The Essential Notion Of A Capitalist Society

The Essential Notion Of A Capitalist Society ... Is Voluntary Cooperation, Voluntary Exchange. The Essential Notion Of A Socialist Society Is Force.

The Key Insight Of Adam Smith's Wealth Of Nations Is Misleadingly Simple: If An Exchange Between Two Parties Is Voluntary, It Will Not Take Place Unless Both Believe They Will Benefit From It. Most Economic Fallacies Derive From The Neglect Of This Simple Insight, From The Tendency To Assume That There Is A Fixed Pie, That One Party Can Gain Only At The Expense Of Another.

But On The Other Hand, If You Come Under Circumstances Where Each Person Is Entitled To A Pro-rata Share Of The Pot, To Take An Extreme Example, Or Even To A Low Level Of The Pie, Than The Effect Of That Situation Is That Free Immigration, Would Mean A Reduction Of Everybody To The Same, Uniform Level. Of Course, I'm Exaggerating, It Wouldn't Go Quite That Far, But It Would Go In That Direction. And It Is That Perception, That Leads People To Adopt What At First Seems Like Inconsistent Values.

What Does It Mean To Say That Government Might Have A Responsibility? Government Can't Have A Responsibility Any More Than The Business Can. The Only Entities Which Can Have Responsibilities Are People.

Richard Nixon Was A Very Intelligent And Able Man. And He Had The Right Ideas. But He Did Not Have The Adherence To Principles That [ronald] Reagan Had. He Did Some Very Good Things. We Owe To Richard Nixon The Volunteer Army - He Got Rid Of The Draft. And That Was A Major Increase In Freedom.