Part 2 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 4 “Dark Satanic Minds” Last blog, we learned about one of the Utopians, Robert Owen, that rose up to challenge capitalism because of all the social upheaval wrought by industrialization. A more famous challenge, and one that persists…
Why We Bite the Invisible Hand
The Authoritarianism Inherent to Owen’s Utopia
Part 1 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 4 “Dark Satanic Minds” Soon after capitalism was born a couple of hundred years ago, the anti-capitalist movement begins. Specifically, Foster discusses in this chapter Karl Marx and Friedrich Engels’ call for communism and lesser-known Robert Owen’s call for a…
Why We Bite the Invisible Hand
Doing Capitalism inside of Communism
Part 2 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 3 “Fears of a Clown: The Golden Arch-Enemy” In the previous blog, Foster showed us how many difficulties McDonald’s faced trying to run a restaurant in Moscow upon making a deal in 1988 when it was still…
Why We Bite the Invisible Hand
McDonald’s Goes to Moscow
Part 1 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 3 “Fears of a Clown: The Golden Arch-Enemy” Foster turns his attention to a major U.S. company, McDonald’s, that he notes has long been a target of derision from American elites. McDonald’s had long been the Golden…
Why We Bite the Invisible Hand
Grave Inequality: Smith’s Final Resting Place Lost to Government Run Obscurity While Marx Generates Profits
Part 2 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 2 “The Sage of Kirkcaldy” In the first part of my discussion of this chapter, we looked at what Peter Foster told us about Adam Smith’s life and the developoment of his ideas that we know today…
Why We Bite the Invisible Hand
Adam Smith Would Be Surprised to Learn People Think He Supports Greed
Part 1 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 2 “The Sage of Kirkcaldy” In this chapter, Peter Foster follows Adam Smith through the years as he developed his ideas that were enshrined in his two books, The Theory of Moral Sentiments in 1759 and The Wealth of Nations in…
Why We Bite the Invisible Hand
Capitalism Needs a PR Team
Part 2 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 1 “Cardboard Cut-out Capitalism” Peter Foster notes in his book that capitalism is a word everyone uses, often with negative connotations, but seldom define. (p. 24) Defining capitalism is one of the key sticking points for authors…
Why We Bite the Invisible Hand
Why is Our Culture Hostile to Capitalism?
Part 1 of a Discussion of Peter Foster’s Why We Bite the Invisible Hand Chapter 1 “Cardboard Cut-out Capitalism” The title of journalist Peter Foster’s book definitely captured my attention: Why We Bite the Invisible Hand. The invisible hand is a metaphor from Adam Smith that we use in economics to describe how the economy…
1913
The Next Turning Point
A Discussion of Oliver DeMille’s 1913 Chapter 13 “The Last Turning Point” As Oliver DeMille concludes his book, he titles his last chapter, “The Last Turning Point,” which I find bleak, though perhaps that was not the intention. I prefer the idea of the next turning point. He opened his…
1913
A Lazy People Cannot Remain Free
A Discussion of Oliver DeMille’s 1913 Chapter 12 “Free Citizens Read the Fine Print” If you are familiar with the U.S. government system at all, you know a key idea of the Founders is to use checks and balances to divide power. The Senate contends with the House. Both together…