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...

The European Union’s finances are in a dismal state, and are requiring governments to revaluate the “welfare state.” Samuel Gregg articulates in his article appearing in The American Spectator, “Europe’s Not-So-Revolutionary Youth,” that a youth movement called les indignés or los indignados, depending on where you are, is resisting the reforms being proposed: This time, however, things are different. With barely-disguised reluctance, governments across Western Europe are proceeding with relatively minor reforms aimed at reducing the European welfare state’s costs....

A few weeks ago I made a phone call to Judy Hill at High Cotton Ties simply because I had a strong feeling she had pelling witness to offer about entrepreneurship, vocation, and creativity. Picking up the phone was a wise decision. She agreed to an interview for readers of the PowerBlog. I had ordered a few bow ties from High Cotton Ties and was extremely impressed with the unique design and high quality. I had no idea of any...

Jeffery C. Pugh has landed every blogger’s dream: the book deal for a best-of collection of his musings. Devil’s Ink: Blog from the Basement Office is an answer to the question “What if Satan kept a blog?”—one of several (the opportunity to pun is apparently irresistible) all of which immediately parison with C.S. Lewis’s The Screwtape Letters. Pugh anticipates parison in his book’s preface, saying he offers “another way of looking at evil,” a modern way that reflects how the...

On NewsMax, Edward Pentin reports that “the president of the Vatican Bank has said that emerging economies may be the only countries experiencing economic growth over ing decades, while Western nations are crippled by lack of productivity, petitive labor markets, and aging populations.” Ettore Gotti Tedeschi said the “next decades risk seeing exclusively the growth of emerging countries, and not just because of their low cost of production but also due to their advanced technological level and capacity to create...

Earlier this month, I spoke at mencement of Trinity School at Meadow View, a truly impressive private high school school in Falls Church, Va. Most impressive was the valedictory address given by the graduating senior Beau Lovdahl, who is on his way to Princeton in the fall. The story he relates here underscores the philosophy of the Acton Institute in many ways and I wanted to share it with PowerBlog readers. I hope you enjoy reading it. Beau Lovdahl Valedictory...

Ethanol subsidies, once considered a sacred cow, are facing the possibility of being axed from the budget. The Senate cast a deciding vote, 73-27 in repealing the 45 cent per gallon subsidy to refiners for blending gasoline with ethanol, and the 54 cent per gallon tariff on imported ethanol. Cutting the ethanol subsidy and repealing the tariff still face an uphill battle as it must pass the house and get the signature of President Obama, who has vowed not to...

We’ve all heard of presidents, governors, and other civil leaders calling citizens to prayer in times of great need. In April, Texas governor Rick Perry called on his citizens to pray for rain because of an extreme drought. It looks like the mayor of Harrisburg, Pa. is about to embark on a three-day fast and prayer practice for help with the city’s bleak budget deficit. The idea of the fasting and prayer is meant to help unite citizens to solve...

It is nice to know that we here at Acton have friends in high places. This article at Catholic Exchange by George Weigel points out that Blessed John Paul II had some keen insights into what makes economic life flourish: “John Paul taught that what the Church proposes is not simply the free society, but the free and virtuous society. It takes a certain kind of people, possessed of certain virtues, to make free politics and free economics work toward...

In a new article on Public Discourse, Samuel Gregg explores social contract theory and how that may apply to the current budget battles: In very broad terms, social contract theory is a way of understanding the relationship between governments and the people. It holds that, having agreed upon the need for a government, individuals create a state on the basis of mutual promises. This permits the state to claim that its authority is based on a delegation of people’s rights...