Chapter 43 of 44 · The Case for Legalizing Capitalism by Kel Kelly
Index
A | B | C | D | E
F | G | H | I | J
K | L | M | N | O
P | Q | R | S | T
U | V | W | Y | Z
A
A&P, predatory pricing accusation, 175
Absolute advantage, explained, 80
Acid rain, alarmism and misinformation, 381
ACORN (Association of Community Organizations for Reform Now), wage issues, 317
Acts. Seelaws; regulation
Afghanistan, U.S. interventions (1979–1972), 354
Africa
witch trials, 380
Agriculture
famines in non-capitalist societies, 216
Great Depression, 254
pollution, 416
in Soviet Russia, 275
subsidies and trade, 96
Air pollution, environmentalism, 388–390
Airline industry, 108, 204–206
Alarmism, and environmentalism, 378–382
Alcoa, 170
Amazon deforestation, 386
Amazon.com, shipping in France, 451
Ambulance services, regulation of, 203
America. SeeUnited States of America
American Civil War (1861–1865), 337–339
American Medical Association (AMA), monopoly, 192–196
Antarctica, climate change, 404
Anti-dumping, shrimps, 181
Anti-gouging laws, gasoline shortages following a hurricane, 218
Anti-poverty schemes, successfulness of, 318–320
Anti-trust regulation, 167–179
Argentina
economic freedom, 288
patriotism, 365
Asbestos, alarmism and misinformation, 381
Asset bubbles and inflation, 148, 312
Automobile industry
tariffs on, 96
unions: effects on, 65
B
Banking
central banks: creators of money, 117–120
central banks: recessions and financial crises, 141–151
Great Depression, 259
history of, 114–117
Biden, Joseph Robinette “Joe” Jr., on patriotism, 365
Big business. Seecorporations
Bin Laden, Osama, on relations with America, 361
Blum, William, on America harboring terrorists internally, 361
Böhm-Bawerk, Eugen von, as prominent thinker in the Austrian School, 30
Bono (Paul David Hewson), international lobbying efforts, 98
Brezhnev, Leonid, on production and consumption, 319
Britain (Great Britain)
and outsourcing, 105
and trade balance, 91
Industrial Revolution, 27
NHS, 199
role in creating Israel from Palestine, 355
Bubbles, examples of, 148–151
Bush, George W., on prospects for a recession, 452
Business. Seecorporations
Business cycle. Seerecessions
Buying locally/American, 81–84
C
CAB (Civil Aeronautics Board), 204
Calculation problem, socialism, 272–274
Cambodia, U.S. intervention (1970s), 352
Canada, health care system privatization, 200
Capital structure. See alsomonetary capital
American trade deficits, 89–91
destruction of, 44
inflation effects, 146
and rising wages, 53–55
source of, 37
unions: effects on, 64
wealth redistribution effect on, 56–58
Capitalism, 295–330
democracy and, 301–311
economic stagnation: effects of progressivism, 329
greed, self-interest and materialism: comparison to socialism, 296–301
socialist criticisms of, 328
and Walmart, 248
Carcinogens, alarmism and misinformation, 381
Cartelization, of American business during the Great Depression, 257, 260
Central banks
and the Great Depression, 252
money creation, 117–120
origin of, 116
recessions and financial crises, 141–151
Child labor, economic history of, 71
China
Obama on, 453
food demand and production, 186
Great Leap Forward, 275
pollution, 415
trade with, 85
Walmart relationship, 245
Civil Aeronautics Board (CAB), 204
Civil War, American (1861–1865), 337–339
Climate change. Seeglobal warming and cooling
Commons, the tragedy of, 413
Communism, 271–285
calculation problem, 272–274
defending the indefensible, 281–285
Plymouth Rock settlers, 201
rule by terror, 279
social and economic restrictions, 277–279
suffering as a result of, 274–277
Companies. Seecorporations
Comparative advantage, explained, 80
Competition, and corporations, 218
Congo (Democratic Republic of Congo), economic freedom, 288
Consumer Price Index (CPI), statistical manipulation of, 127
Consumer spending, trade deficits, 89
Corporations, 215–249. See alsomonopolies
A&P, 175
about capitalism, 216–220
Alcoa, 170
anti-trust regulation, 167
big versus small, 232
business people: profile of, 228–231
ExxonMobil, 222
Hondos Center, 247
Pan American World Airways, 177
profits, 220–228
RCA Corporation, 177
social responsibility, 233–236
Standard Oil, 169
Walmart, 237–249
Cost. See alsoproductivity
effects of inflation, 48–51
healthcare: regulated, 198
in monopolies, 172
profits as a type of, 49
of regulation, 165
subtracting from calculation of GDP, 425
versus profits, 224
Countries
economic freedom: index of, 286
exercising power beyond national borders, 341–343
GDP as the key economic indicator, 423–427
wars and, 334
D
DDT, 407
Debasement. Seeinflation
Debt, and trade deficits, 88
Deforestation, Amazon, 386
Democracy
imposition of, 348
political parties: degrees of difference, 369
and wealth redistribution, 301–307
Democratic Republic of Congo, economic freedom, 288
Deregulation
actuality of, 178
financial industry, 179
DiLorenzo, Thomas J.
