Calls for black consumers to "Buy Black" can be interpreted as socially divisive, but they are also a way to encourage black entrepreneurs in a free market.

Original Article: "The "Buy Black" Movement: Divisive or a Boon to Black Entrepreneurs?"

Immigration has raised concerns in some about America’s demographic future. Some propose that an influx of migrants with foreign worldviews will fracture American society. This argument is based on the finding that the diversity generated by immigration deters social trust.
Trust is a crucial ingredient for societies to thrive by establishing collaborative institutions. Trusting societies are more cooperative and innovative because when people trust each other, they are more likely to share information. Trust also makes it easier to do business by lowering transaction costs.
People will expedite the business process when they have confidence in the integrity of their partners. Because trust is a stimulant for social progress, concerns that immigration will corrode social relations is a

Modern culture is biased against those that are rich even while depending upon the wealth that successful entrepreneurs have created.

Original Article: "Progressives Want to Eliminate Wealthy Entrepreneurs but Need the Wealth They Create"

The Economist magazine in a recent editorial painted a rather positive image of the American economy. After encountering setbacks, the American economy often registers a buoyant recovery. Despite competition from rivals, America has retained her position as the world’s top economy. Some are bewildered by America’s enduring prosperity, but is it reasonable to expect less from a country designed to do business?
The American Constitution is a fierce protector of property rights and economic freedom. Respect for property rights is so ingrained in the American legal system that for legal purposes corporations are considered as people. Because of this special status, American corporations are poised to defend themselves from government encroachment. A consequence of this is that American

While Japan made some technological transfers to these places, prosperity came to them later, with the advent of free-market economies.

Original Article: "Was Japanese Colonialism the Engine of Later Prosperity for Korea and Taiwan? Probably Not"

The Buy Black movement has triggered a series of intense debates in the black community and the wider America. Activists proposed this project as an opportunity to generate wealth for black Americans by supporting black entrepreneurs. On the downside, others say that this agenda perpetuates an insidious form of tribalism. Are criticisms of the Buy Black movement an accurate description of its goals?
Sociologists argue that minority groups often pursue ethnic entrepreneurship as a lever for social mobility. Throughout history, talented minorities have cultivated niche markets to acquire wealth and status. Venturing into unknown terrains was once a proven strategy for minorities to escape discrimination and to thrive. The emergence of such business districts enabled minority-owned

While the horrors of the transatlantic slave trade have been well documented, people other than slave traders and slaveholders benefitted from it, with some surprising results.

Original Article: "Historical Effects of the Transatlantic Slave Trade"

In their attempts to remake the economy, progressive elites are pushing ESG. What they forget is that the economy runs on real things, not ideology.

Original Article: "ESG: Another Fraudulent Hustle That Progressive Elites Have Foisted on the Economy"

Being perceived as anti–working class is a cardinal sin in American politics. Working-class people are seen as the unappreciated engine of American growth. Hillary Clinton discovered this lesson when she was criticized for calling Donald Trump supporters a “basket of deplorables.” But interestingly, expressing contempt for the upper class is quite tolerable.
Rich people are frequently ridiculed by comedians and depicted as snobs in popular culture. Shows like SpongeBob SquarePants and The Simpsons present affluent characters in an unflattering light. Such characters are seldom portrayed as virtuous entrepreneurs who are rewarded for delivering value. Usually, viewers are led to think that the rich are the source of all social ills.
Typically, negative depictions of working class or poor

Mainstream historians attribute the postwar economic success of South Korea and Taiwan to the legacy of Japanese colonialism. The Japanese are credited with providing new technologies, critical infrastructure, and an efficient state that enabled industrial progress in South Korea and Taiwan. Both Taiwan and Korea benefitted from the successful adoption of Japanese technologies and recorded industrial growth under imperial rule.
Moreover, during 1913–38, Taiwan and South Korea experienced rapid per capita gross domestic product growth accompanied by broad social transformations. Scholars describe Japan’s state-building project in ex-colonies as having the features of a developmental state. Unlike Western colonialism, the legacies of Japanese rule are earnestly portrayed as progressive and

Economists are becoming more appreciative of how historical episodes shape future events. The resurgence of history as an explanatory tool has led economists to publish a series of papers collectively known as the “Deep Roots” literature. These papers cover a wide range of topics, but Africa has been a strong focus due to its unique history of underdevelopment. Some trace Africa’s fortunes and misfortunes to the character of precolonial institutions.
Considering that the transatlantic slave trade occupies a watershed moment in African history, several studies detail its disruptive effects on African societies. Research shows that by prioritizing male exports, the trade led to gender imbalances and high rates of polygyny across Africa. Other research suggests that the transatlantic slave

