“With Luiz Inacio “Lula” da Silva’s narrow victory over president Jair Bolsonaro in Brazil—the two-time former president defeated the incumbent by a 1.8 percent margin (50.9 to 49.1)—the Latin American left has completed its strategic dominance over the region’s seven largest countries.
In the 2000s, much was made of Latin America’s so-called “Pink Tide,” which began with Hugo Chávez’s first electoral victory in Venezuela (1998) and da Silva’s first term in Brazil (2002–2006). There followed an unprecedented rise of left-wing governments across the region. However, there were still important holdouts at the time; Mexico and Colombia didn’t veer left at all; Chile maintained its post-Pinochet social democracy; Peru’s original “Pink Tider,” Ollanta Humala, initially scared the markets in 2011 but proved to be mostly moderate in power.
By late 2022, however, hard leftists—often in cahoots with local communist parties—had handily won the last elections in each of these countries and in Argentina, which returned to Peronist Kirchnerism in 2019. Bolsonaro was the last right-winger standing”
“Georgia Republicans passed S.B. 202 to overhaul the state’s voting law just two months after losing both of the state’s Senate seats to Democrats and four months after President Donald Trump lost reelection. The so-called “Election Integrity Act of 2021″ sought to undo pandemic-era changes to voting rules intended to mitigate the spread of COVID-19.”
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“there is plenty to dislike about the bill: In addition to sharply narrowing who can request absentee ballots, it significantly curtails the number of ballot drop boxes a county is allowed to have. The New York Times estimated that the four counties comprising metro Atlanta would go from 94 drop boxes to 23. The law also removed Secretary of State Brad Raffensperger, who famously resisted Trump’s entreaties to “find” enough votes to flip Georgia to the former president, as both the chair and a voting member of the State Election Board.
That board further has the power to “suspend” state and county election officials and appoint “temporary” replacements in their stead. In the months after the law passed, it remade entire counties’ election boards by replacing Democrats with Republicans.
Clearly, Georgia’s voting law has issues: The ability of the state to directly meddle in counties’ election boards is a fundamentally illiberal exercise of power, and based on the timing, it seems obvious that the law was intended to placate Trump’s ego.”
“The free market’s price system, along with competition by sellers for customers and by consumers for good deals, play an essential role in gathering and processing the information about our economy that is dispersed among millions of buyers and sellers. The resulting prices are a measurement of how much people value goods and services.
In a well-functioning competitive market, this argument continues, these critical price “reports” tell us the most advantageous ways to use finished goods and services, intermediate goods, raw materials, and—importantly—human time and talent, and lead entrepreneurs to produce what we want most intensely as efficiently as possible. In economics terms, prices convey information about scarcities and about wealth-creating incremental substitutions.
It’s a mind-blowing system where, as French political scientist Frederic Bastiat reminded us decades ago, although no one plans it, “Paris gets fed daily.”
Enter Samuel Gregg and his wonderful new book, The Next American Economy. Gregg’s case for the free market goes beyond the classic economic argument.
He writes that “the case for free markets involves rooting such an economy in what some of its most influential Founders thought should be America’s political destiny; that is, a modern commercial republic.” He adds that “politically, this ideal embodies the idea of a self-governing state in which the governed are regularly consulted; in which the use of the state power is limited by strong commitments to constitutionalism, the rule of law, and private property rights; and those citizens consciously embrace the specific habits and disciplines needed to sustain such a republic.”
Yes! I like to believe I’m a great advocate for markets, but whenever I omit these last points, I sabotage my own case. For one thing, terms like “competitive markets” give the impression of a heartless process. But the most important aspect of this competitive process is cooperation.”
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“No serious free marketer believes that markets are perfect. We aren’t utopians. Unfortunately, perfect markets and perfect competition are often the starting point of economic textbooks. This rosy starting point leads many to conclude that when conditions are less than perfect, the best course of action for a correction is government intervention. It’s wrong.