on anti-trust regulation, 168
on pollution in the Soviet Union, 414
Disabilities, assisting people with, 326
Disinformation, environmentalism, 378–382
Division of labor
and capital structure, 54
and trade, 82
Doctors, job satisfaction, 455
Dollar, purchasing power history, 123
Dollar-a-day wages, economic history of, 69–74
Domestic/local trade, 81–83
Dumping, shrimp, 181–184
Durbin, Richard Joseph “Dick”, on wealth redistribution, 455
E
Economic freedom by country, 285–291
Economics
captitalism: basic explanation, 216–220, 295–301
economic growth: basic explanation, 36–44
general knowledge of, 229–231, 249
trade: basic explanation, 80
Education, and productivity, 289
Edwards, John, taxing the rich, 462
Electricity, pricing and monopoly, 176
Empire, Roman Empire: disintegration of, 265–271
Employment. See alsojobs;
unemployment
Keynesian economics: impossibility of full employment, 433–435
wages and, 322
Energy
energy independence, 85
sources of, 391
Entrepreneurs, economic role, 39
Environmentalism, 377–417
as a political movement, 382–385
air pollution, 388–390
disinformation and alarmism, 378–382
forests, 386–388
global warming, 398–411
natural resources and sustainability, 390–394
population growth, 396
property rights, 411–416
recycling, 397
water, 394–396
Estate handling fees, regulation of, 189
Ethics. Seemorality
Ethiopia, food shortages (1980s), 185
Europe, U.S. interventions (post WWII), 353
Expectations, inflation, 138, 139
Exploitation, of workers: myth, 51–53
ExxonMobil, 222
F
Famines, in non-capitalist societies, 216
Farmers. Seeagriculture
Federal Deposit Insurance Corporation (FDIC) insurance about, 119
assuredness of bank deposits, 456
Federal Reserve (Fed)
and the Great Depression, 252
role in creating money and inflation, 117, 126
Finance. Seecapital structure; inflation; monetary capital; money
Financial industry, regulation, 179–181
Financial Services Modernization Act (1999), 179
Firms. Seecorporations
Food shortage, price controls, 185–188
Forests, environmentalism, 386–388
Fractional reserve banking defined, 114
vulnerability to financial losses, 181
France
line dancing regulation, 464
South Sea and Mississippi Companies (1717–1720), 148
Free markets
criticism of, 446
healthcare industry: a solution to a system in crises, 201
monopolies, 171–173
reality of, 25
Free trade
benefits of, 109
China and, 86
Freedom. Seeeconomic freedom
Friedman, Milton, and Monetarism, 28
Fujimori, Alberto, American support for, 453
Full employment, impossibility of: Keynesian economics, 433–435
G
Gasoline crisis of the 1970, price controls, 188
Gates, III, William Henry “Bill”, on kinder capitalism, 452
GDP (Gross Domestic Product), as the key economic indicator, 423–427
The General Theory of Money (Keynes), 422
Germany
Marburg goes green, 454
Nazi party, 271
reevaluation of socialist policies following WWII, 370
World War I, 362
Giuliani, Rudolph
healthcare plan, 461
on unions, 67
“Giving back to society”, 309–311
Global warming and cooling, misinformation, 380
Globalization, 97–109
economics of, 97–103
outsourcing, 103–109
Gold
confiscation of by the Roosevelt Administration, 259
Peel Act, 119
prices expressed in, 135–137
supply of, 134
and trade deficits, 86
and U.S. dollar, 124
Gore, Al, climate change, 403
Government action, 251–291,
421–448. See alsocommunism; regulation; socialism; war
about, 23
bringing change, 447
communism: a critique of, 271–285
debt and trade deficits, 88
economic effects of, 47
economic freedom by country, 285–291
GDP as the key economic indicator, 423–427
Great Depression, 252–265
Keynesian economics, 422, 427–431, 433–439, 443–446
local government services: regulation, 203
