on December 26th, 2008 by admin
I know, the term socialism is coming up a lot since the election of Barack Obama. With government bailouts of every industry, one wonders will the country turn totally socialist? I’m disturbed by Americans willingness to relinquish their economic freedom bit by bit. It seems people have forgotten that government should not be involved in the economy.
As much as everyone thinks that our country is capitalist, in reality we have never had a truly capitalist system. What we have is a mixed economy. This is a system that mixes some freedoms and some government controls. Of course the controls always increase ten fold; hence the government bailouts with strings attached. One wonders how long this will last. If the government continues to nationalize the auto industry and financial services industry, whose to say the government won’t nationalize our economic lives too?
This got me thinking about economics. I just completed a book called Omnipotent Governmentby Ludwig von Mises. Mr. Mises was a part of the Austrian school of economics. This school believed in the total separation of government in economic life. Mises discusses the consequences of total state control of the ecomony. It’s a case study of Germany, Pre Nazi rule and Nazi rule. The book was published in 1944 during World War II. I should add that Mises had to escape from Nazi occupied Austria.
I highly recommend this book because it intertwines history and economics. It gives a detailed analysis of what happens when a nation slowly embraces socialism and its destructive consequenses for the nation and the world. For instance, Mr. Mises states the following about government planning:
Planning always means planning by government authorities and execution of these plans by order of the government enforced by the police power. Planning is antithesis of free enterprise and private ownership of the means of production. Planning and capitalism are utterly incompatible. Within a system of planning, production is conducted according to the government’s orders, not according to the plans of capitalist entrepreneurs eager to profit by best serving the wants of consumers. It is a delusion to believe that planning and free enterprise can be reconciled. No compromise is possible between the two methods.(Empahsis mine)
I can’t help but juxtapose our current situation with what Mises describes in the book. I urge everyone to read Omnipotent Government. Not only will we have the knowledge gained from this book. We can keep our country from following the path of Germany.
Bookish Babe
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