Posts tagged with: free markets

Rush Limbaugh kicked up some controversy over the past week with his analysis of Pope Francis’ Evangelii Gaudium:

…the pope here has now gone beyond Catholicism here, and this is pure political.  I want to share with you some of this stuff.

“Pope Francis attacked unfettered capitalism as ‘a new tyranny’ and beseeched global leaders to fight poverty and growing inequality, in a document on Tuesday setting out a platform for his papacy and calling for a renewal of the Catholic Church. … In it, Francis went further than previous comments criticizing the global economic system, attacking the ‘idolatry of money.'”

I gotta be very careful.  I have been numerous times to the Vatican.  It wouldn’t exist without tons of money.  But regardless, what this is, somebody has either written this for him or gotten to him.  This is just pure Marxism coming out of the mouth of the pope.  Unfettered capitalism?  That doesn’t exist anywhere.  Unfettered capitalism is a liberal socialist phrase to describe the United States.  Unfettered, unregulated.

You can read his complete critique at the link above. The Catholic Channel on Sirius XM Satellite Radio responded by calling upon Acton President Rev. Robert A. Sirico to provide a critique of Limbaugh’s statements. You can listen to that interview via the audio player below:

Last night on CNBC’s The Kudlow Report, PovertyCure director and Acton Research Fellow Michael Matheson Miller joined host Lawrence Kudlow and Rusty Reno, Editor of First Things magazine, to discuss the position of the Roman Catholic Church on global capitalism in light of Pope Francis’ Apostolic Exhortation ‘Evangelii Gaudium.’ The video is embedded below.

Acton Institute Director of Research Samuel Gregg has been busy on the interview circuit over the past few days as news organizations look for intelligent analysis of Evangelii Gaudium, Pope Francis’ Apostolic Exhortation that that was released last week. On Monday, the Wall Street Journal called upon Gregg to provide his thoughts on the economic content in the exhortation on Opinion Journal Live; we’ve embedded the video below.

On Wednesday, Rev. Robert A. Sirico, Acton’s President and co-founder, offered his initial comments on “Evangelii Gaudium,” the Apostolic Exhortation released on November 26 by Pope Francis. This morning, Rev. Sirico spent some time extending his thoughts during the course of a couple of radio interviews.

In his first interview of the day, Rev. Sirico appeared on The Chris Salcedo Show on The Blaze Radio Network:

Later on, Rev. Sirico joined host Larry Kudlow on 77 WABC in New York City for a nearly 40 minute discussion of the document, which is well worth your time to listen to in full:

On June 27, 2013, Samuel Gregg, Acton’s Director of Research, discussed his book Becoming Europe: Economic Decline, Culture, and How America Can Avoid a European Future as part of the 2013 Acton Lecture Series. If you weren’t able to join us here at the Acton Building for the lecture, you can watch below:

 

Many of you know Jay Richards from his regular lecturing at Acton University. He has a newly co-authored piece in The Daily Caller, “Enterprise is the most ‘effective altruism.’” There’s more to be said on the complex issue of helping the poor than can be put in a single op-ed, of course, but there’s some great food for thought here, particularly for those who view business and markets as necessarily part of the problem. Jay and Anne Bradley use the example of Microsoft to explain the confusion:

The Gates Foundation has saved an estimated 5 million lives thus far. But we rarely hear of the countless lives saved or improved by the profit-seeking activities of Microsoft…. One effect is the Foundation itself. To be able to start such a large aid organization, Bill Gates first had to be a successful entrepreneur. As a philanthropist, Gates is not “giving back” to the world, as if he had taken from it in the first place. His philanthropic giving is possible only because he first “gave” as an entrepreneur.

… Microsoft succeeded only because they provided value for hundreds of millions of people. Gates had to meet the needs of his customers … And to stay ahead, he had to invest wisely rather than consume or give away all the profits.

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Today’s new rich is the “government rich” according to Peter Schweizer. Massive centralization of money, resources, and regulation has allowed our public servants and many big businesses to thrive. The poor, new business start ups, the taxpayer, and the free market are punished. Washington and corporate elites profit from the rules and regulations they create for their own benefit and their cronies. As daily news reports currently reminds us, Washington is a cesspool of corruption and abuse of power.

It’s a moral crisis, and it’s the title for our interview with author and Hoover Institute Fellow Peter Schweizer. “I would say some of the biggest enemies of the free market today in America are big corporations,” declares Schweizer.

