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Austrian Economics and the Political Economy of Freedom

Richard M. Ebeling

Richard Ebeling’s insightful and highly readable book explains and applies the ideas of the Austrian economists to a wide range of contemporary public policy issues. He combines intellectual political–economic history with the modern Austrian theory of the market process to challenge the premises and uses of mainstream neoclassical economics.
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Chapter 10: The Global Economy and Classical Liberalism: Past, Present and Future

Richard M. Ebeling


THE UNITED STATES IN THE GLOBAL ECONOMY Reading the headlines of the daily newspapers or watching the evening television news, the world seems like an extremely dangerous place. If a visitor from another planet were to try to draw conclusions about what human existence on earth is all about just from looking at the popular news sources, he would easily have the impression that our world is filled with nothing but wars, civil wars, ethnic conflicts, terrorist acts, organized criminal activity and random violence. Unfortunately, these things are occurring in many places around the world and they create a degree of suffering, hardship, destruction and cruelty that is often beyond the human imagination to fully comprehend. Many people do live in social environments that truly represent a human existence that is often ‘nasty, brutish, and short’. But there is another world, one that does not fill the newspaper headlines every day and which is not as frequently depicted in the flickering pictures that cross our television screens. This is the world of commerce, industry and international exchange. For probably almost half the population of the world, and especially in western Europe, North and South America, Australia and increasing portions of Asia and eastern Europe, life is relatively peaceful and orderly. Production, not plunder, envelops the affairs of daily life. Precisely because of its common and mundane routine, it does not receive the same attention as do violent acts. The world has a lot of peace and prosperity; it just goes...

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