...Socialism and Capitalism A Theory of Economics, Politics, and Ethics Hans-Hermann Hoppe The Ludwig von Mises Institute’s Studies in Austrian Economics Department of Economics University of Nevada, Las Vegas Kluwer Academic Publishers Boston/Dordrecht/London Distributors for North America: Kluwer Academic Publishers 101 Philip Drive Assinippi Park Norwell, Massachusetts 02061 USA Distributors for the UK and Ireland: Kluwer Academic Publishers Falcon House, Queen Square Lancaster LA1 1RN, UNITED KINGDOM Distributors for all other countries: Kluwer Academic Publishers Group Distribution Centre Post Office Box 322 3300 AH Dordrecht, THE NETHERLANDS Library of Congress Cataloging-in-Publication Data Hoppe, Hans-Hermann. A theory of socialism and capitalism : economics, politics, and ethics / by Hans-Hermann Hoppe. p. cm. Includes index. © 2010 by the Ludwig von Mises Institute and published under the Creative Commons Attribution License 3.0. http://creativecommons.org/licenses/by/3.0/ Ludwig von Mises Institute 518 West Magnolia Avenue Auburn, Alabama 36832 mises.org ISBN: 978-1-933550-73-2 Socialism and Capitalism Hans-Hermann Hoppe A Theory of Acknowledgements Three institutions assisted me while I wrote this treatise. As a Heisenberg Scholar I enjoyed the most generous financial support from the German Science Foundation (DFG) from 1982 through 1986. The present study is the most recent work I completed during this period. Additional support came from the...
Words: 92669 - Pages: 371
...Capitalism can be defined ideally as an economic system in which the major portion of production and distribution is in private hands, operating under what is termed a “profit” or “market” system. Socialism is an economic system characterized by public ownership of property and a planned economy. Capital, as an economic concept, is closely related to private property. When traditional restraints are removed from the sale of goods and from wages and when all individuals have equal access to raw materials and markets the doctrine of laissez faire, from the French meaning “to let people do as they choose”. Oligopolies—a concentration of property and resources, and thus economic power, in the hands of a few. Corporation—an artificial being, Invisible, intangible, and existing only in the contemplation of law. Limited liability is a key feature of the modern corporation. Consumer sovereignty: the idea that consumers should and do control the market through their purchases. Dependence effect: as a society becomes increasingly affluent, wants are increasingly created by the process by which they are satisfied. Moral vegetarians are people who reject the eating of meat on moral grounds. 2 In my opinion, Wal-Mart is an example of a morally bad corporation. There are three reasons to improve that: (1) Unfair competition. Our textbook describe it like this: “Some critics of capitalism maintain that capitalism breeds oligopolies that eliminate competition and concentrate...
Words: 1707 - Pages: 7
...In order to begin to understand and analyze Dr. Peffer’s Theory of Social Justice, we want to first look at the five main principles. These principles are a Modified look at John Rawls’s “Two Principles” of Social Justice (1971). These five modified principles include The Basic Rights Principle, The Maximum Equal Basic Liberties Principle, The Fair Equality of Opportunity Principle, The Modified Difference Principle, The Social and Economic Democracy Principle. First of all, The Basic Rights Principle addresses the very fundamental issues of Security and Subsistence Rights. The Security Rights are described as the institutional responsibility to uphold the physical integrity and protection against threats such as murder torture. Psychological threats are also included which I believe is a great and underestimated point since that is often the more detrimental kind of abuse. The concept of Psychological threats is very hard to apply internationally due to the fact that proof of harm becomes completely subjective. This subjective nature makes it hard to be universally applied. In terms of these states and societal groups not engaging in these ‘extra-juridical’ activities, I cannot say I fully agree. I believe that in certain circumstances where the Security Rights of one person who is has violated that of others, can and should be sacrificed to ensure the security rights of others. A common example would be the interrogation of a known suspect with information pertaining...