minimum wage laws: effect on unemployment, 58–62
monopolies: anti-trust regulation, 167–179
recessions: ensuring their continuation, 439–442
regulations: effect on wages and unemployment, 68
role of under capitalism, 335
Roman Empire: disintegration of, 265–271
subsidies to Walmart, 239–241
trade restrictions, 95–97
union coercion: effect on unemployment, 62–68
Great Britain, NHS, 199
Great Depression, 252–265
cause of, 252
Hayek on, 153
Hoover’s policies, 253–258
money supply collapse, 151
Roosevelt’s policies, 258–265
Great Leap Forward, 275
Greece
Hondos Center, 247
life in ancient Greece, 216
Greed
capitalism versus socialism: greed, self-interest and materialism, 296–301
Walmart, 246–248
Greenspan, Alan, on the quantity theory of money, 138
Gross Domestic Product (GDP), as the key economic indicator, 423–427
Guild, Writers Guild of America, 464
H
Hayek, Friedrich A.
as prominent thinker in the Austrian School, 30
on the Great Depression and forced credit expansion, 153
Hazlitt, Henry, as a prominent free-market thinker, 445
Healthcare industry, 192–203
about, 23
AMA monopoly, 192–196
free markets: a solution to a system in crisis, 201
Giuliani: healthcare plan, 461
insurance, 196–198
quality and cost, 198
socialism and, 199
Walmart healthcare coverage, 248
Holland, tulip bulb bubble, 148
Homebuyers, protecting with regulations, 457
Hondos Center, 247
Hong Kong
economic freedom, 287
gains from trade, 92
Hoover, J. Edgar, Great Depression, 253–258
House prices
bubble, 149
and inflation, 130
Housing, rent controls, 190
Hurricanes
gasoline supply disruptions, 218
government regulation: Hurricane Katrina, 208
I
Iceland, inflation, 156
Income redistribution. Seewealth redistribution
Income statements, calculating profits, 49–51
Inequality
anti-inequality policies as the cause of inequality, 311–313
under communism, 271
under capitalism, 284
Independence, energy independence, 85
India
child labor and poverty, 71, 314, 414
degree of economic freedom, 283
farmers, subsidies, suicide and trade, 94, 104
famine, 217
outsourcing and wages, 69
socialist/communist versus capitalist, 283–284
Indonesia, U.S. intervention (1965), 352
Inflation. See alsoprices
asset inflation, 312
cause of, 120–124
defined in full, 129–137
effects of, 47–51
explained, 44
globalization and, 102
Iceland, 156
measurement of: the joy of statistics, 126–129
recessions, 142–147
Zimbabwe, 73
Insurance
flooding and other disasters, 209
healthcare, 196–198
International Panel on Climate Change (IPCC), 382
Investment. See also capital; monetary capital; wealth inflation, 142
Iran, U.S. intervention, 357
Iraq, dividing up the nation, 373
Israel, U.S. and the conflict in Palestine, 355
J
Japan
and economic boom and bust, 148
and government spending, 431
and industry competition, 108, 177
outsourcing, 105
resources and development, 92, 289, 290, 347
World War II, 350–351
Jobs. See alsoemployment; unemployment
effects of outsourcing and globalization, 103–109
Jones, Henry E., on healthcare system, 194
K
Katrina, Hurricane, government regulation, 208
Keynes, John Maynard and his unemployment doctrine, 434
as lacking a full economic theory, 445
and socialist economics, 28, 29
and the source of most economic theories, 422
Keynesian economics, 433–439
about, 29
full employment: impossibility of, 433–435
liquidity preference, 435
multiplier theory, 427–431
popularity of, 443–446
profits and investment, 436–438
savings, 438
theories, 422
Kim, Jong-il, election promises, 463
Kirklin, Paul, on understanding economics, 249
Korea. SeeNorth Korea; South Korea
Krugman, Paul
as devout socialist, 443
on food prices and shortages, 185–187
on healthcare costs, 202
on trade, 109
