The Anticapitalists: Barbarians at the Gate | Larry Sechrest

The Mises Memorial Lecture, given by Larry Sechrest at the 2008 Austrian Scholars Conference, Ludwig von Mises Institute, Auburn Alabama; 15 March 2008.

[@minnesotachris]

In case you haven't heard, Professor Sechrest died this morning. Jeff Tucker wrote his obituary on the Mises Institute blog. Rest in peace, Larry, you will be missed.

[@plough323]

Erudite and instructive. Thank you professor Sechrest.

[@svanacreon]

Great lecture. Thank You.

[@bernkbestgirl]

"Slavery didn't decrease because of lack of governmental intervention, it was because of intervention" My point was that economic and technological developments through capitalism caused slavery to be no longer necessary, not that deregulation itself actually caused people to change their attitudes.. The legislation wouldn't have happened had the slaves not become "unnecessary evils".

[@cbone6754]

Simply Awesome Thank You

[@bernkbestgirl]

"Native American tribes did not have free markets, they didn't even have property rights and practiced collective ownership." I included them in the examples because some tribes functioned without coercive authority, which is essential for collective redistribution to function. The Comanche, for example, functioned like a family, where the oldest members made the decisions.

[@Thunderwavia]

This is amazing stuff, can link it to many things.

[@bernkbestgirl]

"Show me one successful free market that doesn't engage in such abject abuses of humanity." You accuse the "free market" of engaging in the abuses of humanity, as if it is some kind of evil entity, and is responsible for slavery. But slavery and worker abuse DECREASED as government intervention decreased in the 19th century.

[@PvtSchlock]

O.K., I have checked out some of the offerings from the Mises Institute's media archive, and I think the Austian answer to psi's statement about depreciation would be something like this: The consumer will tend to value the junk car less than the new car, he will choose to pay for one less often ( unless forced to by government). It seems to me that Austrians focus much less on charts, graphs and secret formulas, than do the "standard" economist.

[@psikeyhackr6914]

Double entry accounting is 700 years old. Have you noticed that Capitalists, Communists and Socialists never suggest that accounting be mandatory in our schools?

[@bernkbestgirl]

"Standard of living did increase if you completely ignore the indentured." Yes because the indentured servants were completely OUTSIDE the Industrial Revolution, totally unaffected by it. What a joke. "Furthermore I included indenture and 'coolie' laborers as slaves because they're not chattel slave, but slaves none the less." You're right that coolies were basically slaves, but the fact is, they were an improvement above slavery. Workers saw a marked increase in conditions in the 19th cent.

[@iArsalan]

They were an improvement above chattel slavery but that's not because of the free market. That was a result of massive government intervention, not the least of which being the CIVIL WAR. There exists no greater governmental intervention or public expenditure than war. Point of fact, chattel slavery came about because of free marketeers undermining the indenture system and then by the government's refusal to get involved; and when the government finally did, it was to enforce chattel slavery.

[@truevoice08]

Rest in Peace Professor Sechrest

[@iArsalan]

I never invoked a conspiracy theory, I just stated truths from our government's records regarding their plans for Iraq. First and foremost I'm a logician. My dissonance arises from the very term "Free Market". The whole purpose of creating a market is to regulate commerce. The word "Free" is the polar opposite of regulation. Which leads me to conclude that "Free Market" and ardent belief in it is a towering example of Orwellian doublethink.

[@bernkbestgirl]

"Err . . . wrong. The American Civil War was fought for economic reasons, in other words for reasons of profit." ... I never said the Civil War was fought for any other reason than that.

[@icege3]

Barbarian successors of the Roman civilization gave us the dark ages enough said.

[@mikedans55]

When in history could a man and a speech *like this* be seen by 14,400+ people around the world for a few dollars of electricity?

[@tsummerlee]

Sechrest was a great great mind.

[@DP1066]

Good video. Now I'm off to wikipedia to look up all those big words so I can use them myself. : )

[@RedShirtArmy]

Excellent presentation. Very enjoyable to listen to and think about. There is certainly a naive nature to socialist objections to free economics.

[@cool70200]

Its interesting. Was there ever a country/empire/nation with "pure" capitalism? Does a nation with a larger percent of capitalistic economy produce more wealth and properity than others? And does human "well intentioned" politics lead to big government interventions, market distortions and eventually to socialism?

[@bernkbestgirl]

"Interesting how free-marketeers completely ignore or, in some cases, justify slavery as a necessity for the successes of their free market examples." Only 5% of Britian's economy was fuelled by slavery during the Industrial Revolution. The abuses of humanity decreased as standard of living increased. The only reason people even CONSIDERED getting rid of slavery is because slaves were becoming less and less needed for economies (technology).

