A Free, Inquiring, Critical Spirit

He was afraid that the world struggle today was not of Communism against Fascism, but of tolerance against the bigotry that was preached equally by Communism and Fascism. But he saw too that in America the struggle was befogged by the fact that the worst Fascists were they who disowned the word “Fascism” and preached enslavement to Capitalism under the style of Constitutional and Traditional Native American Liberty. For they were thieves not only of wages but of honor. To their purpose they could quote not only Scripture but Jefferson.

“More and more, as I think about history,” he pondered, “I am convinced that everything that is worth while in the world has been accomplished by the free, inquiring, critical spirit, and that the preservation of this spirit is more important than any social system whatsoever. But the men of ritual and the men of barbarism are capable of shutting up the men of science and of silencing them forever.”

It Can’t Happen Here by Sinclair Lewis

  • Biography from Nobel Lectures, Literature 1901-1967, Editor Horst Frenz, Elsevier Publishing Company, Amsterdam, 1969

Economic Vice

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“Main Street” expects its CEOs, Fortune 500 companies, and private equity firms to hit “home runs” on a daily basis. Unfortunately, no matter how much quantitative acumen and market awareness an investment manager may retain, no Wall Street all-star can consistently hit the ball over the fence for investors and shareholders. Sometimes, they strike out. Inevitable losses are part and parcel of a capitalist economy. However, to appease investors and shareholders, executives have turned to the proverbial performance-enhancing drugs: what we will call economic vice. Economic vice produces artificial home runs for shareholders and creates unrealistic market expectations.”

The End of Ethics and A Way Back: How To Fix A Fundamentally Broken Global Financial System by Theodore Roosevelt Malloch, Jordan D. Mamorsky

Competition, Politics and Free Markets

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“After all, if good ideas cannot be implemented in the current political environment, it is probably because the political environment needs to be changed, not the ideas.”

Competition may be a customer’s best friend, but firms like it much less. Companies do their best to hamper competition, because that makes it easier to make money...So it is only natural that entrepreneurs and business people try to block competitors. If kept within acceptable limits, this is economically healthy.

The most debilitating barriers to entry, though, are those that the law creates. The state has the ultimate monopoly: the monopoly on the legitimate use of violence.

A Capitalism for the People: Recapturing the Lost Genius of American Prosperity by Luigi Zingales