The Ethics of Usury And Its Impact on the Modern Banking System

Gheorghe Sava

The present article aims at clarifying the treatment of usury in Christian theology and free-market economics, and argues that anti-usury canon and civil laws contributed to the development of an unsound monetary and financial system, primarily by facilitating the emergence of the fractional-reserve banking.

Read the full entry

Is the world really hungry for public goods?

Gheorghe Sava

In a recent article published in the Financial Times, senior editorialist Martin Wolf tries to convince the reader that there is a growing need for so-called "global public goods", starting from the insight that financial and economic instability have been a “public bad” in recent years.

Read the full entry

The New Deal Was No Deal (part IV)

Tudor Smirna

It is very important to reveal the weaknesses of many explanations of the Great Depression since this event is claimed as the “founding myth of Keynesism, of macroeconomy, of interventionism”. The last part of this article analyses a few alternative theories of the New Deal and the Great Depression, as formulated by Milton Friedman and Ben Bernanke, among others.

Read the full entry

The New Deal Was No Deal (part III)

Tudor Smirna

The Roosevelt era meant a considerable push forward in the ratchet-like evolution towards overall government planning of the economy. As is apparent from the plethora of decrees enumerated and analyzed above, the actions toward the professed government take-over of the economy did not develop according to a road-map well thought in advance, but rather in an erratic zigzag fashion.

Read the full entry

The New Deal Was No Deal (part II)

Tudor Smirna

The New Deal has radically affected all economic life: employment, agriculture, housing, taxation and redistribution, manufacture and industry. The analysis of the acts and regulations shows their negative effects. Moreover, one can study the dynamics of interventionism: when the consequence of bad policies asked for action, the New Deal had only one solution: more interventionism.

Read the full entry

The New Deal Was No Deal (part I)

Tudor Smirna

Currently, one of the loci communes of economic history is that the New Deal was the right cocktail of state-mandated policies to pull the US economy out of the Great Depression that begun in 1929. The relevance of this interpretation has increased tremendously since the crisis of 2008 that many compare with the crisis of 1929. There is a quasi-general demand for a new New Deal. This essay is intended as another attempt at a short revisionist history of the 1933 – 1939 period.

Read the full entry

The Ethics of Environmental Protection

Alexandru Pătruţi
romanian

The main objectives of this paper will be, on the one hand, to analyze the environmental legislation (viewed as a result of the environmentalists’ claims) in light of five universally valid ethical principles and on the other hand, to propose a better juridical alternative for solving conflicts regarding environmental protection.

Read the full entry

Can Gold and Silver Return As Global Money?

Tudor Smirna
romanian

What is essential for money and banking is that money production be severed from the whims of the established authorities and occasional counterfeiters. Society must enjoy again one or several monies characterized by relative scarcity, and difficulty of multiplication through falsification, besides transportability, divisibility, homogeneity, and fungibility.

Read the full entry

Private production of defense – A Myth?

Alexandru Pătruţi
romanian

The concept of private production of defense is indeed a fascinating one. Why? Well, first of all, the idea that police protection is a public good and a natural monopoly is the foundation on which any government is built. Police and army forces are basically the source of power and legitimacy for the state.

Read the full entry

An Internet KGB for Europe

Tudor Smirna
romanian

An international host of lawyers, rent seekers, and bureaucrats are working for the development and enforcement of IP laws. But they labor under the false assumption — as N. Stephan Kinsella shows — that there is a scarcity of ideas.

Read the full entry

·