Putting a stop to the Argenzuela Project

[Editor’s note: The following piece is written by Dr Nicolás Cachanosky, an economist at Metropolitan State University, Denver and a native Argentinian. Dr Cachanosky hails from the same PhD program (at Suffolk University) as Rick, who introduced us. His homepage is here, and he is also a member of the group blog Punto de Vista Económico (which you can find on the blogroll here at NOL). Check out his popular work for the Mises Institute, too. – BC]

For the last 12 years Argentina was under the influence of the Kirchner administration. First by President Néstor Kirchner (NK), and then two terms by her wife (and widow since 2010) Cristina Fernandez de Kirchner (CFK). Their plan, as perceived by many, was to alternate presidential terms between NK and CFK and remain in power endlessly. While this plan came to an end with NK’s death in 2010, CFK started to entertain the idea of reforming the Constitution to be able to run a gain for office. Because this was not possible, she chose Daniel Scioli, the Governor of Buenos Aires Province to be her successor. Last Sunday, November 22nd, Mauricio Macri, Mayor of Buenos Aires City beat Scioli in a ballotage and became president elect starting his term this coming December 10th.

Argentina was in path to become what is referred as Argenzuela. Namely, the Kirchner administration was taking the country, step-by-step, to become the next Venezuela of Latin America in a close way to what has been described as the four stages of populism. Under the Kirchner administration, the government increased their political ties with Venezuela, Iran, and China, at the expense of political relations with countries like the United States, Germany, and the United Kingdom. But the resemblance was not only in terms of political friendship, but on institutional and economic reforms. Argentina became a country where “Republic” is just a word on paper without a real presence in the country’s institutional reality. According to the Fraser Institute’s Economic Freedom of the World, in 2003 Argentina ranked 99 out of 153 countries. By 2012 it ranked 149 out of 152 countries. The loss of economic freedom was fast and significant. Economic troubles and imbalances did not take long to appear.

Macri’s victory in the presidential elections put a stop to the Argenzuela project. We know what a presidency by Macri won’t look like. But it is still hard to say what it will actually look like. Macri is known for his emphasis not in free or unfree markets, but on an efficient administration. While not difficult to be more free market than the Kirchners, it might prove difficult to describe Macri’s political movement, Pro, as a free market party. The Kirchner administration has refused, at least so far, to share information with Macri and his appointed ministers, so the real situation of the economy and the Treasury remains unknown. Macri and his team are working on reform plans half-blinded because they don’t have reliable economic information, if they have it at all.

Specific reforms by Macri are still unknown (at the time of writing these lines), but his team of Ministers has already been announced. The people he’s bringing to the government with him show significant successful careers in government, the private sector, and international organizations (her chosen Chancellor is the Chief of Staff of Ban Ki Moon, General Secretary of the United Nations.) This is a clear contrast with the Kirchner administration, where all the Ministers showed a strong ideological motivation before professional accomplishments.

The economic crisis in Argentina hands Macri a unique opportunity to carry long needed significant reforms. He has, also, a unique political position. His political party has not only won the presidential election, with Pro Macri has also retained the Mayor’s office of Buenos Aires City and also won the Governor elections for the Buenos Aires Province. Macri’s Pro is in charge of the three most economically and political important districts. Let us hope that Macri does not become yet another lost opportunity in Argentina’s history.

Assessing Elections in Poland and Argentina in the Context of Populism and Liberalism in Europe and South America II (liberalism in the classical sense of course).

The Argentine election was for the state president, who is head of government as well as head of state. An expected first round victory for the Peronist party (formally known as the Justicialist Party) candidate Daniel Scoli disappeared as he failed to clear 45%. He is clearly ahead of Mauricio Macri, Mayor of Buenos Aires, running on behalf of a three party centre-right alliance which contains the less statist, and populist elements of Argentine politics, but at least the hope exists of a second round triumph over the Peronists.

The third candidate is also a Peronist, showing the difficulty of overcoming that legacy and why even just turning the Presidential election into a competition between a Peronist and a non-Peronist is a victory of some kind. The sitting President Christine Kirchner pushed at the limits of the Argentine constitution, which prohibits more than two terms for any President, by alternating in power with her late husband Nestór Kirchner. If he had not died in 2010, we might now be looking forward to a fourth consecutive term in power for team Kirchner.