Words: 5963 - Pages: 24
...State versus Private Ownership Andrei Shleifer Department of Economics Harvard University Cambridge, Massachusetts. Abstract Private ownership should generally be preferred to public ownership when the incentives to innovate and to contain costs must be strong. In essence, this is the case for capitalism over socialism, explaining the "dynamic vitality" of free enterprise. The great economists of the 1930s and 1940s failed to see the dangers of socialism in part because they focused on the role of prices under socialism and capitalism, and ignored the enormous importance of ownership as the source of capitalist incentives to innovate. Moreover, many of the concerns that private firms fail to address “social goals” can be addressed through government contracting and regulation, without resort to government ownership. The case for private provision only becomes stronger when competition between suppliers, reputational mechanisms, the possibility of provision by private not-for-profit firms, as well as political patronage and corruption, are brought into play. 1 What kinds of goods and services should be provided by government employees as opposed to private firms? Should government workers make steel and cars in government-owned factories? Should teachers and doctors be publicly employed or should they work for private schools and practices? Should garbage be picked up by civil servants or employees of private garbage haulers? Should the whole economy be "socialized"? Although...
Words: 8744 - Pages: 35
...[pic] |A History of Business Ethics | |By Richard T. De George | |The term 'business ethics' is used in a lot of different ways, and the history of business ethics will vary depending on | |how one conceives of the object under discussion. The history will also vary somewhat on the historian—how he or she sees | |the subject, what facts he or she seeks to discover or has at hand, and the relative importance the historian gives to | |those facts. Hence the story I'm going to tell will be somewhat different from the story someone else might tell in various| |particulars, and I hope that instead of being a dull recitation of facts it might in fact prompt some discussion at the end| |by those who would tell a somewhat different story. | |The story I will tell has three strands, because I believe the term business ethics is used in at least three different, | |although related, senses. Which sense one chooses therefore gives priority to nature of the history of the topic. The | |primary sense of the term refers to recent developments and to the period, since roughly the early 1970s, when the term | |'business ethics' came into common use in the United States. Its origin in this sense is found...
Words: 6492 - Pages: 26
...CSS 105 COURSE GUIDE COURSE GUIDE CSS105 INTRODUCTION TO POLITICAL SCIENCE Course Developer Dr. Derin K. Ologbenla University Of Lagos Akoka – Lagos. Dr. Derin K. Ologbenla Course Writer University Of Lagos Akoka – Lagos. Course Co-ordinator Dr. Godwin Ifidon Oyakhiromen National Open University of Nigeria Lagos. NATIONAL OPEN UNIVERSITY OF NIGERIA ii CSS 105 COURSE GUIDE National Open University of Nigeria Headquarters 14/16 Ahmadu Bello Way Victoria Island Lagos Abuja Annex 245 Samuel Adesujo Ademulegun Street Central Business District Opposite Arewa Suites Abuja e-mail: centralinfo@nou.edu.ng URL: www.nou.edu.ng National Open University of Nigeria 2006 First Printed 2006 ISBN: 978-058-434-X All Rights Reserved Printed by Goshen Print Media Ltd For National Open University of Nigeria iii CSS 105 COURSE GUIDE Contents Introduction......................................................................... Aims................................................................................... Objectives........................................................................... Working through the Course.............................................. Course Materials................................................................ Study Units........................................................................ Textbooks and References.................................................. Assessment.......................................
Words: 55473 - Pages: 222
...LIBERALISM QUESTIONS – A2 (UNIT 4) Short Answers 1. Why do liberals support constitutionalism and consent? (Jan 02) Constitutionalism is a belief in limited government brought about through external (usually legal) and internal (institutional) checks on the exercise of power. Consent is the idea that govt power should be based on the agreement of the governed, usually expressed through regular and competitive elections. Liberals support constitutionalism and consent because they fear that govt may become a tyranny against the individual, based on the assumption that power is inherently corrupting and concentrations of power will lead to absolute corruption. This assumption is rooted in the liberal view of human nature: as individualism implies self- interest, those with power over others are apt to abuse it for their benefit and at the expense of others. Liberal constitutionalism is expressed through support for various external and internal devices, such as codified constitutions, bills of rights, the separation of powers, federalism or devolution, and so on. Liberal support for consent is evident in support for electoral democracy in general and, more specifically, sympathy for referendums and proportional representation. 2. Distinguish between negative freedom and positive freedom, and explain the implications of each for the state. (Jun 02) Negative freedom is the absence of external constraints upon the individual, usually understood as non-interference...
