinational company. Consider this: Over the past decade, foreign direct investment in Africa topped foreign aid — and in 2011 alone, by $7 billion. And unlike food handouts or free latrines, this kind of investment built factories, financed banks, and opened mines and oil fields, creating tens of thousands of jobs and transferring invaluable knowledge to the countries that need it most. That’s good news, because it is increasingly clear that new technologies are what’s driving improved quality of life in Africa, and new ways of doing business are vital to sustaining economic growth on the continent.

Yet there’s still a widespread feeling that multinationals are the rapacious, profit-obsessed spawn of globalization and free markets, running amok across the developing world. Some surely are. But think about how hard U.S. states compete to attract a Toyota factory. Or how happy Britain was when the Indian firm Tata bailed out its ailing steel industry. If multinationals can make that kind of difference in job creation and productivity in the rich world, consider the even greater role they play in poorer countries.

Read more . . .

Blog author: jcouretas
posted by on Thursday, August 9, 2012

In an interview in Our Sunday Visitor, an official with the Catholic Near East Welfare Association said refugees from Syria into Lebanon are increasing “tremendously” because of the military conflict. Issam Bishara, vice president of the Pontifical Mission and regional director for Lebanon and Syria, told OSV about the “perilous situation in Syria and how the local and global Catholic Church is responding.”

OSV: What has life been like for local Christians in Syria?

Bishara: Christians or non-Christians, they are fleeing the shelling. The Christians would have an additional worry — they are not sure of the future. The experience of Christians in Iraq was horrible. If something similar happens to the Christians in Syria then they would be in a very difficult situation. Most of the Christians who fled Iraq went to Syria and Lebanon. The question is, what if the Christians in Syria were displaced? What we hear from them is that they worried about their future, about the form of the new regime and the new government — would there be a democratic regime, a fanatic Muslim regime? They’re not sure.

OSV: What is CNEWA doing to assist the refugees?

Bishara: We are assisting 2,000 families in the regions of Homs, the Christian Valley, Tartus and Damascus. We work through the infrastructure of the local church — the Greek Orthodox Church, which is the largest Christian community in Syria, and the Greek Catholics, the Melkites, and through the different sisters and the Jesuit fathers as well.

OSV: How has the Church responded?

Bishara: The Church has responded in a very good way. We are trying to utilize their social workers and priests and the sisters and try to raise funds and pass it through them. They are purchasing all of the commodities that we agree on and putting it in boxes and taking care of distribution. They are extremely accountable and very strict in terms of who gets what. We’re very happy with the way they are presenting their reports. We are in almost daily contact with them.

In an Aug. 2 report, the director of programs for International Orthodox Christian Charities affirmed this dire picture. “There is a palpable sense of urgency and people are worried about the growing violence throughout the country,” said Mark Ohanian. IOCC is working closely with the Greek Orthodox Patriarchate of Antioch and all The East and Syrian relief partner, Al Nada Association, in an effort to reach as many people as it can and to determine what the most immediate needs are for the growing number of displaced and vulnerable families. (more…)

Blog author: jballor
posted by on Thursday, August 9, 2012

One of the nice things about being asked to write an endorsement for books is that you often get a complimentary copy. My copy of Political Thought: A Student’s Guide arrived earlier this week, and it is the latest offering from Hunter Baker, my friend, sometime PowerBlog contributor, and last year’s recipient of Acton’s Novak Award.

My endorsement is as follows and I commend the book to you:

Hunter Baker provides an accessible and insightful primer on the various streams of thought and action at play in American public life. A notable merit of Baker’s work is that it examines clear alternatives while at the same time doing justice to the dynamic variety in and between different schools of thought. Baker paints a clear and compelling picture of the political landscape and in so doing provides a valuable service both for those learning about politics for the first time and for those seeking a refresher and a summary of political thought.

Blog author: jcarter
posted by on Thursday, August 9, 2012

Libby A. Nelson at Inside Higher Education reports on the latest trend in clergy training:

Dual degrees for seminary students aren’t entirely new. For decades, some seminaries and their nearby or affiliated colleges have graduated students with masters’ degrees in both divinity and social work. The combination of a master’s degree in divinity with a master’s in business administration is newer, but growing, says Dan Aleshire, executive director of the Association of Theological Schools, an accrediting body.