Peronists or the army have run Argentina almost constantly since the 1940s. The periods of army rule give a good indication of how successful Juan Perón and his widow Isabel (the third wife) were in stabilising Argentine society and political institutions. Nevertheless the Peronists have been the only party with a record of electoral success in Argentina and have improved from the chaos that Juan and Isabel instigated in more recent appearances in government.

As such a dominant party they have relatively centrist technocratic elements (most notably ex-president Carlos Menem) as well as the hard core statist populist nationalists. The Kirchner years have tended increasingly towards the more populist end, stoking nationalist sentiment over the islands in the south Atlantic known in Argentina as the Malvinas and in the UK, which has sovereignty over the islands, as the Falklands.

There has been economic growth under the Kirchners, but it has now very much slowed as policy has tended towards high inflation, currency controls, confrontation on debt owed to foreign creditors and increasing budget deficits. There has been social liberalism, most obviously, on attitudes to the LGBT communities, but in a context of nationalist sovereigntist politics. At least we can hope that if Scoli wins, he will feel obliged to shift towards genuine economic sustainability and a less populist politics.

In general, this adds to a feeling that South America has passed the peak of leftist populism which has influenced most countries outside Colombia in the last two decades. The more respectable end of that spectrum in Brazil’s Workers’ Party, which had been fairly successful economically, appears to be declining under the weight of corruption scandals, economic recession and incapacity in delivering on the more populist side. On the less respectable side, Venezuela has lost its status as model for the world’s radical left as corruption, economic decay, state brutality, election rigging and persecution of the opposition has become too extreme to ignore, particularly since the state socialist hegemony no longer has Hugo Chavez as a charismatic frontman.

Brazil and Venezuela were the models of the left, reformist and revolutionary respectively, and no longer have that status. If there is a model now it is the Evo Morales Presidency in Bolivia, which in some respects is radical left, but not consistently enough to get the kind of model status previously accorded to ‘Lula’ (now caught up in corruption scandals as his successor Dilma Rousseff) in Brazil and Chavez in Venezuela (whose successor Nicolás Maduro is a blatant and charmless neo-Stalinist thug-apparatchik). The Morales regime has received some cautious support from those inclined towards liberty on the grounds that he has pursued an overdue reduction of the power of traditional rent seeking elites in Bolivia and engaged in an economic pragmatism certainly distasteful to former Chavez admirers, and not even entirely comfortable for former admirers of Lula.

The leftist populist tide in south America has not entirely receded, but is now discussed with increasing nostalgia and an increasingly elegiac tone by left socialist observers, and as it has receded has tended to leave only embarrassments for the socialist left or reformist pragmatist examples of at least some interest to the liberty community. We are not looking at a strong shift towards liberty in all its forms in that region, but at least we see some shifts opening the possibilities of new movements towards liberty in markets, rule of law, individual rights, and social openness.

Greece: Democracy in Action

The Greek people expressed themselves with utmost clarity. In response to an incomprehensible question posed to them by their fairly elected Prime Minister, the Greeks voted by a wide margin for the precipice instead of self-discipline. They also voted consciously for blackmail, because their government had explained to them that the “No” vote they gave would put pressure on Greece’s creditors (which include ordinary European Union taxpayers and, to a small extent, through the International Monetary Fund, US taxpayers as well.) The Greek government cynically campaigned for the same “No” vote.

Greece just joined Argentina to form a group of countries where the population deserves what’s coming to it because of its deliberate dishonesty, articulated through perfectly legitimate democratic channels.

As usual the urban poor in Greece – those who have no hens and no apple trees (like my parents in the fifties) – will be the ones to suffer the most as a result of irresponsible collective choices.

When was the last time anything good for the poor ever came out of an election won by any Left at all, anywhere, at any level? Please, remind me.

Facts vs Narrative: American Peronismo

Anyone who has written anything other than an accident report, maybe even only three letters to his mother, knows or guesses the following: facts often interfere with the quality of a narrative. Only very great writers manage to incorporate all the relevant facts without damaging the beauty of their narratives. Or, they make up facts that will fit without damage into their narrative. I am thinking of Mark Twain among a few others. But that’s in mostly fiction writing, intended as fiction and perceived as such by the reader. The other option is to leave out all the hard facts to the benefit of narrative beauty and then, you have poetry!