The allure of environmental, social, and governance (ESG) goals has hypnotized corporate America into offering ESG funds that score investments for prioritizing social goals. Companies that account for environmental, social, and governance goals in their decisions collectively held $8.4 trillion in US investment assets at the beginning of 2022. Leading investment firm BlackRock more than doubled its holdings to over $500 billion and other players are following its lead.
ESG investing is becoming a permanent fixture in the global corporate landscape, but not without backlash. Some entrepreneurs and politicians in the United States argue that prioritizing ESG investing at the expense of shareholder welfare will diminish returns for investors. Strong concerns about the viability of ESG

Politicians like Elizabeth Warren and Alexandria Ocasio-Cortez are demanding that successful entrepreneurs be taxed into oblivion. The real parasites are the politicians who destroy wealth instead of creating it.

Original Article: "Who Are the Wealth Destroyers, Politicians or Billionaires?"
This Audio Mises Wire is generously sponsored by Christopher Condon.

From race to gender to nearly everything else, decisions about what is correct or incorrect are made according to politics. This is a recipe for social destruction.

Original Article: "Politics Is Turning Us into Idiots"
This Audio Mises Wire is generously sponsored by Christopher Condon.

Thinking that billionaires are a policy failure has become pervasive in the United States. Politicians like Alexandria Ocasio-Cortez and Elizabeth Warren are leading the charge in the demonization of billionaires. Left-leaning politicians and their allies think that billionaires corrode society by accumulating large fortunes, which amplify inequality. As such, many propose taxation as a tool to promote fairness by redistributing resources, yet such intentions are not always virtuous and could instead be guided by envy.
When proposals to tax billionaires are couched in compassionate terms, they are more likely to elicit sympathy. Usually, we think that suggestions to tax billionaires are motivated by notions of justice and fairness. Most people are appalled by acts of injustice and

Political correctness in Western societies fosters polarization and a toxic culture of ignorance. Although people are rightly outraged by the cancellation of prominent figures, the most glaring consequence of political correctness is the proliferation of ignorance. When speakers are cancelled for contradicting sacrosanct opinions, this leads to an environment where people never arrive at the truth because ideas are not disputed in the public domain.
This devolution of Western culture stymies free speech and intellectual progression. While some view cancel culture as primarily an assault on freedom, its effects are infinitely more pernicious. Societies evolve by exchanging inferior ideas for superior ones, and cancel culture is disrupting the mechanism filtering out bad ideas. Due to cancel

Decolonization is a popular academic and media buzzword. But is colonialism actually responsible for poverty in developing countries? This question deserves an honest answer.

Original Article: "Did Colonialism Impoverish Africa and Asia? Perhaps Not"
This Audio Mises Wire is generously sponsored by Christopher Condon.

The latest from the world of social media is the role of "influencers." There is a perfectly good economic explanation for their popularity.

Original Article: "Influencers and Subjective Value: They Have Something to Teach Us"
This Audio Mises Wire is generously sponsored by Christopher Condon.

Revisiting the legacies of colonialism to indict Western imperialism has become a fashionable pastime for leading academics. Many argue that colonialism erected permanent roadblocks to thwart the progress of ex-colonies. Western colonialism is so vilified that any attempt to present a balanced overview is deemed improper. Bruce Gilley’s controversial essay, “The Case for Colonialism,” spawned a firestorm of criticisms that led the journal, Third World Quarterly, to retract the piece.
Gilley sought to demonstrate that in several cases, colonialism brought positive benefits, and he even suggested that some places would prosper if they were recolonized. Recolonizing independent territories is fraught with tension and seems impractical, but Gilley is correct in pointing out that colonialism

In 2022, investments into the creator economy surged to $5 billion. The term creator refers to people who generate value from intellectual output or artistic work. However, a new form of creative has emerged known as the “influencer.” Influencers are online personalities who, through their charisma, cultivate a loyal fanbase. Due to their reach, brands employ influencers to market their products and services.
Influencer marketing has proven to be a lucrative venture, and estimates suggest that the industry totaled $16.4 billion in 2022. Brands fork out huge sums to capitalize on the reach of megacelebrities who sway millions to buy their products. Football superstar Cristiano Ronaldo earns $2,397,000 million per Instagram post, and the doyen of American influencers Kim Kardashian collects

There is no denying the awful history of slavery in the Western Hemisphere. However, to better understand its legacy, we must rely on truth, not myths.

Original Article: "Slavery in the Americas: Separating Fact from Fiction"
This Audio Mises Wire is generously sponsored by Christopher Condon.

