Listening to the talking heads on the Sunday news shows and the political hot air out of Washington, D. C., you would continue to be believe that the current economic crisis is all a product of capitalism and “evils” of the free market.
Last week I delivered a public lecture at Northwood University, where I am now a professor of economics, on “Economics, Freedom,and the Current Economic Crisis.” I detail how it has been government monetary and interventionist policies that have created the economic crisis we are in, and why a return to a truly free market is the only lasting and sustainable way to overcome the current recession.
For those who get very pessimistic about the current political and economic trends — and who does not suffer from such moments of pessimism — we need to remember Ludwig von Mises’ reminder that “trends can change.” They have changed in the past, and they can and will change in the future.
The very contradictions and inconsistencies in all forms of interventionism and statism in general means that it cannot prevail permanently. A few years ago I wrote a piece on, “Freedom and the Pitfalls of Predicting the Future,” in which I pointed out that trends that seemed “inevitable” eventually turned out not to be so.
They will change again, and, hopefully, in the direction of freedom, if only we have the courage and the determination to defend what we know to be true.