A Positive Programme for Laissez-Faire Capitalism

Journal of Corporate Citizenship, Vol. 19, Autumn 2005

12 Pages Posted: 6 Jul 2011

See all articles by Walter E. Block

Walter E. Block

Loyola University New Orleans - Joseph A. Butt, S.J. College of Business

William Barnett

Loyola University New Orleans

Date Written: July 5, 2011

Abstract

We argue in this paper that the last best hope for economic prosperity is a system based on private property rights, capitalism and limited government. One of the reasons for this claim is that, in such a system, in contrast to one in which the state plays a large role, when mistakes are made, those responsible for them automatically tend to go bankrupt; those who remain in operation at any given time have thus passed a stringent market test. The same cannot be said for government bureaucracies, FEMA being only one recent example. We apply this insight to examples ranging widely over the economy, and including money, infrastructure, welfare and poverty, crimes, labour relations and the environment, where we consider air pollution, forests, sanitation, species extinction and renewable and non-renewable resources.

Suggested Citation

Block, Walter E. and Barnett, William, A Positive Programme for Laissez-Faire Capitalism (July 5, 2011). Journal of Corporate Citizenship, Vol. 19, Autumn 2005. Available at SSRN: https://ssrn.com/abstract=1879549

Walter E. Block (Contact Author)

Loyola University New Orleans - Joseph A. Butt, S.J. College of Business ( email )

6363 St. Charles Avenue
Box 15, Miller 321
New Orleans, LA 70118
United States
(504) 864-7944 (Phone)
(504) 864-7970 (Fax)

William Barnett

Loyola University New Orleans ( email )

526 Pine Street
New Orleans, LA 70118
United States

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