Politics & Culture
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July 25, 2012 -- When government proposes to nationalize a major industry, it is a loudspeaker blaring the message that the country is abandoning the market economy, moving from capitalism to full socialism. So it has been in Venezuela as socialist President Hugo Chavez nationalized the oil-drilling, gold-mining, coffee-producing, and other companies. When nationalizations begin, capital flees a country, businessmen despair, and socialists cheer the death of private property.
April 25, 2012 -- On April 17, President Barrack Obama addressed Americans about rising prices of gasoline, now above $5.00 a gallon in parts of the country. In any market economy, the cause of rising prices is that demand for a product has increased relative to the supply of it. Prices come down when demand is reduced or supply increased. That these obvious principles must be repeated is part of the problem we face.