Wednesday, February 10, 2016

Conservative Values

The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.

Since our founding, a society constituted of the market and a government capable of enforcing the rule of law has done more to lift up the human condition from poverty than any other system in the history of the world.  The United States is exceptional.  Among capitalistic democracies, the United States exemplifies the liberal version.  The social democratic regime is found in the Nordic countries and the conservative regimes are found in Catholic countries.

John Maynard Keynes died in 1946.  He said that in the long term we are all dead.  He was brilliant.  His book suggested fiscal tools for managing the economy and categories of analysis that influenced economic policy and analysis for decades.

Frederick August von Hayek (1899 – 1992) became a professor at the London School of Economics in 1931 and a leading critic of Keynes.  Margaret Thatcher and Ronald Reagan recognized the importance of coordinating function of the market.  Hayek wrote The Road to Serfdom (1944) while living in Cambridge.  He was awarded a Nobel Prize in Economics in 1974.

Good conservative values means supporting the United States version of democratic capitalism before Obama.

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