The history of transatlantic slavery is riddled with fables and errors. Erroneous claims have been propagated in the media because history is currently perceived as a political project that must justify present sensibilities. History has become so politicized that rigorous research is unable to disabuse activists of inaccuracies. Due to the rampant politicization of academia, noted scholars are usually cajoled into apologizing for defending historical standards.
After chiding fellow scholars for projecting modern sensibilities onto historical realities, historian James H. Sweet was shamed into penning an apology. Sweet was ruthlessly demeaned by his colleagues for noting the fallacy of using the narratives of identity politics to interpret historical events. Because academics are so

Secularists cheer the decline of religion in Western societies, but that loss comes at a huge cost: the decline of civilization itself.

Original Article: "Loss of Religious Belief Is a Greater Loss for a Civilized Society"
This Audio Mises Wire is generously sponsored by Christopher Condon.

People are innovative—if government doesn’t get in the way. Entrepreneurs in developing countries find alternatives for people cut off from commercial banking services.

Original Article: "Poor People in Developing Countries Find Alternatives to Commercial Banking"
This Audio Mises Wire is generously sponsored by Christopher Condon.

There has been a noticeable decline in the percentage of Americans identifying as religious. Some perceive this seismic shift as evidence of a secularizing culture. In some quarters, the secularization of America is viewed favorably as an agent of modernization. But researchers are theorizing that the erosion of religious beliefs portends negative consequences for society because religion cultivates meaningful social relationships by nurturing a sense of community.
Religious institutions hone social capital by fostering a strong sense of brotherhood that transcends tribalism. Religions also make it easier for societies to scale up by diminishing tribalism and promoting cooperation. Cooperative groups are more successful than divisive groups, and by engendering in-group solidarity,

Banking is a complicated process for working-class people who fail to comply with anti–money laundering regulations. Know your customer (KYC) requirements mandate prospective clients to provide their source of funding and possible employment history. Such policies make it difficult for working-class entrepreneurs to formalize and access funding. By restricting poorer people to informality, KYC requirements sap the growth potential of small businesses.
However, the ingenuity of working-class entrepreneurs has allowed them to compete by creating an alternative to the financial system. Due to the success of rotating savings and credit associations (ROSCA), informal entrepreneurs have managed to build lucrative businesses. In developing countries, these informal institutions are a pivotal

Australia is famous for its laid-back culture and for being founded by convicts from Great Britain. It also should be famous for its embrace of entrepreneurship.

Original Article: "Australia: The Nation Founded by British Convicts Embraced Entrepreneurship"
This Audio Mises Wire is generously sponsored by Christopher Condon.

Lacking a solid team is a recipe for organizational failure, and those intending to excel in business—or any other sector—must invest in management. Considering that many professional athletes encounter bankruptcy shortly after retiring, they are a demographic that could greatly benefit from quality financial management teams.

Australia’s superb performance on measures of international development has earned her the admiration of many. Few countries can boast such stellar achievements in economic and social affairs. Currently, Australia has the highest median wealth per adult in the world and outperforms the Organisation for Economic Co-operation and Development (OECD) average in civic engagement, health, education, and other dimensions of well-being.

The Chinese Community Party’s crackdown in Christian churches reflects the perceived antiauthoritarian nature of Christianity and the party’s fear of a competing alternative worldview.

Original Article: "Historical Christianity as a Liberating Force in China"
This Audio Mises Wire is generously sponsored by Christopher Condon.

Industrial policy is earnestly touted by democrats and conservatives as a tool to rejuvenate the US economy. Some argue that innovation will flounder unless the US applies industrial policy to major sectors. The success of East Asian countries is often cited to bolster the case for industrial policy, however, advocates have been selling a simplistic story.
While it is sometimes noted that there is a correlation between high growth rates and industrial policy investment, this is not the case. During the 1980s, Japan was the poster child for industrial policy, and many feared that failing to embrace industrial policy would relegate the US to second-class status. But these doomsday predictions proved themselves wrong. Instead of eclipsing America, Japan entered a long economic slump.
Rather

Money laundering is illegal in the USA, but like so many other federal crimes, it is difficult to identify and define. That is the perfect recipe for government abuse of innocent people.

Original Article: "Money Laundering: Another Noncrime Pursued by Criminal Authorities"
This Audio Mises Wire is generously sponsored by Christopher Condon.

Billionaire Jeff Bezos has become a target of ridicule because his ex-wife MacKenzie Scott has been doling out colossal sums to charity. Compared to Scott, Bezos’s donations are quite slim and many are painting him as stingy. But are critics misguided in how they perceive the utility of philanthropy?