Words: 13343 - Pages: 54
...and consisting of ‘the people’. Direct Democracy – Electors (the people) vote on every Government Issue. Representative – Electors vote in a person to represent ‘the people’. Ideology – A set of rules, morals and political views that governments base their ideals on. Usually includes a view of human nature. Social Contract – The mutual agreement between the people and the government on issues that affect the country and the people within, such as rights and duties. Theocracy – Government, which subscribes to the ideals of religion. Rule by god. Tyranny – Government by one unelected individual who imposes his will upon the population. Note: Some Tyrannies may be elected into power through deception. Eg, Hitler’s German Nazi Party Capitalism – A society in which everybody works for their own gain, and/or financial development. Can lead to massive growth in middle classes. Political Philosophy is aimed at analysing how a society works and how they are governed by a ruling power. It seeks to evaluate the different ethical and political standpoints in different political parties, and analyse how they affect the citizens of the country/state. Some key ideologies include; Conservatism Tradition and custom is more important than change, unless change is desperately needed. Will tend to view human nature as innately selfish. It is government’s job to create legislation in order to provide a secure and supportive social context in which people can realise their full potential...
Words: 5592 - Pages: 23
...NATIONAL OPEN UNIVERSITY OF NIGERIA SCHOOL OF ARTS AND SOCIAL SCIENCE COURSE CODE:POL 122 COURSE TITLE:INTRODUCTION TO AFRICAN POLITICS POL 122 INTRODUCTION TO AFRICAN POLITICS COURSE GUIDE POL 122 INTRODUCTION TO AFRICAN POLITICS Course Writer/Developer Mr. Sikiru Lanre Nurudeen Department of Political Science and Conflict Resolution Al – Hikmah University, Ilorin Kwara State Course Editor Prof. M. Olarotimi Ajayi Faculty of Social Sciences Covenant University Otta Course Coordinator Mr. Abdul-Rahoof A. Bello National Open University of Nigeria ii POL 122 INTRODUCTION TO AFRICAN POLITICS NATIONAL OPEN UNIVERSITY OF NIGERIA National Open University of Nigeria Headquarters 14/16 Ahmadu Bello Way Victoria Island Lagos Abuja Office No. 5 Dar es Salaam Street Off Aminu Kano Crescent Wuse II, Abuja Nigeria e-mail: centralinfo@nou.edu.ng URL: www.nou.edu.ng Published by National Open University of Nigeria Printed 2009 ISBN: 978-058-415-3 All Rights Reserved iii POL 122 INTRODUCTION TO AFRICAN POLITICS CONTENTS PAGE Introduction ………………………………………….…………… 1 Course Aims ……………………………………………………… 1 Course Objectives ………………………………………………... 1 Working through Course……………………………………. This 2 Course Materials………………………………………………….. 2 Study Units………………………………………………………. . 2 Text books and References……………………………………….. 3 Assessment File…………………………………………………… 3 Tutor-Marked Assignment ……………………….. ……………… 4 iv POL 122 INTRODUCTION TO AFRICAN POLITICS Final Examination Grading…………………………………...
