From: A
Sent: Sat 8/5/2017 1:49 PM
To: Walter Block
Subject: Re: The Public Murray Rothbard and a Personal Reminiscense (by Walter Block)
http://www.bbc.co.uk/news/business-40787555
https://www.britishgas.co.uk/media/r/1486/why_we_ve_had_to_raise_electricity_prices__but_ar
British Gas have raised their prices 12.5% and the Labour party are calling for renationalisation so the energy is run ‘for the people’. People are blaming capitalism. Why is capitalism not at fault? People are also picking fault at Centrica’s CEO who has a salary of £4million? Basically why is capitalism not to blame for this? And do you really think I can study at Loyola in Sept 2019? Even if I’m from a different country?
Dear A: Lot’s of foreign students enroll at Loyola U, New Orleans. British Gas is a very heavily regulated firm. Laissez faire capitalism posits no economic regulations at all. Therefore, any shortcomings of BG can hardly be laid at the door of free enterprise capitalism. As for CEO salaries getting out of hand, read this:
Anderson, 2002; Anderson and Jackson, 2005; Barry, 1998, 141-145, 2000a, 2000b; Fischel, 1995; Jensen, 1988; Lemieux, 2005; Manne, 1965; Ricketts, 1994; Rockwell, 1989, 1990; Rothbard, 1995a, 1995b; Scott, 1999
http://mises.org/freemarket_detail.aspx?control=580
http://mises.org/journals/fm/fm689.pdf;
http://mises.org/econsense/ch49.asp
Anderson, William L. 2002. “Do Austrians Wink at Business Fraud?” December 10.
http://www.mises.org/story/1112
Anderson, William L. and Candice E. Jackson 2005 “It’s the economy, stupid: Rudy Giuliani, the Wall Street prosecutions, and the recession of 1990–91” Journal of Libertarian Studies, Vol. 19, No. 4, Fall: 19–36; http://www.mises.org/journals/jls/19_4/19_4_2.pdf
Barry, Norman. 1998. Business Ethics. London: Macmillan
Barry, Norman. 2000a. “The Logic and Morality of Takeovers.” The Freeman, July, Vol. 50, No. 7. http://www.libertyhaven.com/noneoftheabove/morality/logicmorality.shtml
Barry, Norman. 2000b. Respectable Trade. London: Adam Smith Institute.
Fischel, Daniel. 1995. Pay-back. New York: Harper Business.
Jensen, Michael. 1988. “Takeovers: Their Causes and Consequences,” Journal of Economic Perspectives, (2), pp. 21-48.
Lemieux, Pierre. 2005. “The Anti-Capitalistic Inquisition ”August 15
http://www.mises.org/story/1885
Manne, Henry. 1965. “Mergers and the Market for Corporate Control,” Journal of Political Economy, (75), pp. 110-18.
Ricketts, Martin. 1994. The Economics of Business Enterprise. London: Harvester Wheatsheaf
Rockwell, Llewellyn. 1989. “The Free Market vs. the Managerial Elite” The Free Market. Vol. VII, No. 6, June; http://www.mises.org/freemarket_detail.asp?control=580&sortorder=articledate
Rockwell, Llewellyn. 1990. “Michael R. Milken: Political Prisoner?” The Economics of Liberty Auburn: Mises Institute, pp. 70-72; http://www.mises.org/resources/2948
Rothbard talks about Milken in a couple of chapters of _Making Economic Sense_, here:
http://www.mises.org/econsense/ch49.asp
http://www.mises.org/econsense/ch28.asp
Rothbard, Murray N. 1995a. “Rethinking The ’80s” Making Economic Sense. Auburn, AL: The Ludwig von Mises, chapter 28; http://www.mises.org/econsense/ch28.asp;
http://www.mises.org/resources/3e3566d9-6933-4fce-bdd6-5b4edb98bb60
Rothbard, Murray N. 1995b. “Michael R. Milken vs. The Power Elite” Making Economic Sense. Auburn, AL: The Ludwig von Mises, chapter 49; Institute. http://www.mises.org/econsense/econsense.asp; http://www.mises.org/econsense/ch49.asp;
Scott, Jeff. 1999. “Book review of The commanding heights: the battle between government and the marketplace that is remaking the modern world. by Daniel Yergin and Joseph Stanislaw. New York: Simon and Schuster, 1998” The Quarterly Journal of Austrian Economics Vol. 2, No.1, Winter: 79–83; http://www.mises.org/journals/qjae/pdf/qjae2_1_5.pdf
8:52 pm on August 14, 2017
