Mises Institute

As socialists gain increasing power in this country, their first target is private property. We need to push back against this wave of legalized theft.

In this week’s Friday Philosophy, Dr. David Gordon reviews Cronyism: Rise of the Corporate State 1849-1929 by Patrick Newman.

Modern mass democracy, especially when coupled with bureaucracy, creates uniquely powerful incentives for the production, consumption, and institutionalization of unreality.

More than a decade ago, Zimbabwe became synonymous with hyperinflation. While that era has mercifully passed, the nation’s central bank still is following inflationary policies.

The sure way to destroy a prosperous nation is to debase the currency. History is full of examples—from ancient Rome to the nascent French Republic to Weimar Germany. The US and the West, fiat currency regimes all, are irrevocably destined to join this sorry club.

Some claim that if socialists understood economics they wouldn't be socialists. This is doubtful since the larger motivation is often political control.

The evolution of the US government into a powerful cartelizer of the economy required special interests persistently lobbying to reduce competitive market pressures. It required cronyism: government intervention that benefits special interests at the expense of public interest.

The Universal Basic Income (UBI) is a bad idea that just won't die. Time to throw it on the ash heap of bad policies.

Recorded at the Mises Institute in Auburn, Alabama, on July 25, 2026.Mises University is the world's leading instructional program in the Austrian School of