Robert Service’s new biography of Trotsky is reviewed in today’s Wall Street Journal. Having read Service’s excellent biography of Lenin a few years ago, this seems like a book worth reading. Joshua Rubenstein’s thoughtful review touches on some thoughts about socialism and socialists.

Socialism had three major failings. The first is what economists study most closely. It is the impossibility of economic calculation under socialism, because of the rejection of prices and money as a medium of exchange. Whether you support socialist ideals or…

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On November 9, 1989, the Berlin Wall came crashing down. Today marks the twentieth anniversary of that great day – one of the greatest in the history of human freedom. Communism in Germany finally collapsed, setting off a domino effect that would reach Moscow within two years. Families torn apart for nearly three decades came together in tearful, happy reunions as the world watched. The Cold War was finally, mercifully, ending.

Many historians cite World War I as the twentieth century’s…

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Obama’s racist, communist, America-bashing Green Jobs Czar, Van Jones, has resigned after revelations that he was a 9/11 “Truther,” who believed that George Bush may have been behind the terrorist attacks on 9/11.

But Obama has long been aware of Jones’ extremism, wacky statements, and arrest record, which would have come to light months ago during the White House vetting process, as former White House staffer Jeffrey Lord and National Review’s Andrew McCarthy note. The Secret Service would have investigated Jones’ past and Marxist views…

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The UN has declared Fidel Castro, the longtime Communist dictator of Cuba, the “World Hero of Solidarity.” Castro killed thousands and thousands of people during his rule, torturing some to death (including a few American citizens), and Cuba remains an oppressive dictatorship even today.

The award was presented to Castro by the President of the UN General Assembly, Miguel D’Escoto Brockmann. D’Escoto Brockmann also successfully lobbied the Obama Administration to demand that Honduras allow the return to power of its ex-president and would-be dictator, Manuel Zelaya. (Two…

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At EconLog, Arnold Kling knocks down a favorite leftist straw man: the infallible market. By citing suboptimal outcomes that result from market transactions, such market critics believe, they can justify state intervention. But, as Kling makes clear, that just doesn’t follow.

1. Unfettered free markets nearly always produce sub-optimal outcomes.

2. When economists or other technocrats know how to use public policy (taxes, spending, regulation) to improve outcomes, they should be given the authority to do so.

3. Technocrats know how to improve…

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We celebrate our golden anniversary with Episode 50 of the LibertyWeek podcast, brought to you by host Richard Morrison and special guest co-hosts Jeremy Lott and Michelle Minton. We start with plans for new enviro-cops in the UK, the latest bribery scandal out of Detroit, and the sweet taste of free beer in North Carolina. We then move on to analysis of the political turmoil in Honduras and Michelle’s recap of the Washington D.C. TEA Party on Independence Day.

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“Socialism” is dead, according to Matthew Dallek, writing in the Politico. I put the term in quotes, because what Dallek defines as socialism is so very narrow, that most gradients of socialistic policies are bound to escape his definition.

Even amid the current economic emergency, there is no viable Socialist Party in the United States, nor is there a serious socialist movement, as there was when Socialist candidate Eugene V. Debs won nearly 1 million votes in both the 1912 and…

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Such is the title of the latest BusinessWeek.com debate. Taking the “con” side is CEI’s own Eli Lehrer, who argues (in part):

Long-term government bank ownership, in any case, would simply make the country poorer. Banks actually create money when they lend it out, but doing so only has positive overall economic consequences when the loans get repaid. Government-owned banks would face enormous, understandable pressure to lend to politically powerful groups and industries that can’t reasonably repay their loans. Even the…

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The candidates in the recent presidential election argued about whether one of them was advocating socialism.  Actually, it looks like we’re already there.  An ever-growing share of economic activity is ending up under government control.  Reports USA Today:

The government’s spending surge to ease the financial crisis and a worsening recession is increasing the federal share of the nation’s economic activity close to $1 out of every $4, the highest level since World War II, an analysis of current and projected…

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Did the free market cause the financial crisis?  Was it unbridled capitalism?

The Competitive Enterprise Institute and the National Taxpayers Union don’t believe for a minute that capitalism caused the financial crisis.  How can we be so confident?  Because capitalism doesn’t exist in the United States, especially in the financial sector.

Nearly every industry in the U.S. finds itself making regular pilgrimages to Washington to seek special favors—subsidies for this or that, regulations that harm competitors or smaller firms, or trade deals that benefit…

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Yesterday, Nelson Cunningham, one of the panelists at a Hudson Institute conference on Latin America’s “Radical Populism Challenge” commented that it is better that the presidential campaign and debates don’t even mention the region. He said that speaking of Latin America would only bring bad news: illegal immigration and drug-trafficking.

As a Latin American myself, I could not disagree more. The region is one of the United States’ most important commercial partners, with U.S. exports valued at more than $150 billion a year,…

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Oh, Happy Day! And it certainly is for all those who value freedom, responsibility and the true free market in which individuals are free to profit from their risks on the condition that they don’t stick the rest of us with their losses.

It’s not hyperbole to say the Republican and Democratic backbenchers who defied both parties’ leadership to defeat this $700 billion package of Wall Street socialism literally saved America. Whatever their reasons, this defeat (or rather victory for freedom),…

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