on Walmart and unemployment, 242
L
Labor economists, role of, 66
Labor market. See alsodivision of labor;wages
capital structure and rising wages, 53–55
economic fundamentals, 36–39
economic growth, 39–44
inequality: effects of trying to eliminate inequality, 74–77
minimum wage laws: effect on unemployment, 58–62
money and wealth creation, 44–47
profits, 47–51
regulations: effect on wages and unemployment, 68
sweatshop, child labor and dollar-a-day wages, 69–74
trade: restrictions on, 95
union coercion: effect on unemployment, 62–68
wealth redistribution: effect on poor, 55–58
worker exploitation myth, 51–53
Landfills, 397
Laws. See alsoregulation
anti-price gouging, 218
child labor laws, 71
in favor of the free market, 448
Financial Services Modernization Act (1999), 179
free trade agreements, 99
minimum wages: effect on unemployment, 58–62
National Recovery Act (1935), 260
Norris-LaGuardia Act (1932), 63
Peel Act, 119
Sabotage and Seditions Act, 346
Sherman Antitrust Act, 168
supporting union coercion, 63
Wagner Act, 262
Lincoln, Abraham, American Civil War, 338
Lindzen, Richard, on climate change, 384
Liquidity preference, Keynesian economics, 435
Local/domestic trade, 81–83
Local government services, regulation, 203
London, pollution levels, 388
M
MacKenzie, D.W., on regulation, 180
Madoff, Bernie, ponzi scheme and the SEC, 180
Malthus, Thomas, population growth, 396
Mao Zedong, Great Leap Forward, 275
Marburg (Germany), going green, 454
Marginal Efficiency of Capital (MEC), 433
Markets
healthcare industry: a solution to a system in crises, 201
monopolies: in free markets, 171–173
Tucker on the failure of, 446
Marx, Karl
about, 29
on socialism, 166
Materialism, capitalism versus socialism, 299–301
Menger, Carl, as prominent thinker in the Austrian School, 30
Mexico
NAFTA, 98
restrictions on trade, 95
Middle Ages, life in, 216
Middle East
Palestine: U.S. intervention, 355
war, 356–358
Military power, China and America, 85
Mill, John Stuart, as a prominent thinker in the Classical School, 30
Minimum wage laws
and inequality, 313
and poverty, 316–318, 322, 324–325
and Roosevelt, 261
as political tool, 165, 372, 448
Walmart support for, 243
Mises, Ludwig von as prominent thinker in the Austrian School, 30
on business and the capitalist being subservient to the people, 219
on public opinion determining political decisions, 448
on spending and budget deficits, 321
Mississippi Companies (1717–1720), 148
Mobutu, Sese Seko, 289
“Mom and Pops” stores, versus Walmart, 238
Monetary capital, role of, 43
Money, 113–158. See alsoinflation; prices
an appeal for monetary sanity, 157
banking: history of, 114–117
central banks: creators of money, 117–120
central banks: recessions and financial crises, 141–151
financial crises, 148–156
inflation: defined in full, 129–137
inflation rate: measurement of, 126–129
inflationary effect of new money, 120–124
liquidity preference, 435
and materialism: capitalism versus socialism, 299–301
money supply during the Great Depression, 253
pay day loans: price controls, 191
price stability: goal of, 156
recessions, 441
rising prices: alternative explanations, 137–141
and wealth creation, 44–47
wealth redistribution through printing money, 124
Monopolies, 167–179
about, 169–171
AMA: healthcare, 192–196
government monopolies, 176–179
harm: existence of in free markets, 171–173
predatory pricing, 173–175
trust-busting, 167–169
Morality
and forced democracy, 348
and government, 329
and religion, 328
and socialists imposing their morality on others, 328
and the pricing of important goods, 269
and Walmart, 247
America’s moral standards, 359
of banks: fractional reserve banking and misleading depositors, 119
