On RealClearMarkets, Mark Hunter dismantles “The End of Capitalism and the Wellsprings of Radical Hope,” by Eugene McCarraher in the Nation magazine. McCarraher’s article appears to be destined for the ash heap of Marxist utopian literature. But Hunter’s critique is valuable for his reminder that capitalism, free enterprise, the market economy — all the systems of mutually beneficial free exchange by whatever name — have actually been ingrained in human culture as far back as the ancient spice trade and probably earlier.

Read more on Capitalist Anthropology…

Three days ago I arrived in Nairobi, Kenya, for Acton’s conference at Strathmore University. Driving about the city the last few days, I have been amazed by the number of small-medium businesses located in the kiosks along streets. These simple, tin/wood structures are bustling with enterprising and entrepreneurial souls working hard to better their lives and those of others.

In a Nairobi bread kiosk

With such diligent and enthusiastic people, why is Kenya such a poor country?

Read more on Why is Kenya Poor?…

When we think of rule of law failure, countries like Zimbabwe and Somalia come to mind. But as Acton Research Director Samuel Gregg points out in his latest piece over at Public Discourse, rule of law can also be subtly eroded in wealthy countries. The negative consequences for risk-taking, entrepreneurship, and long term investment, he says, can be far-reaching.

Read more on Risk, Uncertainty, and Rule of Law…

My friend John Armstrong examines “How Market Economies Really Work.” Armstrong concludes, “The gospel makes people free and teaches them to be virtuous. This is what is inherently Christian and no economic system can thrive long-term without them.”

Read more on Market Economies and the Gospel…

The Hastert Center at Wheaton College will host a debate tomorrow night between Jim Wallis, president of Sojourners, and Arthur Brooks, president of the American Enterprise Institute, on the question, “Does Capitalism Have a Soul?” Washington Post columnist Michael Gerson will moderate.

Read more on Oct. 28 – Jim Wallis and Arthur Brooks to debate: Does Capitalism Have a Soul?…

This week’s Acton Commentary. Sign up for our free, weekly email newsletter here. While you’re at it, pick up a copy of Victor Claar’s new monograph, Fair Trade: It’s Prospects as a Poverty Solution, in the Acton Bookshoppe.

Read more on Meaningful Work and the Economics Nobel…

Last week I linked to Joe Carter’s On the Square piece, “What the Market Economy Needs to be Moral,” challenging his view that we need a “third way.” He has since clarified his position, and noted that what he wants is not really an alternative to the market economy but an alternative grounding, view of, and justification for the market economy. This is a position with which I wholeheartedly concur.

Read more on Of Miracles and Means…

Forgive the blunt title of this blog post, but the point needs to be made in no uncertain terms.

The Zenit News Agency has interviewed John Medaille, author of Toward a Truly Free Market: A Distributist Perspective on the Role of Government, Taxes, Health Care, Deficits, and More, which calls for a direct if brief (more later, perhaps – I have yet to read the book) response from this Catholic defender of the market economy.

Read more on Distributism is not Free-Market…

The Detroit News published a new column today by Acton president and co-founder Rev. Robert A. Sirico:

Faith and Policy: Free markets, not aid, will help poor nations best

Rev. Robert Sirico

Read more on Rev. Sirico: Free markets, not aid, will help poor nations best…

At MercatorNet, Sheila Liaugminas looks at the bank regulation push — enshrined in another 2,000 page document that few of the legislators behind this effort will actually read. In “Social Order on the Surface” she recalls an Acton conference where she heard this from Rev. Robert A. Sirico:

Read more on Culture and Economic Decline…