All posts filed under: Economics

The Eggs Benedict Option (Raw Egg Nationalist)

Published by Charles Haywood

Often those who complain about the world in which we live offer neither a clear vision of how things might be different, nor a path to achieve that vision. Refreshingly, in The Eggs Benedict Option the pseudonymous writer Raw Egg Nationalist offers both vision and path, centered around food, in all its aspects, as the core of human flourishing. His essential insight is that, now as ever, he who controls the food controls the people. We must pick the controller—either our globalist ruling classes, or each of us for himself. The former is and will be a disaster for the nation. But for the latter, hard work and discipline are required.

Underwriters of the United States: How Insurance Shaped the American Founding (Hannah Farber)

Published by Charles Haywood

A review by me of this book has been published in the outstanding quarterly American Affairs, to which everyone should subscribe. The first paragraph, and a link to the entire review, and the journal itself, can be found below. Property insurance is everywhere, but it is rarely prominent in the public mind. Its internal workings are obscure, full of technical language, esoteric customs, and mind-numbing legalese. Most people give it little thought beyond what is absolutely necessary. Nonetheless, as Hannah Farber’s Underwriters of the United States makes clear, property insurance is a powerful social force in any complex economy. And surprisingly, this excellent academic analysis of underwriting in the American shipping industry, up until 1860, has much to say about America today. Most of all, it makes us consider how corporate entities, and more generally concentrations of private wealth and power, can and should interact, and be permitted to interact, with the rest of the nation. . . . . Read more at American Affairs!

Glass House: The 1% Economy and the Shattering of the All-American Town (Brian Alexander)

Published by Charles Haywood

Private equity has made me rich beyond the dreams of avarice. Yet private equity can be, as this book shows, a tool of the devil, a corrosive and destructive force in American life. Still, I do not think the story is as simple as Brian Alexander, the author of Glass House, would have it. The town in which he grew up, and which he profiles here—Lancaster, Ohio—has fallen far from its glory days, as have hundreds of similar towns across America. But the responsibility for that lies not just with the shady private equity companies that looted its largest employer, glass manufacturer Anchor Hocking, or with other elements of our rotten ruling class. It also lies with all of us, who bear more than some responsibility for the degradation of our towns, and of ourselves.

The Soul of an Entrepreneur: Work and Life Beyond the Startup Myth (David Sax)

Published by Charles Haywood

The “why” of entrepreneurship varies by entrepreneur. My core “why” is money. I want, and have always wanted, money, for what money can do. Whether that is avarice, or wisdom, or both, we can discuss another day. No surprise, in the 1980s song by The Nails, “88 Lines About 44 Women,” one of the couplets has always resonated with me: “Kathleen’s point of view was this / Take whatever you can grab.” Along similar lines, when asked what the mission statement of my company is, I like to respond, entirely accurately and completely, “To put sweet cash in the pocket of Charles.” I am consistent, at least.

Why Liberalism Works: How True Liberal Values Produce a Freer, More Equal, Prosperous World for All (Deirdre Nansen McCloskey)

Published by Charles Haywood

This is a special review. It is special because it is the last of its kind. I no longer intend to spend my time, and your time, on books that I know to be completely wrong, merely to show they are completely wrong. I am keenly aware of what I call “the closing door,” embodied in the words of John 9:4—“the night cometh, when no man can work,” which Samuel Johnson had engraved on the inside cover of his pocket watch. This does not at all mean that I am stopping writing, only that I will no longer write in the vein of correcting errors of the political Left. For the hour is late, and the Right has better things to do.

When Money Dies: The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar Germany (Adam Fergusson)

Published by Charles Haywood

Inflation, like most society-wide monetary happenings, is always complex and often incompletely grasped. At least this is true of its causes; of its effects, most of all its social effects, there is now little doubt. We learned much about inflation during the twentieth century, when the advent of permanent fiat money made hyperinflation possible for the first time. But as this book shows, the infamous German hyperinflation of 1923 was poorly understood by those who lived through it. And whatever we understand now, the past several years, and in particular the past few months, have demonstrated that we still often ignore what we know. When Money Dies shows what happens when reality reasserts itself. It’s not pretty.

Ages of Discord: A Structural-Demographic Analysis of American History (Peter Turchin)

Published by Charles Haywood

I am skeptical of those who predict the future by looking at the past. It’s not that history follows a random walk, like the stock market. Quite the contrary—it is easy to show certain patterns in history. But predicting how and when those patterns will yield any particular result in any given society seems like astrology. Peter Turchin, however, offers a very convincing, and very well-supported, tying of patterns to data. I’m still not sure it’s not astrology, but I’m half convinced. And this is a good book to read in January 2020—because right now is when Turchin predicts, in America, the swelling discord of the title.

The Value of Everything: Making and Taking in the Global Economy (Mariana Mazzucato)

Published by Charles Haywood

I have long known in my gut that usual measures of social wealth, most of all GDP, are fraudulent, in that they falsely identify value where there is none. I have intuited we were all being lied to, and that those who assured us that ever more value was being generated by our society by what appear to be objectively valueless activities were, at best, hiding something. This outstanding book, by left-wing economist Mariana Mazzucato, explains what is being hidden, what hard truths are being avoided, and what she thinks we should do about it. And while I don’t agree with all her prescriptions, or with her rosy view of government competency, the first step on the path to self-improvement is admitting you have a problem.

The Great Transformation: The Political and Economic Origins of Our Time (Karl Polanyi)

Published by Charles Haywood

The Great Transformation, published in 1944, is an ambitious book. It attempts two huge tasks. First, to refute the free market ideology, sometimes called market fundamentalism, represented at that time by men such as Ludwig von Mises, and now by the entirety of globalized neoliberal capitalism. Second, to explain the history of the nineteenth century through an economic lens that also purports to explain both World War I and World War II. Mostly, the book is a failure. It overshoots in its criticism of the free market, and falls short on its claims of historical explanation. Karl Polyani’s prescriptions are, moreover, vague and worthless. There is some truth in this book, but it is buried beneath too much dross.

Bullshit Jobs: A Theory (David Graeber)

Published by Charles Haywood

I am trying to understand how human beings create value through their actions, and what that implies for humanity. Although this goal is hardly original, and has occupied much brighter thinkers than me for much of their lives, it is a necessary step in defining Foundationalism, because how we occupy our hands and minds, and what effects that has on us and society, are critical components of human flourishing. And the economic path we have been on for the past several decades has led to the opposite of human flourishing, surface appearances notwithstanding. To guide us to flourishing, we must understand why that is, and what can be done differently.