of businesspeople, 301, 305, 307
of leaders of ancient Rome, 267
of socialism versus capitalism, 217, 248, 271, 272, 281, 295–296, 330, 443
of wealth redistribution, 231
with respect to CSR being morally imposed, 235
Mortgages, blame for mess, 458
Mugabe, Robert, election promises, 463
Muslim fundamentalists, handling threat from, 362
N
NAFTA (North American Free Trade Agreement), Mexico, 95, 98
Nation states. Seecountries
National Health System (NHS), 199
National Industry Recovery Act (NIRA), 63, 260
Nationalization, oil industry: threat of, 306
Natural monopolies, 176
Natural resources, and sustainability, 390–394
Nazi party, 271
Netherlands, tulip bulb bubble, 148
New Orleans, government insurance and, 208
New York City
Civil War and secession, 338
monopolies and competition, 171, 176
trade, 98
water pollution, 395
NHS (National Health System), 199
Nike, “sweat shop” working conditions, 70
NIRA (National Industry Recovery Act), 63, 260
Norris-LaGuardia Act (1932), 63
North American Free Trade Agreement (NAFTA), Mexico, 95, 98
North Korea
Kim’s election promises, 463
threat from, 360
Nuclear power, 393
O
Obama, Barack
on China, 453
war policy, 358
Writers Guild of America strike, 464
OECD (Organization for Economic Co-operation and Development), 99
Oil industry
alternatives energy sources to, 391, 393
nationalization threat, 306
OPEC and oil boycotts, 189
prices expressed in gold, 135
regulation, 206–208
OPEC
oil boycotts, 189
Oregon Petition, 384
Organization for Economic Cooperation and Development (OECD), 99
Outsourcing, 103–109
P
Palestine, U.S. intervention, 355
Palin, Sarah, windfall profits tax, 220
Pan American World Airways, antitrust regulation, 177
Patriotism
and politics, 370–373
and war, 364
Pay day loans, price controls, 191
Peel Act, 119
Peru, Fujimori, 453
Petroleum. Seeoil industry
Physicians. Seedoctors
Planned economies, Keynesian roots, 422
Plymouth Rock settlers, communism, 201
Poland, communism: effects of, 276
Political parties, degrees of difference, 369
Pollution
location of, 414
Poor, wealth redistribution, 55–58
Population growth, environmentalism, 396
Poverty, 311–328
anti-poverty schemes: successfulness of, 318–320
living on a low income, 324–326
minimum wage rates, 316–318
profile of the poor, 313–316
solutions for, 320–323, 326–328
Predatory pricing, monopolies, 173–175
Price Specie Flow Mechanism, 87
Prices
agriculture during the Great Depression, 255
consumer prices during the Great Depression, 256
determination of, 219
electricity, 176
estate handling fees, 189
food, 185–188
food shortage: price controls, 185–188
gasoline crisis of the 1970s: price controls, 188
globalization, 101
milk: regulation of, 165
money, inflation and increasing/decreasing prices. Seemoney
and monopolistic behavior, 168
pay day loans: price controls, 191
in poor countries, 94
predatory pricing: monopolies, 173–175
price controls, 184–192, 260, 279
price stability: goal of, 156
prices expressed in gold, 135–137
rent controls, 190
retail goods and services, 172
Pricing, telephone services, 177
Principles. See alsomorality
uniformity of profits principle, 41
Private property rights, role of, 162
Productivity
basis of, 44–55
and education, 289
unions: effects on, 64
Profits, 220–228
calculating in anti-trusts cases, 178
explained, 40–42
and investment: Keynesian economics, 436–438
sharing, 222–225
source of, 47–51
Progressivism, economic effects of, 329
Property rights
environmentalism, 411–416
forest and environmental protection, 386
Q
Quality
air, 388
housing, 190
of healthcare: regulated, 194, 195, 198–203, 206, 210, 221, 225
of labor, 241
of life as affected by environmentalism, 384, 386, 397, 465
