The 20th century is considered one of the deadliest centuries in history. Collectivism and consolidation of power took flight, resulting in some of the most atrocious violations of human rights the world has ever witnessed. One economist was instrumental in analyzing the cause of such atrocities while offering an antidote to the worldviews in which they were rooted, in hopes that we might not once again be lured by similar false promises of socialism. Published in 1958 and later translated...

In his 1958 essay,“I, Pencil,”Leonard Read took up the voice of a self-reflective pencil to tell a fictional tale that illuminated the nonfictional marvels of mundane economic cooperation. The essay went on to influence the hearts and minds of many, thanks in part to Read’s insightful mind, but also to his chosen medium:the story. “You may wonder why I should write a genealogy,” the pencil says. “Well, to begin with, my story is interesting. And, next, I am a mystery—more...

In all the articles about last week’s 50th anniversary of the Soviet invasion of Prague, few took note of one of its enduring scars: widespread and ubiquitous atheism. Some may be surprised to learn that the Czech people are the most irreligious people in Europe, not just because of decades of government-sponsored atheism, but because of centuries of government-enforced religion. When Communist officials first came to power in Czechoslovakia in 1948, undermining and eradicating religion became a top priority. The...

Progressives are known for their blanket denunciations of “big business” and consolidated corporate power. Yet amid their sweeping disdain, such critics somehow manage to maintain a peculiar affection for the consolidation of much, much more. Alas, although today’s so-called “democratic socialists” try to claim distinction among their peers by emphasizing popularcontrol—as opposed to the typical authoritarian shtick—the “democratization” of all things via political control will still surely lead to greater consolidations of power at the expense of many—particularly minorities and...

The News: According to a new Gallup survey, a majority of Democrats have a more positive image of socialism than of capitalism. The Background: Since 2010 Gallup has asked Democrats and Republicans whether they have a positive or negative image of small business, entrepreneurs, free enterprise, capitalism, big business, the federal government, and socialism. Since 2010, a majority of Democrats have expressed a positive image of socialism. But this is the first year that less than a majority (47 percent)...

‘Lord Acton’ Public Domain Corey Robin, professor of political science at Brooklyn College and the City University of New York Graduate Center, wrote an interesting and troubling piece last week in the New York Times titled, “The New Socialists: Why the pitch from Ocasio-Cortez and Bernie Sanders resonates in 2018.” It is part chronicle of the recent rise of self-identified socialist politicians in the United States and part meditation on what people in 2018 mean when they talk about socialism....

For most of human history, the average person spent much of their day trying to produce enough food to survive. Even in the mid-1800s 90 percent of Americans were farmers. But that was soon to change, and by the 1870 census farmers dropped to a minority at 47.7 percent of all employed persons. In that same year the average person spent 62 percent of their waking hours—70 hours a week—working. But over the next 150 years the number of working...

The Book: How Adam Smith Can Change Your Life: An Unexpected Guide to Human Nature and Happiness by Russ Roberts The Gist: Roberts, a research fellow at Stanford University’s Hoover Institution, explains the ideas behind Adam’s Smith’s forgotten classic, The Theory of Moral Sentiments. The Quote: “[Smith’s] view of what we truly want, of what really makes us happy, cuts to the core of things. It takes him only twelve words to get to the heart of the matter: ‘Man...

Note: This is post #91 in a weekly video series on basic economics. Financial intermediaries serve as a bridge between borrowers and savers. When those bridges collapse the effects can be disastrous: businesses go bankrupt, workers get laid off, and people lose their homes. These negative effects show you how crucial intermediaries are to our lives. What exactly causes financial intermediaries to fail? In this video by Marginal Revolution University, economist Tyler Cowen looks at four reasons: insecure property rights,...

Note:This article is part of the ‘Principles Project,’ a list of principles, axioms, and beliefs that undergirda Christian view of economics, liberty, and virtue. Clickhereto read the introduction and other posts in this series. The Principle: #9B – Wealth is created when human beings creatively transform matter into resources. Because human beings can create wealth, economic exchange need not be a zero-sum game. (NB: This is a subset of the Acton Core Principle of Creation of Wealth) The Definitions: This...