When does trade become extortion? Economists say never, at least in principle. Free trade is a voluntary exchange between two parties who both stand to gain from the trade. Where’s the extortion? Let’s consider a criminal transaction in the airport of some backwoods country. A customs agent says you have to pay him a thousand… Continue reading When Does Trade Become Extortion?
There are so many issues around poverty, but the spiritual issue is largely ignored in our consumption-worshipping culture. We’re all supposed to be medium-poor in our frugality of spirit, as we renounce the excesses of empty affluence. Instead we glut ourselves on all the commodities we can wring out of the market, and we ignore… Continue reading Preference for the Poor
It was the end of World War Two. The U.S. was emerging as the dominant power in the aftermath. But there was a worry that the predatory free-for-all that ensued from World War One and led to World War Two would raise its ugly head again — and just create a another new era of… Continue reading Hijacking World Finance