[sociate] An accessible Libertarian voice
- From: "Jerry Michalski" <jerry@xxxxxxxxxxx>
- To: "Sociate News" <sociate@xxxxxxxxxxxxx>
- Date: Sat, 7 Aug 2004 09:57:24 -0400
Thanks to <http://peterkaminski.com/> Pete for a link to
<http://www.mises.org/fullstory.aspx?control=1568> Ten Recurring Economic
Fallacies, 1774-2004, by H.A. Scott Trask, published at the Libertarian
<http://www.mises.org/> Mises Institute. Among its many interesting passages
are
[Yale Social Darwinist William Sumner]also warned, "Nowhere in the world is
the danger of plutocracy as formidable as it is here." For these
indiscretions, the manufacturing and bond-holding hierarchy tried to get him
kicked out of Yale, where they thought he was poisoning the minds of their
sons with free trade heresies. Only during two periods since 1776 has the
government mostly left the economy alone: during the early years of the
federal republic; and in the two decades previous to the Civil War. The
political economist Condy Raguet called the first period of economic
freedom, from 1783 to1807, "the golden age" of the republic: Trade was free,
taxes were low, money was sound, and Americans enjoyed more economic freedom
than any other people in the world. Sumner thought the years from 1846
to1860-the era of the independent treasury, falling tariffs, and gold
money-was the true "golden age."
(Historians consider the presidents during this last period-Fillmore,
Pierce, and Buchanan-as among the worst we have ever had. Yet, from
1848-1860, the country was at peace, the economy prosperous, taxes low,
money hard, and the national debt was shrinking. This tells us how
historians define political greatness.
and
Myth #10: Agrarianism or Industrialism: We Must Choose
Historians teach that Americans in the 1790s and 1800s had two economic
choices-Hamilton and the Federalists who believed in sound money, banking,
manufacturing, and economic progress, and the Jeffersonians who believed in
inflation, agrarianism, and stasis. This is a gross simplification. Not all
Federalists were Hamiltonian; many despised him. Hamilton dogmatically
believed that the United States should become a manufacturing nation like
England and that it was the duty of the federal government to bring this
about by promotional policies. Jefferson, on the other hand, oscillated
between liberalism and agrarianism. At his best, he was liberal, but for a
long time he dogmatically believed that the United States should remain an
agricultural nation, and that it was the duty of the federal government to
keep it in such a state by delaying the onset of large-scale manufacturing.
Hence, to expand trade, it should fight protectionist powers and hostile
trading blocs, acquire more agricultural land through purchase or war, and,
after obtaining the requisite amendment, fund the construction of internal
improvements to foster the movement of agricultural produce to the seaports.
Thus, Jefferson authored the Louisiana Purchase, the Tripolitan War, the
Embargo; and his chosen successor, James Madison, the War of 1812, all
designed to fulfill this agrarian vision. As president, Madison became
ever-more Hamiltonian, supporting the re-establishment of the Bank of the
United States, the raising of tariffs, conscription, and the appointment of
nationalists to the Supreme Court. He appointed Joseph Story, which is like
Ike appointing Earl Warren, or Bush appointing Souter. Meanwhile, in
retirement, Jefferson advocated manufacturing to achieve national economic
self-sufficiency.
OK, so my U.S. history needs some refreshing. Then he says something like
this:
Then there is the culture. Largely because of the influence of Christianity,
the debilitating sin of envy has no social standing here, unlike the Third
World where it is perhaps the chief impediment to wealth-creation and
development.
Hm. Nevertheless, great food for thought, to put alongside my other
historical favorites:
<http://www.amazon.com/exec/obidos/ASIN/094500110X/jerrymichalskisr> Tragedy
and Hope, by Carroll Quigley,
<http://www.amazon.com/exec/obidos/ASIN/0060937319/jerrymichalskisr> A
People's History of the United States, by Howard Zinn, and
<http://www.amazon.com/exec/obidos/ASIN/0140048979/jerrymichalskisr> The
Face of Battle (and a few others), by military historian John Keegan.
posted by Jerry Michalski at
<http://www.sociate.com/blog/archives/2004_08_01_archive.html#10918974925980
2277> 3:44 PM
Other related posts:
- » [sociate] An accessible Libertarian voice
