Tag Archive: newsletter

Chapter 3: Liberal Foreign Policy

2026-07-08

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2026-07-08

Liberalism applied to world affairs: national self-determination, free trade and freedom of movement as the foundations of peace, and critiques of nationalism, imperialism, and colonialism.

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Chapter 2: Liberal Economic Policy

2026-07-08

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2026-07-08

The economic case for private property and the free market, including the impracticability of socialism, the failures of interventionism, and the problems of cartels, monopoly, and bureaucracy.

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Chapter 1: The Foundations of Liberal Policy

2026-07-08

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2026-07-08

The first principles of liberal politics—private property, freedom, peace, and equality before the law—with a critique of the doctrine of force, fascism, and the proper limits of government.

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Introduction

2026-07-08

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2026-07-08

Mises defines liberalism as a program for material welfare grounded in reason, ties it to capitalism, and examines the psychological roots of antiliberal resentment.

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Preface to the English-Language Edition

2026-07-08

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2026-07-08

Ludwig von Mises’s preface to the English edition: what classical liberalism is, why its program rests on private property, and how “liberal” came to mean nearly its opposite in America.

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Foreword to Liberalism

2026-07-08

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2026-07-08

Tom Woods frames Ludwig von Mises's book around a single question—when the state may legitimately initiate force—and the classical liberal’s insistence on a very high threshold for it.

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The War System

2026-07-08

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2026-07-08

"The main aim of American foreign policy is to impose the will of our ruling elite on the rest of the world."

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The Economics and Ethics of Interest Rates

2026-07-08

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2026-07-08

Aristotle called interest unnatural. Aquinas called it unjust. For centuries, the Church banned it. Guido Hülsmann argues they were wrong about the free market—but accidentally right about the fiat system.

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Switzerland against global over-regulation of AI, says minister

2026-07-08

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2026-07-08

Switzerland is in favour of international governance of artificial intelligence (AI), but of a “minimal” kind, the country’s communications minister has said. Albert Rösti also said he wants to see “concrete results” at a global AI summit planned for Geneva next June. “It is up to the UN to establish a minimum framework for the …

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Renewed War Roils Markets

2026-07-08

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2026-07-08

There is one overreaching development that is driving the capital markets today. War. Hostilities between the US and Iran have intensified. At the NATO summit in Türkiye, President Trump has said the ceasefire is over. Oil prices have jumped. Benchmark bond yields have risen and stocks sold. The dollar itself is mixed in the G10 …

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Is This Country Having Its Socialist Moment?

2026-07-08

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2026-07-08

Democratic socialist candidates are becoming a serious political challenge in Democratic Party primaries. Have Americans suddenly become convinced by the arguments in favor of command economies, or is there something deeper going on?

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Is Global Liquidity Peaking?

2026-07-08

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2026-07-08

Michael Howell, founder of CrossBorder Capital, is one of the most followed global liquidity analysts. Howell's Global Liquidity Index (GLI) often tracks closely to a 65-month sine-wave cycle that has tracked liquidity conditions well since 1965. As we share below, the 65- month cycle (green) bottomed in October 2022 and peaked in August 2025, exactly …

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Foreign Investments and the Spirit of Capitalism

2026-07-08

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2026-07-08

How the Industrial Revolution and foreign investment made some nations rich while others stayed poor, closing with Mises’s defense of capitalism.

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Are Flattening Curves And Style Rotations Deceptive Omens?

2026-07-08

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2026-07-08

Bond market pundits often warn that bear yield curve flatteners or inverted yield curves ultimately lead to recessions. Similarly, some equity experts caution that periods of violent back-and-forth rotations among stock sectors and/or style factors are precursors to a market top.  Additionally, the combination of a bearish flattening trend and volatile equity rotations leads some …

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Profit and Loss, Private Property, and the Achievements of Capitalism

2026-07-08

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2026-07-08

The crucial difference between physical “capital goods” and “capital” as an accounting concept, and how profit and loss, private property, and economic calculation steer production toward what consumers actually want.

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Money, Interest, and the Business Cycle

2026-07-08

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2026-07-08

The two great confusions about money and interest, from Aristotle’s “money cannot beget money” to modern credit expansion, and how monetary manipulation by banks and governments produces inflation and the business cycle.

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The Making of Modern Civilization: Savings, Investment, and Economic Calculation

2026-07-08

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2026-07-08

The first economics lecture: how saving, capital goods, and investment build modern prosperity—illustrated by the fisherman who forgoes today’s catch to make nets—and why capital must be guided by economic calculation.

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Marxism and the Manipulation of Man

2026-07-08

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2026-07-08

Why Marxism spread so widely while going long unchallenged, how its slogans slipped into everyday speech, and the Marxian urge to “organize” society by treating individuals as raw material to be arranged.

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Nationalism, Socialism, and Violent Revolution

2026-07-08

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2026-07-08

How Marxism claims that truth itself is attainable only in a classless society, and how the cult of “action” and violence—by way of Georges Sorel and French syndicalism—fed into Leninism, fascism, and Nazi racial doctrine.

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Individualism and the Industrial Revolution

2026-07-08

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2026-07-08

The liberal ideal of the individual and rational, welfare-serving law, and a defense of the Industrial Revolution against the myth that early capitalism degraded the common man.

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