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Cake day: October 10th, 2024

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  • Or progress back to it … modern corporatism is a long way from the rights-respecting free trade that was originally meant by capitalism.

    Ludwig von Mises of the Austrian school of economics, writing in the 1920s …

    No chapter of history is steeped further in blood than the history of colonialism. Blood was shed uselessly and senselessly. Flourishing lands were laid to waste; whole peoples destroyed and exterminated. All this can in no way be extenuated or justified. The dominion of Europeans in Africa and in important parts of Asia is absolute. It stands in the sharpest contrast to all the principles of liberalism and democracy, and there can be no doubt that we must strive for its abolition. The only question is how the elimination of this intolerable condition can be accomplished in the least harmful way possible.













  • The issue is that the production of those resources requires money.

    Not just as a means of exchange - the world is far too large and complex to run on barter - but also, through the mechanism of markets, as a means of resource allocation.

    Say you could go and grow 1kg of potatoes, or mine 1kg of copper ore? How do you know which to do?

    In a society with money and markets, you look at the prices!

    Say you have your 1kg of copper ore. Do you sell it now, or wait?

    In a society with money and markets, you guess[1] what the prices will be in the future.

    Without money, and markets, large industrial societies fail. That’s not to say that markets are a perfect signaling mechanism - malinvestment is a thing, and can certainly be exacerbated. But the known alternatives (and we’ve tried them) have led to poverty and misery.

    [1] I know, I know, …