15 January 2014

He Said It: Stiglitz

"At their best, markets have played a central role in the stunning increases in productivity and standards of living in the past two hundred years--increases that far exceeded those of the previous two millennia.

"But government has also played a major role in these advances, a fact that free-market advocates typically fail to acknowledge. On the other hand, markets can also concentrate wealth, pass environmental costs on to society, and abuse workers and consumers. For all these reasons, it is plain that markets must be tamed and tempered to make sure they work to the benefit of most citizens. And that has to be done repeatedly, to ensure that they continue to do so."

--Nobel Laureate Joseph Stiglitz, "The Price of Inequality" (June 11, 2012)

14 January 2014

They Said It: The Minority of the Pennsylvania Convention

"We dissent, secondly, because the powers vested in Congress by this [proposed United States] constitution, must necessarily annihilate and absorb the legislative, executive, and judicial powers of the several states, and produce from their ruins one consolidated government, which from the nature of things will be an iron banded despotism, as nothing short of the supremacy of despotic sway could connect and govern these United States under one government." 

--from the Address of the Minority of the Pennsylvania Convention, December 12, 1787 (italics in the original)

08 January 2014

He Said It: Mallock

"Socialism may be worthless as a scheme, but it is not meaningless as a symptom. Rousseau's theory of the origin of society, of the social contract, and of a cure for all the social evils by a return to a state of nature, had, as we all know now, no more relation to fact than the dreams of an illiterate drunkard; but they were not without value as a vague and symbolical expression of certain evils from which the France of his day was suffering." 

--William Hurrell Mallock (1849-1923), A Critical Examination of Socialism (1907), chap. 16