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OpenMarket: Morality of Capitalism

  • Boeing Declines to Blackmail Washington Taxpayers, Threatened by Governor in Return

    October 23, 2020
    Boeing recently announced plans to consolidate all production of its 787 Dreamliner jet in South Carolina. In response, Governor Jay Inslee released a statement that called Boeing’s move “an insult to the hardworking aerospace employees” of the state and threatened “a review of our partnership and the company's favorable tax treatment.” In other words, retribution.
  • Jean-Baptiste Say on Manufacturing Nostalgia and Industrial Policy

    October 8, 2020
    In his 1803 A Treatise on Political Economy, Jean-Baptiste Say writes: "Production is the creation, not of matter, but of utility." That captures one of today’s major debates: the decline of manufacturing. Which matters more: output or the value people get from that output? Most economists agree that utility matters more. It doesn’t matter how much steel a factory can crank out if people don’t get value from it.
  • Court-Packing Isn’t the Left’s Only Threat to the Supreme Court

    October 8, 2020
    The Left’s threat to the pack the Court by expanding the number of justices seems to be unpopular. But they have proposed other policies that could disempower it, negating the role of conservatives on the bench. Samuel Moyn in a recent interview with Jacobin Magazine, suggests to get rid of judicial review.
  • Pension Managers Must Focus on Retiree Security, Not Politics

    October 6, 2020
    A new proposed rule from the Department of Labor on pension funds would clarify the responsibilities of pension fund fiduciaries covered under the Employee Retirement Income Security Act. When investment managers vote on shareholder resolutions on behalf of their beneficiaries, they are required to vote that they believe will maximize returns, rather than with any other goals in mind.
  • CEI Presents the 2020 Julian L. Simon Award to Dr. Steven Horwitz

    October 1, 2020
    On September 30, CEI presented its 2020 Julian L. Simon Memorial Award to Dr. Steven Horwitz, Director of the Institute for the Study of Political Economy and Distinguished Professor of Free Enterprise at Ball State University. The program included a lively discussion with Dr. Horwitz and CEI President Kent Lassman, on Julian Simon’s legacy, and what his lessons can teach us today.
  • Liberal Institutions and the Material and Moral Progress of Humanity

    September 30, 2020

    Let me start by once again thanking CEI for the incredible honor of being the 2020 recipient of the Julian L. Simon Memorial Award. I am still in a state of mild shock about this, and I am especially honored to be in the company of the previous winners, so many of whom are my own intellectual heroes. I offer here a few thoughts about why economics is important to...
  • Climate Cronyism: Big Businesses Tailor Policy to Benefit Themselves

    September 23, 2020
    The Business Roundtable released a new policy document recently, “Addressing Climate Change.” The statement seems crafted to cover BRT members over a wide range of scenarios while exposing them to the least possible financial risk. That’s fine for them, but not exactly some kind of major change in corporate attitudes. It is also unlikely to garner them the environmental halo they clearly covet.
  • Do We Want Corporations to Be Society’s Moral Referees?

    September 11, 2020
    The New York Times is observing the 50th anniversary of Milton Friedman’s famous article “The Social Responsibility of Business Is to Increase Its Profits” by inviting 22 experts to react via an online symposium. The diversity of criticism reinforces Friedman’s points that everyone wants corporations to do the “right” thing, but we no more agree on what is right in corporate life than we do in political life.
  • Socialism, Nationalism, and Political Control: Iain Murray on The Remnant

    September 10, 2020
    My colleague Iain Murray had a fascinating conversation this week with The Remnant’s Jonah Goldberg about his excellent new book, The Socialist Temptation. One of the most interesting points they cover, which we generally take for granted in daily conversations about politics, is how socialism is really defined.
  • Don't Let Feds Become Investing's Sheriff of Nottingham

    September 3, 2020
    Investing company Robinhood and its signature smartphone app have taken off in popularity in the last several months. According to Bloomberg, Robinhood has “catapulted ahead of its online brokerage rivals” and attracted more than 3 million clients in the first four months of 2020 alone. With this increasing profile, of course, comes increasing scrutiny.

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