Writers in genres other than fiction – old-school journalists, for example – face the same issue, the same dilemma. While they wish to communicate facts, they understand that an attractive narrative helps them in their task. If nothing else, an enthralling story, does keep the reader, and the listener awake; even merely a pleasantly told story Only the un-gifted who face what they think is a captive audience (no such thing, I think) abandon narrative altogether. They insist on bullet points of facts, a method that seldom achieves much of anything, or anything lasting, I believe.

There is thus another, more subtle reason to craft one’s narrative when transmitting facts, a reason to which I just alluded: Facts embedded in a good narrative are retained longer than facts thrown out at random.

Form really matters when you tell others things you believe they ought to know. But facts are often undisciplined, they often refuse to be choreographed into the opera you wish to stage.

Every writer of other than fiction faces the same issue although more or less frequently. The issue is this: what to do with facts that injure an attractive feature, or the whole integrity of the narrative to which it belongs, like this:

“Dear Mom and Dad: I really, really enjoy Camp Iroquois. In the morning, with have this huge breakfast outside with huge omelets and as much bacon as we can eat plus pancakes with syrup and jam. Then, we wash a little and sometimes the counselors make us brush our teeth and we throw wet towels at each other. After that we, play baseball or touch football until noon. (Don’t worry, Mom, I am wearing my cap and lots of sunscreen.) After games, we all have barbecued lunch with hot dogs and lots of relish and cold coke. And then, we rest under a big tree and a counselor reads us adventure stories. After the story, we go and bathe naked in the pond that’s very close. Just the other day, I went to the pond early by myself and I slipped into water that reached above my head. You couldn’t see anything underwater and there was lots of mud at the bottom. So, I forgot that I could swim a little and I swallowed some pond water. Fortunately, Counselor John, the tall one I told you about was just walking by the other side of the pond. He ran and he pulled me out just in time. I coughed a lot of brown water but I guess I am fine, now, so, don’t worry. And, Mom, don’t worry about the laundry either because we hardly wear any clothes most of the time. Plus, I have found a way to make my underwear last for more than one day by just turning it inside out. Oh, I almost forgot to tell you that right after diner, every night, the counselors make a big bonfire and we sing songs until we feel tired and we have to walk to our tents to sleep.

So, Mom, and Dad, you see, I am having a great time at camp so, don’t fret about me.

Your son, Peter.”

You see the problem? The narrative of a happy kid whose parents need not worry about a thing would be improved by the removal of the near-drowning episode. If the child were wise beyond his years, he would leave it out, right?

The same problem arises with every political narrative, including the long-flowing narratives that serve as action guides by default for political parties and for political currents:

Do you tell a good story on an ongoing basis or do you include the relevant facts even if they interfere with its flow?

It seems to me that there is a major difference between political left and right in their willingness to worsen the narrative with facts. I may be wrong. I will listen to criticism and to contradictions. If my perception is correct however this preference for the narrative explains a great deal. It explains the fact that the left everywhere is inured to its own failures and to the success of its adversaries. Curiously, it explains why there is such a preponderance of leftists in practically all the arts, from Hollywood to French singers.

This preference for form over fact even explains the continuing puzzle that is the country of Argentina. I explain: There is no reason why Argentina is not Canada, as prosperous as Canada or nearly so. In fact, three times in one hundred years, the Argentinean standard of living nearly equaled that of Canada. Each time, it was after an important conflict elsewhere. Each time, Argentinians squandered their wealth; each time, they allowed themselves to fall back into poverty instead of taking off and out of underdevelopment for good.

The current government in Buenos Aires is the third iteration of a populist movement called “Peronismo.” The movement is based on a good story: a benevolent, and originally elected dictator, distributes the unjustly acquired wealth of the insolent rich to the poor to the “descamisados,” to those who don’t even have a shirt on their back. Sure the process, is sometimes a little messy but it does not matter; it’s the intention and the goal that matter. And if you stop the clock at any time during the re-distribution process, you will easily find poor families that are better off this year than they were last year.

Peronismo promises to create social justice and a decent life without the rigors and the discipline of communism, for example. The first two times, Peronist regimes ended in economic disaster, the second time, also in a brutal, murderous military dictatorship that lasted for seven years. The current Peronist regime recently had to assassinate a prosecutor in his home because he was about to splash the presidency bloody with a precise, well documented tale of murder and corruption in high places. (Argentina is not a stereotypical Latin American dictatorship however; the current president, Cristina Fernández de Kirchner was properly elected .)