[@zg-it]

Hi, 12 years in the future here. Isn't conscription slavery? As recent as the 1970s the government forced kids, kidnapped them and forced them to go to a war. You can't have slavery or conscription without government. In a free market you don't have government so you don't have slavery because slavery goes against human rights. Free marketers believe in natural law, not arbitrary rules. If you're still around, look in the Tom woods stuff. Who knows, and 13 years you might have become an Ancap by now.

[@blackcrossunited666]

Redistribution of Wealth really needs a Government...

[@PvtSchlock]

Psi: Are you talking entropy in regaurds to the junk cars, or merely a quantification of the environment in general? I mean, what is the value of the earth in raw? What is the value of earth pluss pyromids? Sans one millenia or two? Or do you speak of utility? As in I have used graddad's 30-06 so much that it misfires a lot and the stripper is all cashed out, rendering it a single action/break loader. It's utility is lowered. However, it retains value to me as I can keyhole a deer at 100yds.

[@moribundmurdoch]

Good stuff.

[@SingleTax]

While I agree with many of Larry Sechrest's political views -- including his opposition to such things as the drug war, gun control laws, and federal involvement in education -- I nevertheless regard his definition of "capitalism" as being based on a horribly flawed concept of property rights. To understand why, read Dan Sullivan's online essay "Common Rights vs. Collective Rights" (easily found via google search). And if you have time, read Max Hirsch's masterwork, "Democracy vs. Socialism."

[@bernkbestgirl]

"Hong Kong, Chile, and Singapore? Those are horrible examples because you fail to recognize that mafia is a powerful regulating force; those aren't free markets and they're all insolvent." Yes, of course they aren't "pure" free markets, but they are freeER, markets. You can point out all of the flaws in capitalist countries all you want, but the fact remains that the more economic freedom a country has, the better place it is to live. Hong Kong is the best place to live in China.

[@iArsalan]

So what then is the Free Market? And show me one example in which a free market economy has been both sustainable and viable.

[@diarrhealatte2881]

Duh... USA

[@bernkbestgirl]

"So what then is the Free Market? And show me one example in which a free market economy has been both sustainable and viable." Hong Kong, Chile, Singapore, Iceland, some Native American tribes, etc. Of course, you can't really prove that ANY economy is both sustainable and viable, because how do you measure such a thing? 100 years lasting? 200? Forever? Infinity can be a hard thing to empirically observe...

[@joeglecom]

Whats the song in the beginning?

[@iArsalan]

You are completely dodging the fact that each example you gave was not a free market. Furthermore I included indenture and 'coolie' laborers as slaves because they're not chattel slave, but slaves none the less. Slavery didn't decrease because of lack of governmental intervention, it was because of intervention through legislation that chattel slavery disappeared but debt slavery greatly increased throughout the south. Standard of living did increase if you completely ignore the indentured.

[@cedricalien]

I wanna live in a capitalist country!

[@D0g63rt]

You forgot the part about bloody revolution.

[@FakeryTV]

Wasn't the rise in British wages at the cost of a fall to Indian wages as textile production capital was transferred and India was impoverished? Doesn't the capitalist model break down if you think it far enough out? Do you see movies like Blade Runner, Fifth Element, Judge Dread and the like as our evolution? Is this the best people can think of after years of indoctrination by elite schools and think tanks?

[@iArsalan]

That's not a free market. The fact that it was a gerontocracy is counter to free market philosophy.

[@iArsalan]

I'm not saying that these philosophies are inoperable. It is only scientific to consider a theory inherently flawed and fully scrutinize it. I see none of that in this speech, I see only "preaching to the choir". The examples he opens with, such as the gains of the US in the past century completely ignore slavery (past and current), bloody labor conflicts, and massive abuses of power by market forces. The things that can not be quantified often matter most. Can you put a value on life?

[@afacetiousguy]

Why does he have to constantly refer to his notes then?

[@Skog85]

Yes, it is.

[@peaceseeker9927]

Those who oppose capitalism without qualification are fools. However, it is foolish to NOT oppose ruthless capitalism that exploits and creates huge and every growing wealth disparities, because it doesn't take a genius to realize that leaving too many people in constant struggle to provide a minimum standard of living relative to a countries general level of wealth is a recipe for a revolt that leads to radical changes to the government of that country and its capitalist system. Of course capitalism has raised the standard of living throughout society for many, but it also left many in struggling or in poverty because they are at some point unable to compete with the dominant groups for resources.

[@iArsalan]

Furthermore, there are too many flaws inherent to the "market" for it to be completely "free". Externalizations being the greatest of them. Parties engaged in a deal are only considering the consequences to all those involved in that deal and have neither the time nor insight to understand how their deal will effect others outside of the deal. Currently no existing "free market" philosophy has mechanisms to even consider unquantifiable factors such as quality of life or social contentment.

[@zg-it]

Quality of life and social contentment are subjective. A voluntary exchange between two people is not.

[@alistairproductions]

Is he related to Ryan?

