Michael Novak: ‘Capitalism is Lifting the World out of Poverty’

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. Continue Reading...

From Aid to Enterprise

Can the current model of humanitarian aid generated by networks of large philanthropic foundations, NGOs, and Western governments actually alleviate global poverty? The latest Liberty Law Talk podcast asks Acton’s Michael Miller, director of the new Poverty Cure Initiative, to address that question and to explain what conditions can lead to prosperity: As Miller discusses, the prevalent humanitarian aid model frequently uproots the very beginnings of the circles of exchange that must exist for wealth to be created in these societies. Continue Reading...

The Opposite of Love

A common lesson that many of us were taught in grammar school was what defined an ‘opposite.’ As children we learn that hot and cold are antonyms; as are bad and good, living and dead, love and hate. Continue Reading...

Happy Smothers, I Mean, Mother’s Day

Augustine observes that humans are constituted in large part by their sociality. As he puts it in the City of God, “For there is nothing so social by nature as this race, no matter how discordant it has become through its fault.” I have written that a corollary of the natural law is a vision of society as one based on mutual aid. Continue Reading...

Miller: Here I Come to Save the World Bank

In The American Spectator, Acton Institute’s Michael Matheson Miller throws his hat into the ring as he launches a tongue-in-cheek candidacy for World Bank president, but also raises serious questions about the institution’s poverty fighting programs. Continue Reading...

‘Central World Bank’ Would Hurt Cardinal Turkson’s Native Ghana

Last summer, Acton’s PovertyCure team traveled to Ghana to meet with its economists and entrepreneurs — the men and women who are helping the country develop. It just so happens that they also met briefly with Peter Cardinal Turkson, president of the Vatican’s Pontifical Council for Peace and Justice and co-author of the note released yesterday that has stirred up a global controversy. Continue Reading...