The thing, when you talk to Argentinians of the middle class is how civilized they are, how courteous, how well educated, how well informed, (much better informed that middle class Americans in general, if you ask me). And they speak a beautiful Spanish that bears lightly the faint echo of the millions of Italians that form the bulk of Argentina’s population. And their songsters and their singers are second to none. I am listening to Mercedes Sosa as I write, whose “Gracias a la vida” would make me shed tears if I could shed tears. Before her there was Atahualpa Yupánqui, a singer and poet of the poor much better than any country music singer I know (and I know many). Even Buenos Aires pimps invented the tango which is more than you can say about pimps anywhere else. And then, there is that gaucho sitting on his skinny horse sipping hierba mate from a silver tube in a gourd. He always looked to me like a more authentic version of Western movie cowboys because he is not that well groomed, if truth be told; he is just more manly.

In brief, Argentina, the nation, has an excellent narrative. It’s all the better because it is not spoiled, it does not contain disturbing facts: Destiny and history favored Argentinians from the beginning but they are poor most of the time. (Currently, the country has a GDP (PPP) per capita of $19,000, against Korea’s $33,000, a country that had nothing in 1955, and $53,000 for the US – CIA Fact Book) Argentines always dive into poverty for the same reason: They insist that dividing into twenty a pie intended for six will be just fine. They give no attention to the requisites for baking a bigger pie. They are quick to endorse concrete injustices committed in the name of abstract justice. (After all, the expressed wish of the sovereign people must take precedence over constitutional formalities.) If all these obvious historical facts were woven into it, the narrative would not be nearly as attractive; it would be disfigured. It might be disturbing enough to force them to pay attention and begin fixing what’s wrong with their society at last.

It seems to me that a preference for the flow, the coherence of a narrative over the inclusion of relevant facts is commonplace but I think it’s routine among the tribes of the left.* Communism killed at least 100 million people. Yes but it fought injustice. Cubans lead miserable lives in Cuba; those who fled with the shirts on their back are twice richer than those who stayed, after only a couple of years parking cars in Miami. Yes, but the Cuban revolution was deserving of a great movie and it ended by providing free medical care for everyone. That is justice.

Even worse, the US is an international bully variously attacking other, weaker countries for their oil or to force them to adopt institutions they don’t like. A sense of decency requires that Americans stop the bullying.

In the US, the Democratic Party, propelled by its energetic left wing, often garners the extra votes it needs to win – beyond the obligatory black votes, union votes and teachers’ votes – by telling a good story: It’s the party holding the fort against the “war on women,” it’s the party of the little guy; it’s the party of the perpetually racially oppressed, of those oppressed merely because of their sexual preference, even of the newly oppressed “middle class.” Its narrative tugs at your heart strings unless you are very critical and very well informed. It’s a narrative that is squarely opposed to facts. Here are some facts that would change the liberal American story’s face, if they were allowed into that story:

  • The War on Poverty may have been a good idea originally. Fifty years later later, we are allowed to take stock. There is no reason to believe it was a success. There are reasons to think it was a failure.
  • The death rate of young black Americans is stupendous. Few die at the hands of police however. Mostly, they kill one another and they succumb to drug overdoses.
  • At any one time, at least half of American adults are opposed to abortion on demand. A high proportion of these think it’s murder plain and simple.
  • There is no evidence that, on the average, women earn less money than comparably situated men. There is a law forbidding this and there is no evidence that it’s often violated.
  • Out-of-wedlock birth is highly correlated with poverty for all social and racial groups.
  • The thesis that human activities (industrial, cars) are causing a rapid rise in global temperature that will cause catastrophes for the environment and, eventually for humans, that thesis is not well established, if it is established at all. Evidence against as a well as evidence in support is amassing quickly.
  • When the US does not act as a world policeman, unspeakable horrors multiply.

I could go on and on, obviously. Liberals don’t want to include these basic facts in their narrative of injustice and of oppression, domestic and international because it would simply destroy it. Absent the narrative, they would lose almost all elections. That’s why it matters to contradict tirelessly with facts the fairy tale in reverse tirelessly propagated by the left and by media now mostly at its beck and call.

Under the guidance of the Democratic Party (today’s Democratic Party), America would become another Argentina. The Democratic Party is not “socialist” as old Republicans are fond to grumble. (“Socialism” is a word that has lost any fixed meaning. It may never have had one. Perhaps, it was always only an incantation.) The Democratic Party is Peronist. Peronism is a form of soft, self-indulgent fascism that drags everyone except the dictator’s buddies into poverty. (See my short essay on fascism on this blog: “Fascism Explained.”)

