US v Russia

Cartoon: Our Economic Debate

Libertarians and the Economy

America was founded on the principles of a free market. What “free-market” meant was that market activity was free from government control. That is, “free market” didn’t mean less government control or regulation of market activity, it meant free of government control or regulation...

Unlike Republicans and Democrats, we recognize that Roosevelt didn’t save free enterprise with his socialism and fascism. He destroyed it. Thus, unlike the Republicans and Democrats, we libertarians don’t find ourselves exclaiming during the current economic crisis, “Oh, my gosh, free enterprise has failed again.” Unlike them, we understand that it’s their socialism and fascism that have failed again and that the only real solution lies in restoring the principles of economic liberty on which our nation was founded, which would include at a minimum the repeal of all welfare-state and regulatory programs and departments and the abolition of the federal income tax and the IRS.

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My thoughts: Both parties rejected free markets long ago. A few politicians espouse free market rhethoric, but their voting records do not back up their speeches. Ron Paul is the exception to this. Congress is infected with Keynesianism. The Democrats are left-wing Keynesians who emphasize government spending as the solution. The Republicans are right wing Keynesians who emphasize tax cuts as the solution. Neither side is committed to rolling back the welfare-warfare-interventionist state. Neither side is critical of the size and scope of the government. At best they will attack "waste, fraud, and abuse."

See Robert Murphy's essay "Cut Taxes for the Right Reasons" for a critique of right wing Keynesianism and their belief in "stimulus".

Economic Philosophy quiz

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Post results if you want.

Don't worry about it if you do not have an opinion on all of the questions.

#16 deals with the Great Depression.