Forked-Tongued Washington Government

The Sherman Antitrust Act of 1890 was the first federal statute to limit cartels and monopolies and still forms the basis for most antitrust litigation by the Department of Justice. The Act contains two important provisions. Section 1 outlaws contracts and conspiracies in restraint of trade. Section 2 prohibits monopolization and attempts to monopolize. Most [...]

“We Want to be Regulated”

Efforts in Washington to write a major climate-change law are causing some Bootlegger/Baptist coalitions to fall apart and new ones to emerge. In late September Exelon Corporation, a major electric utility, followed industry partners Pacific Gas & Electric (PG&E) and PNM when it resigned from the U.S. Chamber of Commerce. The Chamber opposed the Waxman-Markey [...]

What The Drug Warriors Have Given Us

Does anyone still think the “war on drugs” is a good idea?

That may strike some people as an odd question under the circumstances, so let’s take it from another direction. Have you seen the news stories about the violence on the border being perpetrated by the Mexican whiskey and cigarette cartels?

No? That’s probably because there was no such violence and are no such cartels.

So why are there violent cartels in marijuana, cocaine, and heroin but not in whiskey and cigarettes?

All together now: prohibition.

Hierarchy or the Market

In an article in last June’s Freeman, I applied some ideas from the socialist-calculation debate to the private corporation and examined the extent to which it is an island of calculational chaos in the market economy. I’d like to expand that line of analysis now and apply some common free-market insights on knowledge and incentives [...]

How Nineteenth-Century Americans Responded to Government Corruption

James Rolph Edwards is an associate professor of economics at Montana State University-Northern. From its origin as a distinct secular scientific discipline with the French Physiocratic school in the middle of the eighteenth century, and the British classical school that followed, economics had a pro-market, limited-government orientation. Indeed, intellectual historians and political philosophers often refer [...]

Airline Protectionism Hurts Travelers

In one form or another the U.S. government has regulated the domestic airline industry since 1930. The imposition of various rules and regulations has kept the industry from becoming as efficient as it might have become had it evolved in a free market. While many controls ended in 1978 and the Civil Aeronautics Board (CAB) [...]

Paper Tiger

Christopher Mayer, a commercial loan officer, is studying for an MBA at the University of Maryland. Gadflies have long been predicting the exhaustion of critical natural resources—especially oil. Despite the doomsaying, a barrel of oil is cheaper today than a pair of movie tickets. As Daniel Yergin pointed out in a recent editorial in the [...]