* Here is an example of a conservative narrative that would be spoiled by relevant facts. Conservative media heads keep repeating that the first thing to do to solve the problem of illegal immigration, is to “secure the border.” Let’s not kid ourselves, they mean the southern border of the US, the border with Mexico. Missing from this concise and manly, energetic-sounding narrative:

The fact that most illegal immigrants today do not come from Mexico, or from elsewhere in Latin America.

The fact that those who do come from south of the Rio Grande don’t actually swim across that river or trudge in the desert at night but that they drive in and fly in and then, overstay their visa.

The fact that arrests of illegal aliens where they are easy to catch, at places of work that concentrate them such as slaughter houses, the fact the number of such arrests is tiny, year after year. (I mean that this requires an explanation.)

The fact that illegal immigrants who are arrested and who, under the law, are supposed to be deported by priority, criminals, often get to stay, mysteriously.

All these facts who detract from the “secure the border” narrative for the simple reason that none of facts above would be altered if the National Guard stood right on the border with Mexico elbow to elbow, fingers on the trigger of their machine guns.

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Updates and Accolades

Hello loyal readers. I apologize for being so absent from this blog lately (not that most of you are here for me, but I digress). I’ve been hitchhiking around Colorado and Utah and trying to “suck out all the marrow of life,” as it were. I’ve been busy preparing for graduate school applications, and enjoying the company of my family.

First off, updates. LA Repucci, a guest blogger here at the consortium, has launched a project of his own, and I can’t wait to see what he comes up with. Please be sure to support his endeavor.

Second, I’ve been in talks with a number of scholars around the world and am pleased to announce that I suckered a number of them into participating in this experiment with spontaneous order. You may have noticed that the ‘Recommendations‘ section, for example, has been revamped and that the Fundación Instituto David Hume, based in Buenos Aires, Argentina, is now placed prominently alongside some of the other organizations with which Notewriters are associated with.

This is because Federico Sosa Valle and Eliana Santanatoglia – the founders and most prominent researchers for the institute – will soon be blogging with us, and mostly in Spanish to boot! Federico, if you’ll remember, has actually started already.

I’ve also managed to convince Lucas Freire, who works with Dr van de Haar on libertarianism and International Relations, to begin blogging with us in both English and Portuguese. Be sure to give him a warm, NOL-style welcome when he begins.

You’ve already met Dr Barry Stocker, but in any case here is his official profile page. Be sure to keep those ‘comments’ coming!

I’ve managed to pester two historians into contributing the blog, Andrei Znamenski and Jonathan Bean. Dr Znamenski already made his debut post and you can find out more about him on his profile page. Dr Bean is currently enjoying his summer but you can check out his most recent book, Race and Liberty in America, on the sidebar.

Last but certainly not least is Michelangelo Landgrave, an economics graduate student at Cal-State Long Beach. You can check out his profile page here, and here is some of his work at .Mic and more here at Open Borders. I’m very excited to have him on board.

Our work here at Notes On Liberty has recently been featured at RealClearMarkets and at Reason magazine’s Hit & Run blog. While this is nothing to the authors who were actually featured, Dr Foldvary and Dr Hummel respectively, it is always nice to know that your project – started from scratch – has gained such a prominent readership. We couldn’t have done it without your support and especially your comments. Have a great weekend!

A Warm Welcome Please

Ladies and germs, allow me to introduce Federico G.M. Sosa Valle:

Sosa Valle (follow him on Twitter) is an attorney and lecturer in law at the University of Buenos Aires. He has a Master in Economics and Political Science from ESEADE, and has published research in the areas of law, political economy and the history of ideas.

Sosa Valle is a practicing lawyer in the public sector and in the field of commercial law. In 2008 and 2009 he joined with the office of the Board Secretary of the Friedrich A. von Hayek Foundation, in Buenos Aires, Argentina. Currently, he is the Co-Founder and President of the “David Hume Institute Foundation” in Buenos Aires, Argentina.

I came across his work totally randomly. I was searching online for some work on Argentine economic development during the 20th century and came across Federico’s work on Hayek. His blog on Hayekian thought started out with “Notes On…” so I knew right away I was dealing with a genius.

His first two posts can be found here and here.

Thanks Federico, for your willingness to join this internationalist-oriented challenge.