Words: 67952 - Pages: 272
...Special articles Globalisation and the Management of Indian Cities Cities in Europe and North America have been through three decades of innovation in institutions and practices as they seek to accommodate the new environment of global economic integration. Many have learned to facilitate the creation of new economies that have institutionalised incremental change with a changing political consensus, liberating themselves in part from those rigidities that make for extreme vulnerability in conditions of crisis. The same is also true of cities in Latin America and in China. However, elsewhere – including possibly India – the sovereign state is often still struggling to retain its monopoly control. In doing so, the state stifles the full potential role of cities to advance the world, to reduce the burden of world poverty. Liberating the cities is thus a key part of the agenda for the new century and for the eradication of poverty. NIGEL HARRIS I Introduction his paper seeks to present a view of the era of globalisation through highlighting particular changes which mark the break with the preceding period, the heyday of the nationstate. The exercise is undertaken in order to assess the resulting radical changes in the conception of spatial planning and thus the emergence of a new agenda for the management of cities. Following the introduction, the second part seeks to clarify what might be meant by ‘globalisation’, and the third, the main features of the management of the...
Words: 10131 - Pages: 41
...Theories of International Relations Third edition Scott Burchill, Andrew Linklater, Richard Devetak, Jack Donnelly, Matthew Paterson, Christian Reus-Smit and Jacqui True Theories of International Relations This page intentionally left blank Theories of International Relations Third edition Scott Burchill, Andrew Linklater, Richard Devetak, Jack Donnelly, Matthew Paterson, Christian Reus-Smit and Jacqui True Material from 1st edition © Deakin University 1995, 1996 Chapter 1 © Scott Burchill 2001, Scott Burchill and Andrew Linklater 2005 Chapter 2 © Jack Donnelly 2005 Chapter 3 © Scott Burchill, Chapters 4 and 5 © Andrew Linklater, Chapters 6 and 7 © Richard Devetak, Chapter 8 © Christian Reus-Smit, Chapter 9 © Jacqui True, Chapter 10 © Matthew Paterson 2001, 2005 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London W1T 4LP. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright...
Words: 132890 - Pages: 532
...DEVELOPMENT OF CONCEPTS OF CAPITAL AND INCOME IN FINANCIAL REPORTING IN THE NINETEENTH CENTURY Calculation, Context and Consequence THOMAS REGINALD (Tom) ROWLES B.Ec (Hons), Dip.Ed (Monash) A THESIS SUBMITED FOR THE DEGREE OF DOCTOR OF PHILOSOPHY IN THE SCHOOL OF ACCOUNTING AND LAW OF RMIT UNIVERSITY, MELBOURNE, VICTORIA, AUSTRALIA ii DECLARATION I certify that: Except where due acknowledgement has been made, this thesis is mine alone; and The work has not been submitted previously, in whole or part, to qualify for any other academic award; and The content of the thesis is the result of work that has been carried out since the official commencement date of the approved research programme. THOMAS R. ROWLES iii TABLE OF CONTENTS Chapter Introduction 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 Introduction Purpose of the Study Sombart’s Hypothesis An Alternative Model; Entrepreneurial Decision-making Context: The Industrial Revolution and ‘Profit’ The Changing Nature of ‘Investment’ The Great Depression of 1873-96 Intellectual Introspection Irving Fisher and the Conception of Capital and Income 17 17 17 23 25 26 30 32 34 34 35 36 38 38 38 39 43 46 49 50 51 54 55 1.10 Research Issues Identified 1.11 Summary Derivation of Research Issues 2.1 2.2 Introduction Evidence from Extant Accounts 2.2.1 Fixed Assets in Mercantile Accounting 2.2.2 The East India Company 2.2.3 Fixed Assets and Early Industrial Accounting 2.2.4 Capital Asset Accounting After 1870...
