Posts tagged with: Economic ideologies

Blog author: dpahman
posted by on Wednesday, December 12, 2012

G. K. Chesterton
(one of the founding fathers of distributism)

Today at Ethika Politika, in response to a few writers who have offered, in my estimate, less-than-charitable characterizations of capitalism, I ask the question, “Which Capitalism?” (also the title of my article). I ask this in seriousness, because often the free economy that people bemoan bears little resemblance to the one that many Christians support. In particular, I ask, “Which Capitalism?” in reference to the following from Pope John Paul II, who outlines in his encyclical Centesimus Annus (no. 42) two different forms of capitalism as follows:

The first is “an economic system which recognizes the fundamental and positive role of business, the market, private property and the resulting responsibility for the means of production, as well as free human creativity in the economic sector” that “is the victorious social system” since the fall of the Soviet Union and that “should be the goal of the countries now making efforts to rebuild their economy and society.” The second is “a system in which freedom in the economic sector is not circumscribed within a strong juridical framework which places it at the service of human freedom in its totality, and which sees it as a particular aspect of that freedom, the core of which is ethical and religious.”

All three of the authors I take issue with are Roman Catholic and two of them have voiced their support for distributism as an alternative to capitalism. However, I ask with all sincerity, “[S]hould not distributists be asking whether distributism is a form of capitalism, rather than setting it up as an alternative to capitalism?” Given the high praise given by Pope John Paul II to capitalism, rightly understood as the free economy, ought not distributists simply be arguing that they, perhaps, have some valuable insights for supporters of capitalism, rather than opposing distributism to capitalism, uncharitably understood? (more…)

Blog author: jballor
posted by on Friday, September 28, 2012

Article: “Big Questions and Poor Economics”
James Tooley. “Big Questions and Poor Economics: Banerjee and Duflo on Schooling in Developing Countries.” Econ Journal Watch 9, no. 3 (September 2012): 170-185.

In Poor Economics, MIT professors Abhijit Banerjee and Esther Duflo set out their solutions for global poverty. Their key premise is that development experts have been sidetracked by the “big questions” of development, such as the role of government and the role of aid. This approach, they say, should be eschewed in favour of adopting carefully tested “small steps” to improvement. The book ranges widely, covering topics such as food, health, family planning and microfinance. Here I treat only their arguments on education in developing countries. Poor Economics points to evidence that shows that governments have not been successful in bringing quality education to the poor. Nevertheless, the authors bring their own big-think judgments to suggest why, despite the evidence, governmentally owned and operated schooling should remain central. Part of their own evidence concerns how private schooling, including for the poor, is burgeoning and outperforming government schooling. But private education cannot be the solution, they argue, because private schooling is not as efficient as it could be. The problems identified by Banerjee and Duflo are, however, clearly caused by bad public policy. I suggest that development economists are quite justified in forming and exercising judgment on the big questions, and that when they do exercise such judgment they should be aware that they are doing so.

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Blog author: jballor
posted by on Friday, August 31, 2012

Conference: “Global Commodities: The Material Culture of Early Modern Connections, 1400-1800″

Global History and Culture Centre – University of Warwick – 12-14 December 2012. This International conference held at the Global History and Culture Centre of the University of Warwick seeks to explore how our understanding of early modern global connections changes if we consider the role material culture played in shaping such connections. In what ways did material objects participate in the development of the multiple processes often referred to as ‘globalisation’? How did objects contribute to the construction of such notions as hybridism and cosmopolitanism? What was their role in trade and migration, gifts and diplomacy, encounters and conflict? What kind of geographies did they create in the early modern world? What was their cultural value vis-à-vis their economic value? In short, this conference seeks to explore the ways in which commodities and connections intersected in the early modern world.

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Acton Institute president and co-founder Rev. Robert Sirico’s Research on Religion podcast went live today. In it, Rev. Sirico sits down with host Tony Gill to discuss his new book, Defending the Free Market: The Moral Case for Capitalism, and a range of other topics, including the morality of capitalism, faith-based initiatives, and Austrian economics. The podcast is available to listen to or download online and regularly offers fresh perspective on relevant topics. Today’s is no exception. Check it out.

