“Globalism” and “globalization,” are terms that suffer from a lack of any precise definition. The terms are used freely by a wide variety of commentators to mean both good and bad things — many of which are opposites of each other. Sometimes globalism means lowering trade barriers. Other times it means aggressive foreign policy through international organizations like NATO. Other times it means supporting a global bureaucracy like the United Nations.

This lack of precision was recently featured in The New York Times with Bret Stephens’s column “In Praise of Globalists.” Stephens however, also fails to make any serious attempt at defining globalism. He feigns an attempt to define globalism, but in the end, it turns out the column is just a means of making fun of Trump voters and rubes who don’t subscribe to Stephens’s allegedly cosmopolitan views. …


Rod Martin, a co-founder of PayPal and world renown philosopher-capitalist, joins Jeff for a wide-ranging interview covering such topics as the refugee situation in Europe, unrest in the Middle East, and why some cultures are more prosperous than others. Martin contrasts the difficulties world governments have in confronting global macro-crises with the hope and resilience of technological innovation and entrepreneurship.


by Frank Shostak, Mises Institute.

The yearly rate of growth of the personal consumption expenditure (PCE) price index adjusted for food and energy stood at 1.3 percent in June — the same figure as in May. Note that on average since the beginning of this year the yearly rate of growth stood at 1.3 percent. Many economists have expressed satisfaction that the yearly rate of growth has been stable so far notwithstanding that it stood below the Fed’s target of 2 percent.

Meanwhile, the yearly rate of growth of the overall personal consumption expenditure price deflator stood at minus 0.01 percent in June, versus minus 0.1 percent in May, and 1.4 …


by David Gordon

Most often the state compels you to do things, not because these things are supposed to be good for you, but because they fulfill the state’s purposes. The state doesn’t take your money to help you. Sometimes, though, the state does pass laws that claim to restrict people for their own good, e.g., laws that forbid use of certain drugs that are supposed to be bad for your health. Laws of this kind are called paternalistic.

Libertarians of course oppose paternalism, but it is not only libertarians who reject it. It is at odds with the entire heritage of classical liberalism. John Stuart Mill famously opposed paternalism in On Liberty; and it is Cass Sunstein’s principal aim in Why Nudge?: The Politics of Libertarian Paternalism to cast doubt on Mill’s canonical statement of anti-paternalism, the Harm Principle. This principle is the following: “[T]he only purpose for which power may be rightfully exercised over any member of a civilized community, against his will, is to prevent harm to others. His own good, either physical or mental, is not a sufficient warrant.” …


by Thorsten Polleit

The US Federal Reserve is playing with the idea of raising interest rates, possibly as early as September this year. After a six-year period of virtually zero interest rates, a ramping up of borrowing costs will certainly have tremendous consequences. It will be like taking away the punch bowl on which all the party fun rests.

Low Central Bank Rates have been Fueling Asset Price Inflation

The current situation has, of course, a history to it. Around the middle of the 1990s, the Fed’s easy monetary policy — that of Chairman Alan Greenspan — ushered in the “New Economy” boom. …


by Ryan McMaken

Hosting the Olympic Games isn’t as popular as it used to be. This week, Boston cancelled its bid to host the 2024 summer Olympics. The city was forced to cancel the effort in response to opposition to what The Nation called the “debt, displacement, and militarization of public space” that the Olympics brings to every host city. Basically, the taxpayers and citizens of Boston weren’t in the mood to foot the bill for an enormous party for the richest and most powerful special interests of Boston.

While the Olympic Games may have once been about sport and international camaraderie, they were soon transformed into monuments to crony capitalism. Peter Hitchens traces this transformation back to Hitler and Goebbels who made the Olympics “into a torch-lit and grandiose spectacle,” and the international Olympics committee has been fine with that ever since. …


by Christopher Westley

Those possessing the anti-capitalist mentality — so ascendant in our culture today — often critique market actors as being solely motivated by “greed.” Surely economic systems based on nobler motivations, they say, would better promote the long-run interests of the planet.

The Voluntary Marketplace Uses Greed as Motivation to Serve Others

This is an issue I deal with in detail in my Principles of Economics classes. The fascinating point about the market system isn’t that it is based on greed, but rather that it forces those motivated by greed to act in ways that promote the social interest. …


by Justin Murray

Greece is a hot topic at the moment, mostly with the continued negotiations over bailouts from the European Union and, through institutions like the IMF, the world at large. Much of the discussion paints the image that Greece is only a debt-restructuring away from a stable economic situation. However, without understanding how Greece got into this problem in the first place and identifying the root cause of an over-indebted society, any plan or solution has a high probability of failure. …


by Llewellyn H. Rockwell Jr.

Ronald Reagan used to be called the Teflon president, on the grounds that no matter what gaffe or scandal engulfed him, it never stuck: he didn’t suffer in the polls. If Reagan was the Teflon president, the military is America’s Teflon institution. Even people who oppose whatever the current war happens to be can be counted on to “support the troops” and to live by the comforting delusion that whatever aberrations may be evident today, the system itself is basically sound.

To add insult to injury, whenever the US government gears up for yet another military intervention, it’s people who pretend to favor “limited government,” and who pride themselves on not falling for government propaganda, who can be counted on to stand up and salute. …


by Ryan McMaken

Japanese Prime Minister Shinzo Abe has been pressing for more military spending in Japan, in what critics claim is a violation of Japan’s so-called pacifist constitution. Foreign Policy reports:

In January, the government of conservative Japanese Prime Minister Shinzo Abe endorsed a defense budget of nearly 5 trillion yen, or $42 billion, continuing a three-year growth trend after nearly a decade of decline. …

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Mises Institute

Promoting Austrian economics, freedom, and peace in the liberal intellectual tradition of Ludwig von Mises through research, publishing, and education.

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