Not only is government itself imperfect, as anyone can plainly see, but the market is a process to find and fix errors. A market imperfection is an opportunity for entrepreneurs to profit. As Arnold Kling recently wrote, “Markets fail. Use markets.” That’s because, Kling adds, “entrepreneurial innovation and creative destruction tends to solve economic problems, including market failures.”
This isn’t to say that the government plays no role aside from protecting property rights. But it means that faith in government intervention should be tempered with an acknowledgment of government’s own flaws, including a tendency to favor one group of people over another and an inability to adapt when policies fail or circumstances change.
The bottom line is that when we talk about the “free market,” it is a shorthand for a combination of institutions that allow people to cooperate, tolerate one another, live in peace, and flourish. As Gregg reminds us, all these elements are a quintessential part of what President George Washington envisioned for the new nation he led and described as “a great, a respectable & a commercial nation.””
“A new proposal from congressional Republicans would define sexually-oriented material as “any topic involving gender identity, gender dysphoria, transgenderism, sexual orientation, or related subjects.” The bill, introduced by Rep. Mike Johnson (R–La.) and co-sponsored by 33 Republican members of Congress, is called the “Stop the Sexualization of Children Act.”
Its purpose is to stop schools, libraries, and other institutions from exposing children under 10 years old to those topics, as well as preventing discussions or depictions of other sexually-oriented themes. It would do so by allowing civil lawsuits from parents if federal funds were used to facilitate such discussions. It would also block federal funding for “any program, event, or literature” involving such topics, whether at a school, a museum, a library, or any other institution. And it would also ban all federal funds for institutions with more than one violation in a five-year period.”
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“the truly radical side here is the one that wants “any topic involving gender identity, gender dysphoria, transgenderism, sexual orientation, or related subjects” to be off limits for kids.
There are certainly inappropriate ways to discuss these issues with young people, but there are also age-appropriate ways to do so. And it’s safe to assume such subjects may come up organically, without being a part of officially sanctioned curriculum.
Some kids will have gay or transgender parents or relatives. They may even have transgender classmates. And television, movies, and, pop culture are full of depictions of same-sex couples and discussions of gender identity. Kids will have questions about these things, and what are teachers, guidance counselors, and librarians supposed to do when they come up—simply say “we don’t talk about that”?”
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“Johnson’s bill would open up schools, libraries, and other institutions to a bevy of lawsuits, since it creates a private right of action for parents “against a government official, government agency, or private entity” if a child under age 10 was “exposed to sexually-oriented material funded in part or in whole by Federal funds.”
Again, there’s something of a bait and switch going on here. Republicans can claim it’s just about not funding certain activities. Meanwhile, it’s inviting parents to sue if a grade school library that has received any money from the federal government includes any books with gay or trans characters.
The bottom line is that the “Stop the Sexualization of Children Act” is being promoted as a way to ensure federal money isn’t funding nude drag queen shows for kids, or programs centered on sexually-oriented content for children. But it’s actually broad enough to ban funds and allow lawsuits for a range of programs—like school libraries or age-appropriate sex education curriculum—that acknowledge sexual orientation or gender identity at all.”
“Competition regulators around the world are attacking some of the most successful and innovative entrepreneurs in the world—American companies. Strangely, they can’t seem to agree on what markets these companies are “monopolizing” or what they have done wrong. And regulators sometimes contradict each other with their complaints.
The most recent example of this behavior comes from the United Kingdom’s Competition and Markets Authority. It decided to force Meta, the parent company of Facebook, to sell GIPHY—a popular tool that makes short, animated and looped videos (GIFs) that users love to share in their social media posts—to an “approved buyer.”
But were U.K. consumers harmed by the previous integration of this service? And will they be better off when a different, likely also large, company owns a mostly free online tool that people use for fun on social media?
The short answers are no and no. Much like the dog that finally catches the car, this “win” for proponents of breaking up American tech businesses will actually be a loss for the consumers they’re supposed to protect. The U.K. decision will hurt the biggest benefactors of the GIPHY-Meta merger: creators and users. And because of the nature of many internet services, it is unlikely the impact will only be felt in the U.K.”