of products, 27, 36, 64, 65,82, 83, 100, 127–129, 171, 177, 405
of workplaces, 70
regarding Walmart products, 237, 241, 245, 247, 248
water, 395–396
Quantity theory of money, Greenspan on, 138
Quotas, economics of, 97
R
RCA Corporation, antitrust regulation, 177
Real estate bubble, 149
Recessions. See alsoGreat Depression
Bush on the prospects for, 452
central banks’ role in creating, 141–151
government action: ensuring their continuation, 439–442
Recycling, environmentalism, 397
Redistribution
inequality: effects of trying to eliminate inequality, 74–77
of wealth: effect on poor, 55–58
of wealth: through printing money, 124
Redistribution. Seewealth redistribution
Regulation, 161–210
abolishing, 209
airline industry, 204–206
business regimentation, 243
financial industry, 179–181
healthcare industry, 192–203
Hurricane Katrina, 208
line dancing: regulation in France, 464
local government services, 203
monopolies: anti-trust regulation, 167–179
oil industry, 206–208
price controls, 184–192
shrimp industry, 181–184
wages and unemployment, 68
Reisman, George
on GDP and economic progress, 425
on monetary view of recessions, 144
on possible solutions to environmental problems, 391, 409
regarding literature serving as defense of capitalism, 445
Rent controls, 190
Ricardo, David, as a prominent thinker in the Classical School, 30
Rights. See alsoproperty rights
effects of positive rights, 201
Rockwell, Lew, on business regimentation, 243
Rocky Mountain Arsenal, pollution, 415
Roman Empire, 27, 265–271, 291
Roosevelt, Franklin D.
Great Depression, 253, 258–265
World War II, 350
Rothbard, Murray
as prominent thinker in the Austrian School, 30
on capital structure and production, 55
on the individual, not the state, as the basis national borders, 341
on policies of Roosevelt, 258
on producing a ham sandwich, 55
Russia
communism: effects of, 274, 276
GDP growth, 427
health care system, 200
Ukraine starvation, 280
S
Sabotage and Seditions Act, 346
Samuelson, Paul, on Keynesian multiplier theory, 428
Savings
government spending of, 439
Keynesian economics, 438
source of, 37
Say, Jean-Baptiste, as prominent thinker in the Classical School, 30
Say’s Law, defined, 38
Secession
American Civil War (1862–1865), 337–339
dividing up America, 373–375
and war, 339–341
Securities and Exchange Commission (SEC), Madoff’s ponzi scheme, 180
Self-interest, and morality, 296
Sherman Antitrust Act, effectiveness of, 168
Shortages
food, 185–188
gasoline crisis of the 1970s, 188
housing: rent controls, 190
Shrimp industry, regulation, 181–184
Slavery, at the time of the American Civil War, 337
Small business, versus big business, 232
Social responsibility, corporations, 233–236
government action
calculation problem, 272–274
capitalism: socialist criticisms of, 328
Definition of, 26
greed, self-interest and materialism: comparison to capitalism, 296–301
healthcare industry, 199
hypocrisy of, 299
Marx on, 166
popularity of, 443–446
progressivism: effects of, 329
social and economic restrictions, 277–279
Society, “giving back to”, 309–311
South Korea, false information indictment, 4
South Sea companies (1717–1720), 148
Soviet Union. SeeRussia
Speculators, oil market, 207
Sperandeo, Victor
on changing political mentality in government, 329
on the ethics of altruism, 328
Standard Oil, 169
Statistics
CPI, 127
Gross Domestic Product (GDP), 423–427
Stiglitz, Joseph, minimum wage flip-flop, 62
Stock market
Great Depression, 252, 254, 262
and inflation, 134
prices expressed in gold, 136
Stone, Lawrence, on City of London pollution levels, 388
Stossel, John, on regulation of local government services, 203
Subsidies
economics of, 97
Walmart, 239–241