In the past five years, programs that combine master’s degrees in divinity with business credentials have sprung up, Aleshire says. He sees two reasons: leadership studies have become more common as an academic field, and Christian ministry has expanded beyond the church into nonprofit organizations and social entrepreneurship — start-up businesses that try to serve a larger good.

Read more . . .

Blog author: Mindy Hirst
posted by on Thursday, August 9, 2012

The fall semester is fast approaching. Why not look for ways to introduce your students to Abraham Kuyper in interactive ways? Kuyper has a perspective that is relevant to today’s student and their reality.

The On Call in Culture University and Seminary Resource Kits are designed to provide you as an instructor with some simple ways to integrate Wisdom & Wonder, the first book in the Common Grace Translation Project, into your curriculum. Our hope is that your students will interact with the ideas that Kuyper presents in an active way that allows them to see God’s purposes for every sphere of life.

The kit includes study questions, suggestions for activities, and key quotes from Kuyper.

Blog author: aknot
posted by on Wednesday, August 8, 2012

French President François Hollande has promised a 75% tax rate on those in his country who earn an annual salary above one million euros ($1.24 million). Not surprisingly, this number has struck fear into the hearts and wallets of quite a few of France’s top earners, including some who are contemplating leaving and taking their jobs with them. The New York Times has the story:

Many companies are studying contingency plans to move high-paid executives outside of France, according to consultants, lawyers, accountants and real estate agents — who are highly protective of their clients and decline to identify them by name. They say some executives and wealthy people have already packed up for destinations like Britain, Belgium, Switzerland and the United States, taking their taxable income with them.

They also know of companies — start-ups and multinationals alike — that are delaying plans to invest in France or to move employees or new hires here.

The potential tax increase threatens to handcuff “les Riches” and, ironically enough, undercut France’s prized notion of egalité, taking with it liberté and fraternité, the remainder of the country’s tripartite maxim. In Hollande’s France, these principles may not apply to the wealthy.

Of course, Hollande’s tax initiative is sure to have some beneficiaries. No, not the poor or the middle class. The real winners? Well, they live on the other side of the border. Also from the Times:

“It is a ridiculous proposal, but it’s great for us,” said Jean Dekerchove, the manager of Immobilièr Le Lion, a high-end real estate agency based in Brussels. Calls to his office have picked up in recent months, he said, as wealthy French citizens look to invest or simply move across the border amid worries about the latest tax.

“It’s a huge loss for France because people and businesses come to Belgium and bring their wealth with them,” Mr. Dekerchove said. “But we’re thrilled because they create jobs, they buy houses and spend money — and it’s our economy that profits.”

The entire story reminds me of a passage from Rev. Robert Sirico’s latest book, Defending the Free Market: The Moral Case for a Free Economy. In a chapter titled “The Idol of Equality,” Sirico addresses the unsustainable nature of simple redistribution. Instead, business development and job creation are essential–and lasting–tenets of economic growth. From the book:

When most people picture the 1 percent and their wealth, what comes to mind is designer clothing and jewelry, yachts and limousines, mansions and penthouses—all sorts of alluring and attention-grabbing luxuries. Luxuries so distracting, in fact, that we tend to lose sight of the fact that most of the wealth of the wealthiest is invested. It is put to work in the businesses they own and manage, and in stocks and other financial vehicles that provide the capital for countless other businesses. These are the businesses that provide the 99 percent with the goods, services, and employment that they regularly enjoy and often take for granted.

Whether it’s a big automotive plant or a small bakery on the corner, a microchip manufacturer or a family farm, all businesses that produce goods and employ people are owned by someone. It’s businesses that make up most of the wealth of the 1 percent. Confiscating that wealth and giving it to the other 99 percent would mean shifting much of that wealth from investment and production to consumption, since the poor and middle class consume a far higher percentage of their income than the wealthy do. This sudden shift from investment and production to consumption would demolish the infrastructure that makes jobs, goods, and services possible.

Hollande would be wise to read Defending the Free Market. Doing so might save his nation and preserve liberty, equality and brotherhood in the process.