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“So how does a Meta-GIPHY acquisition actually help consumers? It’s easy to think of it just as a fun way to drop Real Housewives into your text banter with friends or to show your fandom for a favorite sports team or artist. Users benefit from the ease of inserting these fun graphics through a service like GIPHY rather than having to create them on their own. Still, there are other GIF generators users could reach for, and they typically do when they can’t find what they want on GIPHY.
Social media users, however, are not GIPHY’s only consumers. Brands, creators, and artists use GIPHY to design digital products that increase the awareness of their brands. Since most of GIPHY is free, that allows folks to do so at a very low cost. Still, these same creators have many other options when it comes to how to gain similar awareness, such as Snap filters or Instagram stickers. And this current model has resulted in minimal costs for its clients.
However, with a new company purchasing the service, or if it is forced to go independent, GIPHY’s revenue model could completely change. Instead, GIPHY’s new owner could seek a pay-per-use each time a person posts a GIF or charge a subscription fee to users. Even if the pricing model doesn’t change, creators of sponsored content that supports GIPHY might not find as much value in a new owner or a less integrated service. They might then spend their resources elsewhere, leaving GIPHY to languish.
Given the lack of clear harm from a Meta-GIPHY merger, why did the U.K. decide to intervene? U.K. regulators feared that Meta was getting too big, and they wanted their “approved buyers” to own it instead. This “big is bad” rhetoric is especially ironic given that Meta is not the behemoth it once was.”
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“There is a concerning, deeper message here, and in actions like the FTC’s decision to challenge Meta’s acquisition of Within, that is alarming for the future of free markets, innovation, and business. Regulators are telling successful American companies not to innovate without permission, and that even if an acquisition benefits consumers, it still may not be approved.”
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“Do we want consumers to pick winners and losers in the marketplace, or do we want to permit politicians to prop up the companies they like, at the expense of American businesses?”
“A three-judge panel on the 5th Circuit Federal Court of Appeals ruled this week that the CFPB’s structure is unconstitutional because Congress has no control over the agency’s budget, which is funded entirely by the Federal Reserve. Under the terms of Dodd-Frank, the CFPB is entitled to receive a budget totaling up to 12 percent of the Federal Reserve’s annual operating expenses, and the Federal Reserve is not allowed to refuse the CFPB’s requests for funding.
“Congress’s decision to abdicate its appropriations power under the Constitution, i.e., to cede its power of the purse to the Bureau, violates the Constitution’s structural separation of powers,” Judge Cory Wilson wrote in this week’s ruling.”
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“”Congress did not merely cede direct control over the Bureau’s budget by insulating it from annual or other time-limited appropriations. It also ceded indirect control by providing that the Bureau’s self-determined funding be drawn from a source that is itself outside the appropriations process—a double insulation from Congress’s purse strings that is ‘unprecedented’ across the government,” Wilson wrote in the court’s ruling. “Even among self-funded agencies, the Bureau is unique. The Bureau’s perpetual self-directed, double-insulated funding structure goes a significant step further than that enjoyed by the other agencies on offer.””
“According to Marx, history unfolded in a grand series of stages, each defined by its dominant mode of economic production and each specifically arising to replace the one that preceded it. “In broad outlines,” he wrote in the preface to A Contribution to the Critique of Political Economy, “ancient, feudal, and modern bourgeois modes of production can be designated as progressive epochs in the economic formation of society.” Capitalism, in other words, was a historically necessary step in human progress.
The great revolutionary forces unleashed by capitalism, Marx thought, would in turn form and shape a self-aware proletariat class that would ultimately lead humanity into a glorious communist future. But that would happen only after capitalism had worked its magic. “No social order ever perishes,” Marx maintained, “before all the productive forces for which there is room in it have developed.””
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“Marx not only welcomed capitalism’s creative destruction of feudalism and slavery; he recognized and even championed capitalism’s essential role in human advancement. With free labor on the march, Marx argued in his 1861 essay “The North American Civil War,” the peculiar institution faced ultimate extinction “according to economic law.””