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Tag Archives: poverty

About Inequality: Rich Get Poorer Over Time, Not Richer

I did not grow up with money. But I did work in finance for years and I have known a number of people with significant wealth. I also live in an old money town, Charlottesville, Virginia.

There is an adage about significant wealth which I think holds generally true and that is that “old money” is smaller than “new money.”

Often with older money there is some patriarch a few generations ago who made a pile of cash in some endeavor, rubber, banking, textiles, whatever. And sure, properly taken care of this wealth should grow from generation to generation. And this sometimes happens.

But never underestimate the destructive ability of an idiot son or grandson or grandsons given too much responsibility and too much money. Over time fortunes very often erode. Not always, but often. And they are always split up through the generations.

Of course this assumes a capitalist, or close to capitalist system, not a crony capitalist one like we have now.

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Walter Williams: Free Markets Are Key To Global Prosperity

This op-ed from Walter Williams comes the same week that the World Bank has proclaimed publicly that it “will end extreme poverty by 2030.” If the institution wants to end such human desperation it would be wise to encourage the rule of law and free markets (and free prices).

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This 88-year-old doctor treats the poor out of his Toyota Camry. Mississippi wants to punish him for it.

They arrest people for feeding homeless people in some cities. And God forbid you are a doctor in Mississippi with an excellent reputation who wants to treat people for free. Can’t have that.

Many of Dr. Landrum’s patients can’t afford to drive to a doctor’s office. So he comes and sees them. I thought that was called a “house call.”

Why do the busybodies have to regulate EVERYTHING?

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India and its huge economic potential

India has long been mired in socialism. Bureaucracy ran and continues to run through the country’s massive system of governance. As I understand it, to get anything done in India for many years the paperwork had to be done in triplicate and processed a half dozen times. And then one got a new pile of paperwork.

But times are changing. India has opened up quite a bit over the last 2 decades, and it looks like even more light will be shining into the economy soon.

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The Capitalist Cure for Terrorism

Hernando de Soto is one of my favorite economists. (Though as with almost anyone I disagree with him on some important points.) A champion of capitalism and everyday people he is my kind of guy.

His argument basically goes like this:

Poor people are shut out of economies. Cronyism and red tape make building businesses almost impossible. In many countries the poor remain permanently on the margins of society. The poor typically have no property rights (even if they’ve been on a piece of land for generations for instance) and enforceable contracts do not often exist. As a result this situation limits access to capital – no one will provide a loan on a piece of property for which there is no deed – which then keeps the poor poor.

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The State Causes the Poverty It Later Claims to Solve

We spend a good amount of time arguing against the expansion of the state. We particularly don’t like it when the state and special interests, banks, other large industries, unions, etc, come together with the state. We argue that the state must be reduced in size to reduce the system of corruption we now are witness to.

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Rev. Sirico: Fighting Poverty through the Free Market

Nothing, absolutely nothing, has raised more people out of abject poverty than free market capitalism. And I don’t mean a mixed system with some socialism and somewhat free markets here and there. I am talking about the real deal, where prices are free to move, free market CAPITALISM. This stands in direct conflict with what many of us have been taught of course.

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