Capitalism should not be condemned, since we haven't had capitalism. A system of capitalism presumes sound money, not fiat money manipulated by a central bank. Capitalism cherishes voluntary contracts and interest rates that are determined by savings, not credit creation by a central bank. It's not capitalism when the system is plagued with incomprehensible rules regarding mergers, acquisitions, and stock sales, along with wage controls, price controls, protectionism, corporate subsidies, international management of trade, complex and punishing corporate taxes, privileged government contracts to the military-industrial complex, and a foreign policy controlled by corporate interests and overseas investments. Add to this centralized federal mismanagement of farming, education, medicine, insurance, banking and welfare. This is not capitalism!
Ron PaulRelated topics
add bank banking central complex condemned control corporate creation credit education farming federal fiat foreign government incomprehensible insurance interest international management medicine mismanagement money policy price protectionism punishing regarding should sound stock system tax trade voluntary wage welfare capitalism savings interests rules rates salesRelated quotes
I am presently at work on a dissertation dealing with the theory of international trade and foreign exchange rates. In dealing with this, studies of the intervention of recent years in the area of trade and exchange rates of different countries is of the greatest importance. I therefore hope to be able to begin a six month study tour to Switzerland, France and England at the end of May this year. After having collected the necessary material I intend - if the economic side can be arranged - during a stay of 6–12 months in England (probably Cambridge) or possibly the United States (in that case probably Harvard University) - to work out the above mentioned dissertation as a specimen for the doctoral degree in philosophy and pursue studies in general. I have not yet any detailed study plan. That should appropriately be set up after the arrival.
Bertil Ohlin
This view that the action of the Federal Reserve authorities in 1927 was responsible for the speculation and collapse which followed has never been seriously shaken. There are reasons why it is attractive. It is simple, and it exonerates both the American people and the economic system from substantial blame... Yet the explanation obviously assumes that people will always speculate if only they can get the money to finance it. Nothing could be farther from the case. There were times before and there has been long periods since when credit was plentiful and cheap -- far cheaper than in 1927-29 -- and when speculation was negligible. Nor was speculation out of control after 1927, except that it was beyond the reach of men who did not want in the least to control it. The explanation is a tribute only to a recurrent preference, in economic matters, for formidable nonsense.
John Kenneth Galbraith
In fact, the only person to rival Friedman for policy influence in the twentieth century is John Maynard Keynes, who had a strikingly different view of the role of government. Keynes was influential because he advocated more government intervention into what he perceived as poorly functioning private economies caught up in the Great Depression. In contrast to Keynes, Friedman put the main blame for the Depression on government failures, especially of monetary policy. Hence, the Depression did not make Friedman a fan of big government. He also found in the Federal Reserve's failure to prevent deflation an argument in favor of monetary rules. As the world evolved- with low inflation becoming the major mission of central banks and free markets and secure property rights becoming the main policies to promote economic growth-Friedman surely won the intellectual battle.
Robert Barro
Nothing, I suppose, could better demonstrate than the Suez crisis the extent to which the United Nations had remained a central factor in our foreign policy. Our problem was, and is, one of long standing, how to bring about a creative peace and a security which will have a strong foundation. It remained my conviction that there could never be more than a second-best substitute for the UN in preserving the peace. Organizations such as NATO were necessary and desirable only because the UN was not effective as a security agency. UNEF was a step in the right direction in putting international force behind an international decision. The birth of that force had been sudden and had been surgical. The arrangements for the reception of the infant were rudimentary, and the midwives had no precedents or genuine experience to guide them.
Lester B. Pearson
We've shipped millions of jobs overseas and we have a strange situation because we have a process in Washington where after you've served for a while you cash in and become a foreign lobbyist, make $30,000 a month; then take a leave, work on Presidential campaigns, make sure you got good contacts, and then go back out. Now if you just want to get down to brass tacks, the first thing you ought to do is get all these folks who've got these one-way trade agreements that we've negotiated over the years and say, "Fellows, we'll take the same deal we gave you." And they'll gridlock right at that point because, for example, we've got international competitors who simply could not unload their cars off the ships if they had to comply -- you see, if it was a two-way street -- just couldn't do it. We have got to stop sending jobs overseas.
Ross Perot