[@PvtSchlock]

Yes, Planned obsolescence is (my oppin) skullduggery at its most diabolic. Furthermore I have little love for professionals of any stripe; it's just that I have to push it down or I end up in a near berseker frenzy. I don't know how many eggheads I put out of my taxi over the years. Specialization/div. of labor has a function, but I notice that professionals don't reroof their own house; moreover they do little meaningfull work. I get livid(berserk) when they wanna treat me like a servant.

[@truevoice08]

What type of Austro-libertarian is he? A classical liberal or anarchocapitalist?

[@chucklesjgao]

wow almost 2 minute introduction on his credentials

[@icege3]

"The best example of a free market today? The Green Zone in Baghdad." Not really the green zone is missing law and order the basic condition for the development of a free market capitalist economy.Sure its moderately safe compared to the rest of Iraq but if John McCain needs an apache helicopter overhead to visit the market i would call it safe for free market business. As far as the privatization of public utility is concerned the is clear US corporatism(government backed monopoly).

[@Arctura42]

@cedricalien As do we all...

[@AlexSGabor]

#shotsfired #trillionairesfortrump #saveyourpennies #chicagoriots #portlandriots #detroitriots #beirutriots #hongkongriots #seattleriots #losangelesriots #Belarusriots #riots #revolts #revolutions

[@marutanray]

marxism is the best ... when every man has two servents. including the servants.

[@iArsalan]

Interesting how free-marketeers completely ignore or, in some cases, justify slavery as a necessity for the successes of their free market examples. Show me a state where the majority of its population is enslaved in various forms and I'll show you a state where the standard of living has massive increases... for those who aren't chattel slaves, indentured servants, or coolie laborers. Show me one successful free market that doesn't engage in such abject abuses of humanity.

[@lonewolf1369]

goods depreciate because of monetary inflation you fool. Something that the Mises institute never forgets to mention, but I guess you have or don't even know

[@Marine475]

Well there is nothing contradictory in Marx teachings and Austrian school of economics. Karl Marx delt with (to some extent) evolution of means of production and concluded that at some point of our technological development (or at least this is my interpretation of his mesage) we will be able to produce infinite ammont of goods without much human labour and thus we will create a world where ppl will work according to their ability, and consume according to their need

[@titosantucci]

Yeah right, I would accuse you of lying, but I'd rather just say you're ignorant. Government backed monopolies is the opposite of a free-market. Free-market just means no force (ie, government monopolies), no fraud, just voluntary, individual peace. Government-backed monopolies is a characteristic of neo-conservatism and socialism (fascism to be exact).

[@almirCCR]

or: "dont confuse comunism with dictatorship of the proletaria."

[@mikedans55]

"Capitalism" is to economic laws what "Gravity" is to the Newtonian laws of the physical world. Saying you are for capitalism is just as dumb as saying you are for gravity. Duh, of course you are. What else are you going to do. Free market economics is the architecture of working with capitalism/gravity to realize it's properties and work with them in a harmonious way. Socialism, Communism are like an architect who tries to build his house upside down. Pain results.

[@couchpotatoe387]

You seem to lack understanding of how an anarcho-capitalistic society would work. With the non-aggression principle in the courts, the rich couldn't force the poor to do anything. Unless an individual is inhibited enough that they cannot engage in work or accept a donation, a poor person can always engage in a contract(i.e. a job) increasing his standard of living. Stop victimizing the poor, you're making things worse.

[@KarlBonner1982]

For what the Austrian economists are worth, they sure seem to deify their own intellectuals, such as Mises. This zealotry and self-righteousness seems to contradict their own philosophical teachings.

[@dr_no-no]

dont confuse corporatism with the free market. its a very foolish and stupid mistake. check your premises.

[@afacetiousguy]

Had to give you a thumbs down... The internet has far whown, that anyone can post a comment, and lead blind people to belief. As I post now, you can thumbs me down also and tell me how ignorant I am... Your assumption of internet education is a facade that maybe only 10% of the population can differentiate.

[@cool70200]

agree the useless, playboy, indulgent and all consuming family members compared to the business minded. lol rich business types must be like, ya thats how it is, especially paris hilton's father :P

[@aseredy]

@BLUEANGEL7777777777 From what I've been able to gather, China is doing pretty well, because they've been "out-capitalisting" us. I remember seeing somewhere that they now have the largest concentration of millionaires in the world, and the poverty level has been shrinking quite fast. Not that I want to move there, but it could be a good lesson for our own wise and all seeing economic overlords. At least they might see the virtues in allowing us to keep our own property.

[@figocooldude]

austrian school hehe

[@almirCCR]

...."dont confuse corporatism with the free market." HAHAHA....in the same way: "dont confuse dictatorship of the proletaria with communism"

[@Dawid-kn6mv]

Don't confuse communism with systems that actualy work.