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Book Review: How Nations Grow Rich

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How Nations Grow Rich: The Case for Free Trade by Melvyn Krauss (New York: Oxford University Press, 1997); 140 pages; $22.50. One of the frustrations in the study of economics is the discovery of how frequently the same fallacious ideas keep reappearing. Since the time of David Hume and Adam Smith, economists have demonstrated over and over again the mutual benefits to transactors from a policy of free trade. Yet, every few years, protectionist arguments rise to the surface once more. And once again, economists must cut through the fog of confused reasoning and show the errors and dangers in pursuing a policy of restrictions and prohibitions on the free movement of men, money, and goods across international borders. One of the most recent defenses of freedom ...

Book Review: How Nations Grow Rich

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How Nations Grow Rich: The Case for Free Trade by Melvyn Krauss (New York: Oxford University Press, 1997); 140 pages; $22.50. One of the frustrations in the study of economics is the discovery of how frequently the same fallacious ideas keep reappearing. Since the time of David Hume and Adam Smith, economists have demonstrated over and over again the mutual benefits to transactors from a policy of free trade. Yet, every few years, protectionist arguments rise to the surface once more. And once again, economists must cut through the fog of confused reasoning and show the errors and dangers in pursuing a policy of restrictions and prohibitions on the free movement of men, money, and goods across international borders. One of the most recent defenses of ...

Bill Clinton: World Cop

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In a major foreign-policy address delivered a few months back in San Francisco, President Bill Clinton solemnly affirmed that everything everywhere in the world is the business of the United States. If you ever entertained the thought that we Americans should be free just to live our lives, raise our families, and participate voluntarily in our communities — forget it. The president of the United States has plans for us and our money. "Today," Mr. Clinton said, "we must embrace the inexorable logic of globalization — that everything, from the strength of our economy to the safety of our cities, to the health of our people, depends on events not only within our borders, but half a world away." Let's pause here to let this sink in. That is truly an extraordinary statement. "Everything depends on events half a world away." Really? Lest you think Clinton has an unrealistic agenda in mind, he added, "We cannot, indeed, we should not, do everything ...

Why Do Conservatives Favor Immigration Socialism?

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Last month Heritage Foundation president Jim DeMint and Heritage scholar Robert Rector presented the Heritage Foundation’s solution to the latest immigration crisis. The premier conservative foundation in the country thinks the federal government should focus on bringing in immigrants who have high-school degrees because they’re more likely to bring more benefits and lower costs to American society. As columnist Dana ...

Ludwig von Mises and the Real Meaning of Liberalism

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Liberalism has become one of the most widely misused and abused words in the American political lexicon. It represents, some say, politically “progressive thought,” based on the goal of “social justice” through greater “distributive justice” for all. Others declare it represents moral relativism, political paternalism, governmental license, and just another word for “socialism.” Lost in all of this is ...