Note: This is post #73 in a weekly video series on basic economics. Mexico is wealthier than Central African Republic, and the United States is much wealthier than Mexico. Why is this true? Why do some countries have wealth that is 10 to 100 timesmore than another country? Why can some citizens in one country purchase so many more goods and services than people in a neighboring country? In this video by Marginal Revolution University,Alex Tabarrok answers those questions and...

Globalization is routinely decried for its disruptive effects, particularly as it relates to the health of our social relationships munity enterprises and institutions. Even as it’s proven to drive significant economic growth, questions remain about its steamrolling influence on the culture and society. But what about the opportunities? In a lecture at the Faith@Work Summit, Tim Liu, a healthcare administrator and CEO, reminds us of the potential for a “Godly globalization,” noting that amid the disruptive effects, we also see...

“For Adam Smith, crony capitalism fails on two grounds,” says Lauren Brubaker. “It is unjust, favoring a few at the expense of the many, and it is destructive of the desired end of political economy—economic growth.” Brubaker says Smith’s writings can help us properly frame the problems of crony capitalism, understand the causes, and formulate solutions for preventing or mitigating the corruption of free markets: For Smith, the tendencies to cronyism, which are anchored in human nature, can be tempered...

“Tax policies and tax levies are an unavoidable part of civilized life,” says Robert G. Kennedy in this week’s Acton Commentary. “The social tradition of the Church emphasizes the duty of citizens to support their government as well as the duties of civil authorities to govern wisely and to respect the ownership rights of individuals and families.” Kennedy outlines five things the tradition Catholic social teaching teaches us about taxation and four things it does not. What the Tradition teaches:...

On Friday, Congress passed—and President Trump signed into law—a massive new omnibus spending bill. Here are some key points you should know about this legislation: What is an omnibus spending bill? An omnibus (Latin meaning “for everything”) bill is one that includes diverse and unrelated topics into a single legislative package. An omnibus spending bill is thus a bill that includes a broad range of appropriations legislation related to federal government funding. How much spending is included in the omnibus...

As protestors continue to boldly decry “corporate greed” with little definition or discernment, progressive policymakers are just as quick to push a range of wage controls and market manipulations to mitigate the supposed vices of free and open exchange. The painful irony, of course, is that the victims of such policies are not the fat-cat cronyists at the top, but the scrappy challengers at the bottom. We’ve seen it with the recent embrace of the $15 minimum wage, which continues...

memoratesthecrucifixion of Jesus and his death at Calvary, the most significantly tragic event in human history. But as pastorS.M. Lockridge(1913-2000) reminds us in this brief Easter meditation, the darkness of this historical Friday pales parison to the light es on Sunday morning. It’s Friday Jesus is praying Peter’s a sleeping Judas is betraying But in’ It’s Friday Pilate’s struggling The council is conspiring The crowd is vilifying They don’t even know That in’ It’s Friday The disciples are running Like...

A few months ago, a group of protesters decided to vent their frustration by screaming into the sky. Trying to encourage theologians to understand the fundamentals of economics before preaching about the subject sometimes feels just as productive. However, one of the secular media have recognized the efforts of one of the foremost Catholic exponents of the free market. Fr. Martin Rhonheimer, a professor of ethics and philosophy at the Pontifical University of the Holy Cross in Rome, shared his...

On this episode of Radio Free Acton, Kevin Schmiesing, research fellow at Acton, speaks with Robert Kennedy, professor in the department of Catholic Studies at the University of St. Thomas, on ‘Justice in Taxation.’ Then, Caroline Roberts talks with Brett VanderKamp, founder and president of New Holland Brewing Company on how entrepreneurs make a freer society. Finally, on the Upstream segment, Bruce Edward Walker discusses the life and work of Madeleine L’Engle with Sarah Arthur, author of a new biography...

During the Cold War, the U.S. military would conduct wargaming simulations in which some units would act as the United States (the blue team) and some would pretend to be Soviet troops (the red team). Through such exercises the military discover the weak points in their strategy before they were exposed bat situations. Over the years, the term “red teaming” came to be used to describe this practice of viewing a problem from an adversary petitor’s perspective. The military and...