Roosevelt’s Recession of 1937, which saw the unraveling of supposed economic growth in the prior years, is oftentimes used as an historical example of what occurs when government decreases spending levels or the central bank fails to continue credit expansion. The use of this event to exemplify these things is disingenuous. More accurate lessons can be drawn, which show that only the market can fix itself.
Posts Tagged ‘wages’
How Not to Make Globalization Work
In Making Globalization Work, Joseph Stiglitz fails to make a good case against liberalization. Instead, he further underscores liberalization’s importance in global development, and instead misidentifies mercantilism as ” capitalism”.
Globalization: The Long-Run Big Picture
[This article was originally published on George Reisman's website, under the same title. His book, Capitalism, is available for free on PDF, although it is far more valuable as an addition to your physical library. It can be purchased from the Ludwig von Mises Institute.]
Globalization, in conjunction with its essential prerequisite of respect for [...]
Out of Work: Lessons for Europe
The world is facing spiraling unemployment: especially Europe and the United States. According to the Economist, unemployment in the United Kingdom rose to 7.6% up to May 2009. Spain’s labor force is facing 17.4% unemployment. The Ecounemployment in eu and usnomist suggests that those unemployed are shifting the blame to foreign workers, who are willing to work for lower wages (and may have more experience), but then says that a more realistic scenario is that the increase in unemployment is due to an increase in the minimum wage.
