Posts tagged with: Library of Law

French economist Thomas Piketty

This summer’s issue of The City, which includes an article by myself on Orthodoxy and ordered liberty, opens with a symposium of five articles on “The Question of Inequality.” These include two articles on Pope Francis, two on French economist Thomas Piketty’s recent book Capital in the Twenty-First Century, and one on the Bible.

Having recently written a two part article on the subject for the Library of Law & Liberty (here and here), I took copious notes as the topic is an ongoing subject of research.

In order to recommend the symposium to our readers here, who no doubt have interest in the topic, I compiled the following highlights:

Josiah Neeley, “What Does Bono Know That the Pope Doesn’t?”

Argentina is now the world’s only “formerly developed” country.

[E]ven in the United States a great deal of inequality is the result not of the heroic innovator but of government favoritism.

Donald Devine, “Does Pope Francis Hate Capitalism?”

[B]y 1910 … Argentina’s per capita Gross Domestic Product [was] number ten in the world.

Peron’s Argentina [in the mid-twentieth century] was perhaps the first comprehensive welfare state…. [And] the result has been a much poorer country.

The actual experience of markets [contra Pope Francis] is hardly autonomy. The U.S., one of the freer countries, has 300,000 regulations.

[B]etween 2005 and 2010 the total number of poor in the world actually fell by half a billion people as trickle down prosperity lifted millions from absolute destitution.

Today’s reality is the over-regulatory welfare state, not wild markets. (more…)

Theodore Dalrymple, contributing editor of the City Journal and Dietrich Weissman Fellow of the Manhattan Institute, has recently reviewed Samuel Gregg’s new book, Becoming Europe at the Library of Law and Liberty.

Dalrymple observes:

In this well-written book, Samuel Gregg explains what can only be called the dialectical relationship between the interests of the European political class and the economic beliefs and wishes of the population as a whole. The population is essentially fearful; it wants to be protected from the future rather than adapt to its inevitable changes, while at the same time maintaining prosperity. It wants security more than freedom; it wants to preserve what the French call les acquis such as long holidays, unlimited unemployment benefits, disability pensions for non-existent illnesses, early retirement, short hours, and so forth, even if they render their economies uncompetitive in the long term and require unsustainable levels of borrowing to fund them, borrowing that will eventually impoverish everyone. Many companies, including the largest, lobby the political class to be shielded from the cold winds of international competition and become, in effect, licensed traders. Having succumbed to the temptation to grant all these wishes, the politicians now dare not admit that they have repeatedly as a consequence to promise three impossible things before breakfast. We all know what to do, said the Prime Minister of Luxembourg, but not how to get re-elected afterwards; and so Pompadourism has become the ruling political philosophy of the day. Madame de Pompadour’s cynical but prophetic witticism, après nous le déluge has become the economic mission statement of almost the entire European political class.

(more…)