Jordan Ballor looks at two different versions of religious liberty that expresses freedom from religion that was modeled in the French Revolution and freedom for religion within America’s revolution in his feature, “Principle and Prudence.” The article was also published in Renewing Minds, a publication of Union University.

Stephen Schmalhofer offers a review of Sam Gregg’s Becoming Europe. There is also an excerpt of Faithful in All God’s House titled “Work and Play” by Gerard Berghoef and Lester DeKoster. Faithful in All God’s House is newly edited and reissued by Christian’s Library Press. The book was originally published as God’s Yardstick in 1982.

The “In The Liberal Tradition” figure is Clare Boothe Luce. Kris Mauren, Acton’s executive director, offers an important explanation on why R&L publishes the “In the Liberal Tradition.”

You can read more about the issue in my editor’s notes and be sure to check out all of the content here.

Author Peter Schweizer in Tallahassee, Florida on September 19, 2012.

After being sentenced to federal prison in 2001 for racketeering, Louisiana’s former governor Edwin Edwards, long famous for his corruption and political antics, humorously quipped, “I will be a model prisoner as I have been a model citizen.” In his 1983 campaign for governor against incumbent David Treen, Edwards bellowed, “If we don’t get Dave Treen out of office, there won’t be anything left to steal.” The kind of illegal corruption once flaunted by Edwards is on the decline. There is less of a need. Legal corruption in government is more prevalent and easy enough to secure. (more…)

A friend at church recently loaned me the New York Times bestseller Same Kind of Different as Me, which tells the story of how a wealthy art dealer named Ron Hall and a homeless man named Denver Moore struck up a friendship that changed both their lives. I’m only half way through it, but it’s already instructive on several levels that connect to the work of Acton.

Denver grew up as an illiterate sharecropper in Louisiana, an orphan who loses a series of guardian relatives while growing up and eventually finds himself in a class a notch below sharecropper—the field laborer who isn’t entitled to a share of the crops he works but simply works dawn to dusk for the food, clothing and minimal shelter he’s given on credit. In Denver’s case, since he couldn’t read, write, or do arithmetic, he couldn’t determine how much he owed, what the interest was, what his labor was worth, or even that he’d been denied his right to an education.

Economic conservatives talk a lot about the morality of the free economy, and the power of the markets to better the lives of the poor. It’s stories like Denver Moore’s that underscore why Acton spends so much time talking about a free and virtuous society, about the importance of ordered liberty. You see, in the book, at no point did anyone put a gun to Denver’s head and make him pick cotton dawn till dusk. At a superficial level, he was a participant in an un-coerced labor market (slavery had been abolished generations ago, after all). But any thoughtful look at Denver’s extraordinary story of struggle, despair, and escape will register the fact that Denver’s liberty had been violated in a host of subtle and not-so-subtle ways during his youth. These were like the strands of a spider web: individually they are of little consequence and hard to see, but taken together they have the power to bind. (more…)

In 1978, John Mackey was 25-year-old college dropout who believed that democratic socialism was a more “just” economic system than democratic capitalism. But his views soon changed after he and his girlfriend borrowed $45,000 from family and friends to open a small vegetarian grocery store in Austin, Texas. Although he was only earning $200 a month from his struggling business, his friends on the left viewed him as a “capitalistic exploiter” who was overcharging his customers and exploiting his workers.

jmackeyIn a nutshell the economic system of democratic socialism was no longer intellectually satisfying to me and I began to look around for more robust theories which would better explain business, economics, and society. Somehow or another I stumbled on to the works of Mises, Hayek, and Friedman, and had a complete revolution in my world view. The more I read, studied, and thought about economics and capitalism, the more I came to realize that capitalism had been misunderstood and unfairly attacked by the left. In fact, democratic capitalism remains by far the best way to organize society to create prosperity, growth, freedom, self-actualization, and even equality.

Mackey’s small store morphed into Whole Foods Market, which now has 345 stores and $4 billion in annual sales, but he’s still an advocate of free markets who believes that capitalism is misunderstood. In a recent speech Mackey claimed that, “capitalism has a serious branding problem . . . the recent recession was . . . blamed on greedy financial corporations, deregulation, and capitalism—market failures—rather than on bad government regulations and monetary policies—government failures.”
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