On FoxNews.com, Rev. Robert A. Sirico looks at the recent anti-capitalism, anti-NATO protests in Chicago:

In countless debates and conversations with modern proponents of social justice, I have noticed that they are less interested in justice than in material equality. They borrow the language of justice and the common good but have either forgotten or rejected the classical meanings of those terms.

In the classical tradition of reflection on justice (especially seen in Aristotle, St. Thomas Aquinas, and their intellectual descendants) it is clear that inequality—in the sense of unequal wealth or social status—is mostly compatible with justice, because justice is “to give to each his due.”

What one is due, of course, differs from person to person—in addition to those things due everyone: life, dignity, and liberty for example.

When we speak of the idea of the common good, we need to be open-minded about the most likely way to bring it about. The common good is, after all, a range of conditions, not a set of policies. It cannot be achieved by way of the “commonality of goods” proposed by socialists, but rather through the institutions that the socialists worked so hard to discredit.

Read “There is no ‘social justice’ without economic freedom” by Rev. Robert A. Sirico on FoxNews.com.

Blog author: mhornak
posted by on Tuesday, May 8, 2012

Is ‘fair’ trade really more fair or more just than free trade? Does fair trade create an unfair advantage that hurts the poor more than it helps? There are two different opportunities over the next few days where you can have the chance to explore this topic further.

Acton will be hosting Professor Claar for an online discussion tomorrow, May 9, at 6:00pm ET. In the AU Online session of his popular lecture Fair Trade vs. Free Trade, he will lead us through an analysis and comparison of arguments for and against both fair trade and free trade. Visit the AU Online website for more information and to register.

Also, Victor Claar’s ebook, Fair Trade? Its Prospects as a Poverty Solution, is FREE until Friday on Amazon Kindle. Visit the Amazon book page to download your copy today!

The philosophical demise of socialism has caused many on the economic left to change their complaint about free-market capitalism. While it may be effective, they now say, it comes at the cost of human goods like community and social solidarity. Such claims are now commonplace in policy debates. But are they true?

James R. Otteson explains why such criticism are not as strong as some people might think:
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Blog author: mhornak
posted by on Monday, April 30, 2012

Is ‘fair trade’ more fair or more just than free trade? While free trade has been increasingly maligned, The Fair Trade movement has become increasingly popular over the last several years. Many see this movement as a way to help people in the developing world and as a more just alternative to free trade. On the other hand, others argue that fair trade creates an unfair advantage that tends to harm the poor.
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I have a deep and abiding love for liberty—which is why I find myself so often in disagreement with libertarians.

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On The American Spectator, Acton Research Director Samuel Gregg observes that, “as evidence for the European social model’s severe dysfunctionality continues to mount before our eyes, the American left is acutely aware how much it discredits its decades-old effort to take America down the same economic path.” Against this evidence, some liberals are pinning the blame on passing fiscal and currency imbalances. No, Gregg says, there’s “something even more fundamental” behind the meltdown of the post-war West European social model. (Thanks to RealClearWorld for linking).

… this reality is that the Social Democratic project is coming apart at the seams under the weight of the economic policies and priorities pursued by most Social Democrats (whatever their party-designation) — including the American variety.

From the beginning, post-war Social Democracy’s goal (to which much of Europe’s right also subscribes) was to use the state to realize as much economic security and equality as possible, without resorting to the outright collectivization pursued by the comrades in the East. In policy-terms, that meant extensive regulation, legal privileges for trade unions, “free” healthcare, subsidies and special breaks for politically-connected businesses, ever-growing social security programs, and legions of national and EU public sector workers to “manage” the regulatory-welfare state — all of which was presided over by an increasingly-inbred European political class (Europe’s real “1 percent”) with little-to-no experience of the private sector.

None of this was cost-free. It was financed by punishing taxation and, particularly in recent years, public and private debt. In terms of outcomes, it has produced some of the developed world’s worst long-term unemployment rates, steadily-declining productivity, and risk-averse private sectors.

Above all, it slowly strangled the living daylights out of economic freedom in much of Europe. Without Germany (which, incidentally, also engaged in welfare reform and considerable economic liberalization in the 2000s), it’s hard to avoid concluding that Social Democratic Europe would have imploded long ago.

Read “The American Left’s European Nightmare” by Samuel Gregg on The American Spectator.