The “new history of capitalism” (NHC) continues to receive widespread acclaim despite mounting inaccuracies. Although critical reviews have punctured adherents’ arguments many still cling to wrongheaded assumptions that exaggerate the role of slavery and cotton in powering America’s economic progress. Several industries were complicit in fueling slavery, but their success was never hinged on slave production.

The link between the transatlantic slave trade and industrial growth in Britain is a recurring theme in public discussions. There is a widespread assumption that the profitability of the slave trade requires Britain to compensate the descendants of Africans, since slavery helped to enrich some institutions.

The immigration debate has polarized societies across the Western world. Objectors assert that the influx of migrants has corroded social relations, and defenders argue that immigrants release a dose of entrepreneurial dynamism. Debates will persist because it’s unlikely that people can be discouraged from migrating to rich countries in the West. Migrants will continuously flock to places like America and Canada, since they provide better opportunities.

The 2018 announcement that the British government completed the payment of a loan that was borrowed to compensate slave owners for the abolition of slavery continues to evoke a flurry of emotions.

Appreciating cultural nuances is difficult without understanding the stories that provide insight into a society’s soul. Stories reflect a nation’s values, aspirations, and ideals. Songs, poems, and literature illuminate the tastes of citizens and even political and economic preferences.

People decrying poverty in developing countries usually overlook the fact that there is a dearth of long-term economic thinking.

Original Article: "Economies Cannot Produce Wealth without Patience and Long-Term Horizons"
This Audio Mises Wire is generously sponsored by Christopher Condon.

There is a renewed interest in the West Indian colonies’ relevance to the British industrial revolution and the subsequent economic transformations that substantially altered Western society’s fortunes.

Black entrepreneurship in the United States has a remarkable history. Even during the inhospitable climate of Southern slavery, both enslaved and free blacks managed to establish lucrative ventures. Research on black entrepreneurship has revealed that in the Antebellum South black entrepreneurs’ pursuits spanned the entire gamut of industry, ranging from merchandising to transportation.

Economists are often examining the variables that lead to prosperity, but surprisingly, intelligence is rarely featured in this literature, despite its high replicability in research. Intelligence is a robust predictor of well-being, job performance, and other social outcomes.

While the standard secular narrative is that Christianity held back science and human development, history tells a different story, one of literacy and the development of human capital.

When assailing global governance, pundits rarely comment on its impact on small countries. Yet the degree to which small countries are ignored by global institutions—like the G7, the International Monetary Fund, and the World Bank—helps to illustrate how institutions of global governance tend to primarily reflect the values of managerial elites from large and wealthy states.

For many, income inequality is a disease ravaging the fabric of capitalist societies. Therefore, curing this ailment, according to progressives, necessitates an injection of welfare benefits and higher taxes on the wealthy. Guided by a zero-sum outlook, critics believe that the success of the affluent is gained at the expense of the poor.

Market reforms in Africa can be thwarted because of propaganda asserting that markets are a Western import. Notwithstanding the currency of this belief, it is patently absurd.

The triumph of peace in contemporary societies is expressed as an obvious fact by mainstream intellectuals. Noting the relatively peaceful state of the world is part of a broader narrative to paint a positive picture of humanity. Yet there is a kernel truth to the assertion that quality of life indicators are improving, as explored by Marian Tupy and other optimists. But the game of warfare is more complicated.

Last month, British black studies professor Kehinde Andrews argued that the British Empire was “far worse than the Nazis.” It was a controversial comparison to be sure, but it raises the question: Compared to other expansionist regimes, how bad was the British Empire?

Though numerous studies prove the contrary, it is still widely assumed that capitalism perpetuates racism. Celebrities and academics incessantly broadcast the message that capitalism engenders racism.

In most economies, inventories are valued at market prices, while in China they are valued by the authorities and adjusted later. This is just one of many ways China manipulates GDP data.

The fact that some Americans supported slavery in the eighteenth century is not at all remarkable. Most of the world agreed with them. What is remarkable is that many of them sought to abolish slavery in the new republic.

This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack.
Original Article: "No, the American Republic Was Not Founded on Slavery".

Journalistic propaganda is a powerful instrument of indoctrination. Without evidence, foul ideas can easily penetrate mainstream discourse. For instance, recently it has become fashionable to posit that slavery is America’s original sin.

The wealth gap between white and black Americans is frequently discussed. Today it’s becoming popular to attribute disparities to black culture. Clearly all cultures are not equal, but can the subculture of some black American communities explain variations within the wealth gap?

In an address to the Massachusetts Anti-Slavery Society in 1865, Frederick Douglass noted that he had often been asked “What should we do with the Negro?”