A Humane Economy, capitalism, Cato's Letters, centralization, economic power, economic tyranny, economism, F.A. Hayek, Gunnar Myrdal, Hannah Arendt, John Trenchard, Joseph A. Schumpeter, liberty, monied corporations, On Revolution, political tyranny, regulatory action, Socialism and Democracy, The Political Element in the Development of Economic Theory, The Road to Serfdom, wage labor, Wilhelm Ropke
In picking up on our discussion of economic tyranny from yesterday, the argument contended that to blindly submit to market forces creates an atmosphere for economic tyranny to arise, every bit as dangerous as political tyranny. This singular belief in markets, to the exclusion of all other considerations, is folly. Both the economic and the political institutions that arise in a society were given space by America’s founders for the betterment of the individual, not the converse.
Economist Wilhelm Röpke noted in The Humane Economy that to focus merely on the economic is to place blinders over our eyes, that
“…we have narrowed our angle of vision and do not forget that the market economy is the economic order proper to a definite social structure and to a definite spiritual and moral setting. If we were to neglect the market economy’s characteristic of being merely a part of a spiritual and social total order, we would become guilty of an aberration…” (emphasis added)
Röpke squarely embeds the economy within the social, within society. Continue reading