Suffering, under communism, 274–277
Sustainability, and environmentalism, 390–394
Sweatshops, economic history of, 69–74
T
Tariffs
automobiles, 96
economics of, 97
Taxation
oil and gasoline, 206
sources and uses of, 303
wealth redistribution through, 56
Telephone services, pricing and monopoly, 177
Tennessee Valley Authority, pollution, 416
Terror, under communist rule, 279
Terrorist threat, need for war, 360–363
Trade, 79–109
buying locally, 81–83
with China, 85
domestic/local trade, 81–83
economics of, 80
energy independence, 85
free trade: benefits of, 109
globalization, 95–109
jobs: effects of outsourcing and globalization, 103–109
outsourcing, 103–109
poor countries: effects of trade, 92–94
restrictions on, 95–97
trade surpluses, 89–92
Trade deficits
about, 86–92
and money creation in foreign countries, 155
Trade surpluses, 89–92
Tragedy of the commons, 412
Trust-busting, 167–169
Tucker, Jeffrey
on child labor laws, 72
on failure of markets, 446
U
Ukraine, starvation of, 280
Unemployment
creation of through minimum wage laws, 58–62
creation of through regulation, 68
creation of through union coercion, 62–68
Uniformity of profits principle, 41
Unions
agricultural trade with Mexico, 95
child labor laws, 71
coercion of: effect on unemployment, 62–68
Great Depression, 262
inflation expectations, 139
United Kingdom, inflation and price levels, 121
United Nations Environment Programme (UNPE), 382
United States of America
American Civil War (1861–1865), 337–339
debt and trade deficits, 88
dividing up the country, 373–375
dollar purchasing power, 123
military power and China, 85
wars and world dominance, 335, 351–356
U.S. Securities and Exchange Commission (SEC), Madoff’s ponzi scheme, 180
V
Venezuela, walking the talk, 452
Violence, unions and, 66
W
Wages
ACORN, 317
anti-poverty policies: effects of, 312
basis of, 36–39
and capital structure, 53–55
executive salaries, 224
and full employment, 322
Great Depression, 256
minimum wage laws, 58–62
and outsourcing, 104
regulations: effects of, 68
Walmart executive pay, 244
Walmart healthcare coverage, 248
Walmart workers, 241–243
workers, entrepreneurs and business people, 75
Wagner Act (1935), 63
Walmart, 237–249
capitalism and, 248
China relationship, 245
executive pay, 244
government subsidies, 239–241
healthcare coverage, 248
power and greed, 246–248
versus “Mom and Pops” stores, 238
wages: workers, 241–243
War, 333–362
American Civil War (1861–1865), 337–339
American world dominance, 351–356
democracy as a form of coercion, 369
economic need for, 347–349
exercising power beyond national borders, 341–343
Middle East, 356–358
patriotism and, 364
political need for, 345–347
secession, 339–341
terrorist threat, 360–363
World War I, 344
Washington, George, on foreign alliances, 348
Water, environmentalism, 394–396
Waters, Maxine, nationalization threat: oil industry, 306
Wealth
and greed, 298
and profits, 220
redistribution: effect on poor, 55–58
redistribution through printing money, 124
Wealth creation, and money, 44–47
Wealth redistribution
Durbin on, 455
efficacy of, 56, 76,125, 300, 301–311, 318–320, 322
Great Depression, 261
Wilson, Tony, cancer treatment under NHS, 199
Worker exploitation myth, 51–53
Works Progress Administration (WPA), 259
World Bank, role in world trade, 98
World Trade Organization (WTO), role in world trade, 98
World War II
reevaluation of socialism in Germany afterwards, 370
tragedy of, 349–351
Writers Guild of America, strike: Obama on, 464
Y
Yugoslavia, U.S. intervention, 354
Z
Zaire. SeeDemocratic Republic of Congo
Zimbabwe
inflation, 73
Mugabe: election promises, 463
The Case for Legalizing Capitalism
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