Words: 130630 - Pages: 523
...AFRICA’S DEVELOPMENT: THE IMPERATIVES OF INDIGENOUS KNOWLEDGE AND VALUES by MARTIN ODEI AJEI submitted in accordance with the requirements for the degree of DOCTOR OF PHILOSOPHY in the subject PHILOSOPHY at the UNIVERSITY OF SOUTH AFRICA PROMOTER: PROFESSOR M. B. RAMOSE AUGUST 2007 Contents Declaration Acknowledgement List of Acronyms Key terms Summary vi vii viii x xi INTRODUCTION: DEVELOPMENT AND PHILOSOPHY i. Statement of the Problem ii. Against Economism iii. Critique of Competition iv. Poverty is Unnatural v. Thesis Statement vi. Methodology vii. Structure of Dissertation 1 1 1 5 6 9 10 15 CHAPTER ONE: DIMENSIONS OF DEVELOPMENT AND THEIR INFLUENCE ON AFRICA 1.1. What is Development 1.2. Development and Economic Growth 1.3. Schools of Development Thought and their Influence in Africa 1.3.1. The Modernization School and its Essential Claims 1.3.1.1. Growth Theory under Economic Liberalism 1.3.1.2. Evolutionary Theory 1.3.1.3. Functionalist Theory 1.3.1.4. Common Assumptions and Methodology 1.3.1.5 The Influence of Modernization on Development Practice in Africa 1.3.1.6. Critique of Modernization 1.3.2 Dependency Theory and its Essential Claims 21 21 25 27 27 28 29 30 32 34 36 39 i 1.3.3. The Theoretical Heritage of Dependency Theory 1.3.3.1. Structuralist Economics and the ‘Prebisch Thesis’ 1.3.3.2. Marxism 1.3.4. Common Assumptions of Dependency Theory 1.3.5. Criticisms of Dependency Theory 1.3.6. The Influence of Dependency Theory on African Development Practice...
Words: 90729 - Pages: 363
...NOT FOR DISTRIBUTION: USE ONLY IN COMPLIANCE WITH COPYRIGHT: DAVID RISSTROM AN INTERPRETATION OF LAW IN CONTEXT Bottomley, S., Gunningham, N. and Parker, S., 1991, Law in Context, The Federation Press, Leichhardt. { } = additional material from lectures. ( ) = my comments. (See ‘x’) refers to book page number. A short (somewhat boring) message from the summary executioner before you dive in; These notes are an interpretation of the book Law in Context and the lectures given as part of the 1991 Course. They are not a satisfactory substitution for reading the text. You are only likely to get the maximum value out of this summary by reading it in conjunction with the text. The question of ‘the law in whose context’ may be worth keeping in mind as you read. This is an interpretation seen through my eyes, not yours. My comments are not unbiased, as it is as equally unlikely that yours may be. So my ‘advice’ is consider what is said here and in the book considering the need to understand the ‘mechanics’ that help make sense of the more involved themes that develop in the book as you progress through Law in Context. The observations, important in their own right, may be particularly useful for seeing how their often ubiquitous expression is taken as ‘normal’ in the areas of wider society, such as in discussions of economics and power. It is unlikely that you will find any ‘right answers’ from this summary, but I do hope it helps you in synthesising...
Words: 51747 - Pages: 207
...-“Strauss versus Brains and Genes or the postmodern vengeful return of positivism.” This essay first started as an answer to what I deemed very problematic, i.e. the disputation which I found in bad faith (un-authentic to use a philosophical term or an existentialist term), of the mediatic, dashing Harvard cognitivist/linguist, Steven Pinker, in his article “Neglected novelists, embattled English professors, tenure-less historians, and other struggling denizens of the Humanities, Science is not your Enemy—a plea for an intellectual truce,” (The New Republic--August 19). Then the counter-arguments against Steven Pinker’s conception of the “human animal” developed into an essay arguing that the New Positivism, not science, or technology per say, was the enemy of humanism and its avatars as such. The point is not to become a postmodern anti-scientific Luddite. Genomics are changing the world in ways we barely imagine yet and will re-define what it means to be human (a becoming already imagined by science fiction writers, social critics and critical thinkers such as the feminist Donna Haraway with her “Cyborg”). The point is also not to turn “anti-brainiac.” Without a brain we would become vegetative, a vegetal…, i.e. a purely “natural body,” a “zombie.” If we make use of this “computer” allegory which is an analog but not a homologue, and which is used ad nauseam used by psycho-biologists, without a hard-drive there is no software. But is this a reason to say that the software...
Words: 20403 - Pages: 82
