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Tag Archives: 6b) Mises.org

A Collection of the Political Writings of William Leggett, Two Volumes

A Collection of the Political Writings of William Leggett, selected and arranged, with a preface, by Theodore Sedgwick, in two volumes. (1839) This collection provides important example of populist laissez-faire opinion from the Jacksonian Era in the United States. In terms of economic policy, the Jacksonians favored low taxes, decentralization, and hard-money while opposing central banks and regulation of private business. William Leggett was born on April 30, 1801...

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The Economic Nationalists Are Wrong: Free Trade Means Freedom and Prosperity

Recently, I had the pleasure of attending a debate about the morality of capitalism between James Otteson and Michael Anton, a defender of economic nationalism. Otteson made a good case for capitalism; however, Anton derailed the debate by choosing to focus on specific policies rather than ethical concerns. Ironically, Anton admits that he has hardly ever picked up an economics textbook. Throughout the debate, Anton made claims that were either misleading or false. I...

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The Street of the Palaces

[In this 1836 editorial, William Leggett laments how Wall Street and the "privileged" orders of the American upper class employ the power of the state to protect their own financial interests at the expense of ordinary taxpayers. In the nineteenth century, Leggett was an important spokesman for the laissez-faire, populist wing of the Democratic Party which supported hard money.] There is, in the city of Genoa, a very elegant street, commonly called, The Street of the...

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Individualism in the US Has Helped Make It an Economic Success

Immigration has raised concerns in some about America’s demographic future. Some propose that an influx of migrants with foreign worldviews will fracture American society. This argument is based on the finding that the diversity generated by immigration deters social trust. Trust is a crucial ingredient for societies to thrive by establishing collaborative institutions. Trusting societies are more cooperative and innovative because when people trust each other, they...

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Republicans Fail on the Debt Ceiling in 2023

The United States House of Representatives’ passage of the Limit, Save, Grow Act of 2023 is a big Republican failure addressing the debt ceiling. The debt ceiling would be raised above the current limit of $31 trillion by $1.5 trillion or through March 2024, whichever comes first. Notably, “official cost estimates have not yet been released,” so the projected paltry $480 billion annual spending reductions likely will be much less. This is because this bill “does not...

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The Bankruptcy Caravan Is Now Arriving: Time to Pay for the Easy Money

The character Mike Campbell in Ernest Hemingway’s 1926 novel The Sun Also Rises was asked about his money troubles and responded with a vivid description embracing self-contradiction: “‘How did you go bankrupt?’ Bill asked. ‘Two ways,’ Mike said. ‘Gradually and then suddenly.’” Ground-hugging interest rates for more than a decade kept the inefficient and the incompetent in business. Now, the jig is up, with a Mother’s Day weekend corporate massacre that saw the...

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