“The Idea Trap” e o nacional-inflacionismo venezuelano-argentino

Minhas breves observações sobre a Venezuela e a Argentina. Aqui.

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  3. Sandy Ikeda asks: Who is really threatened by innovation? Rick’s recent musing on political entrepreneurs can also shed some light on Ikeda’s question.
  4. The Liberty Constitution, Or, What About Slavery? Some libertarian legal theory for dat ass.
  5. Diplomacy.” A transcript of Rand Paul’s recent speech on US foreign policy.
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The Pope, Capitalism, and los Yanqis

Below is a comment that seems to me to be missing about Pope Francis’ current grasping for the Nobel in Economics. It’s beyond the simple observation that what he said recently about capitalism re-affirms the simple fact that princes of the church want to do good but have not understood simple economics, ever. And, by the way, there is nothing new to what the Pope said. I heard the same when I was growing up in a progressive Catholic parish in Paris, a long, long time ago. (And no, I was not molested, except by that older girl-scout, another story obviously.)

The current pope is a member of the Jesuit order. In the Catholic world, the Jesuits enjoy a reputation for intellectualism. It’s true that almost all have advanced degrees. (This pope appears to be an exception.) It’s also probably true that the many schools the Jesuits run, including universities, are not allowed to fall below a certain minimum level of competence. Beyond this, 25 years of close observation tell me that their good reputation only holds in a relative sense. Only the widespread ignorance of the Catholic church and of its other religious orders makes the Jesuits look good. They are quite tightly wrapped in their prevailing ideology and largely blinded by it. That ideology happens to be left wing right now. (Jesuits used to be fierce right-wingers of the most ignorant, closed-minded kind.) I don’t expect any Jesuit to be an intellectual giant although a few are.

The Pope is also an Argentinean, a provincial Argentinean. He did not suddenly free himself from the associated intellectual burdens upon his election. Like many, nearly all (I have not done a count, I confess, Your Holiness) of his compatriots he has had to struggle all his life with the following question:

Why isn’t Argentina Canada, with a constant high level of prosperity and political institutions that guarantee stability and peaceful alternance in power?

A subsidiary question: Why does Argentina become rich every thirty years only to plunge back into poverty?

Confounded by the brutal reality of the fact that there is no response that does not point straight at themselves, Argentinean intellectuals have developed a short, undemanding answer and a long-winded complicated one, both of which hold them innocent of their plight.

The short answer is this: It’s because of los Yanqis.

Of course, there is a problem in the fact that Canada with many more and tighter economic and political links to the US performs splendidly on any measure of economic or social welfare.

I spent a good deal of my scintillating youth debunking the second, long answer to the query described above. They came out of Argentina in the late fifties as a narrative production called “Teoría de la dependencia.” It later morphed into something called “World System Theory” under the influence of an excellent book by an American.

To make a long story short the theories’ main allegations about Third World poverty were that the more economically tied poor countries were to major developed economies, (such as the American economy) the poorer they became. Those allegations finally did not hold up under the scrutiny permitted by computers handling large amounts of archival data. (See my own co-authored piece for example: Delacroix, Jacques and Charles Ragin. 1981. “Structural blockage: a cross-national study of economic dependence, state efficacy and under-development.” American Journal of Sociology. 86-6:1311-1347.) The modern empirical research performed in the US and other part of the English-speaking world utterly destroyed Latin fantasizing in that area.

Pope Francis did not get the news apparently. Few Latin Americans did. Proudly innocent of any understanding of statistics, they cling to their beloved narrative as tightly as they did in 1965. They may cling to it even more tightly than they did then since they tasted the dust of South Korea’s and even of India’s economic development. (I am deliberately not mentioning China’s real development and its fake relationship to “socialism” because I don’t want to have to write another ten pages.) It’s not my fault; the Pope is older than me. He never sat in my classroom or in any of my former students’ classrooms. We never got a chance to straighten him out.

You have to think of every one of Pope Francis’ economic pronouncement with the understanding that he would probably not receive a B in the Econ. 101 class of a good public university. (In a good private university, in a Jesuit university for example, there is a good chance he would be made to achieve a B by any means necessary, including legitimate means.)

I don’t blame the Pope or the Catholic Church much. The old Adam Smith’s The Wealth of Nations (1776) is still esoteric reading to many of our contemporaries, including college graduates, including most college professors, I would guess, including many who tango on in the media. (Just listen to National Public Radio.)

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The Myth of the Failure of Capitalism, 1932 edition