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How Mises Explained the Fall of Rome

June 8, 2018

How Mises Explained the Fall of Rome

An excerpt from Mises’ classic work, ‘Human Action’.

Observations on the Causes of the Decline of Ancient Civilization

Knowledge of the effects of government interference with market prices makes us comprehend the economic causes of a momentous historical event, the decline of ancient civilization.

It may be left undecided whether or not it is correct to call the economic organization of the Roman Empire capitalism. At any rate it is certain that the Roman Empire in the second century, the age of the Antonines, the “good” emperors, had reached a high stage of the social division of labor and of interregional commerce. What brought about the decline of the empire and the decay of its civilization was the disintegration of this economic interconnectedness.

Several metropolitan centers, a considerable number of middle-sized towns, and many small towns were the seats of a refined civilization. The inhabitants of these urban agglomerations were supplied with food and raw materials not only from the neighboring rural districts, but also from distant provinces. A part of these provisions flowed into the cities as revenue of their wealthy residents who owned landed property. But a considerable part was bought in exchange for the rural population’s purchases of the products of the city-dwellers’ processing activities. There was an extensive trade between the various regions of the vast empire. Not only in the processing industries, but also in agriculture there was a tendency toward further specialization. The various parts of the empire were no longer economically self-sufficient. They were mutually interdependent.

What brought about the decline of the empire and the decay of its civilization was the disintegration of this economic interconnectedness, not the barbarian invasions. The alien aggressors merely took advantage of an opportunity which the internal weakness of the empire offered to them.

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Do we have the wrong model of human nature?

December 17, 2017

Do we have the wrong model of human nature?

Are we wrong to believe that competitiveness must and always will be the central animating principle of human action? Media studies scholar Michael Karlberg thinks so. In fact, he believes that another animating principle, mutualism, is both central to human interaction and necessary to aid human society in meeting the myriad challenges it faces regarding climate change, inequality, governance, education and many other issues.

I saw Karlberg speak recently at a private gathering in Washington, D.C. He is measured in his tone, clear in his delivery and compelling in his logic. He poses the following question: If nearly all of our institutions are premised on competition (commerce, politics, education, recreation and many others), is it any wonder that our competitive instincts are honed and expanded while our cooperative ones atrophy?

Karlberg is not naive enough to believe that all this can be changed overnight. But he does make a convincing case that competitiveness is as much a problem emanating from social institutions that inculcate and incentivize competition as it is a problem of human nature.

The way forward, he asserts, is to build new institutions that emphasize cooperation; it’s a sizable task, but one which has already begun as he explains at the end of a TEDx talk which he gave in 2012. However utopian this goal may seem, Karlberg reminds us that the current “culture of contest,” as he styles it, has given us the existential threat of climate change spawn by endless economic growth and consumption. In fact, the “culture of contest” is creating a series of social and ecological challenges so profound that unless we change that culture we may drive ourselves toward extinction.

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Be kind, it’s all connected

November 27, 2017

Be kind, it’s all connected

In a conversation over the holiday I posited to a friend that the modern worldview which guides human action practically worldwide has all the hallmarks of a religion. I contended that this “religion” is at the root of our ecological predicament and that changing the current perilous trajectory of humankind would entail the adoption of an ecologically sound religion to replace it.

When I say religion, I mean “worldview,” and I believe the two are synonymous. Even if one has a supposedly secular worldview that relies on economics, psychology, biology or any other field for an explanation of how the world works, it will inevitably look like a religion since such worldviews have unquestioned (and often unquestionable!) premises and may make claims to explain all the social and/or physical phenomena we experience. These secular worldviews tend to be reductionist, describing the interactions of humans with one another and the physical world as nothing but a product of economic laws, human psychology or biological imperatives.

One cannot invent a religion. Religions either grow out of an accretion of spiritual and philosophical traditions over time or they start with a charismatic figure who brings a new set of ideas and standards into a society and is later labelled a divine prophet or the originator of a new philosophy or discipline.

I’ve tried to imagine what the shape of an ecologically sound religion/worldview might be. My friend wisely offered the following humble beginning: “Be kind. It’s all connected.”

The first two words are familiar to anyone affiliated with a religion. It is the equivalent of “Love thy neighbor.” But the second phrase creates an altogether more expansive meaning for the first, implying that we should not only be kind to our fellow humans, but to all nonhuman entities, animate and inanimate.

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Even Advanced Technology Cannot Explain Human Action or Predict Markets

October 15, 2017

Even Advanced Technology Cannot Explain Human Action or Predict Markets

The logic of the human mind will prevail over paternalist dictates and the hubris of the social engineers.

For more than a century, the world has been caught in the grip of social engineers and political paternalists who are determined to either radically remake society along collectivist lines or to modify the existing society with regulatory and redistributionist policies that are in accordance with “social justice.” Both are based on false conceptions of man and society.

One of the leading voices who challenged twentieth-century social engineers and statists in the twentieth century was the Austrian economist, Ludwig von Mises. In such important works as Socialism (1922), Liberalism: The Classical Tradition (1927), Critique of Interventionism (1929), Planning for Freedom (1952), and in his monumental treatise, Human Action (1949; 1966), Mises demonstrated the economic unworkability and unintended negative consequences that result from attempts to impose central planning on society, as well as the social quagmire brought about by introducing piecemeal regulations and interventions into the market economy.

But it was in his often-neglected work, Theory and History: An Interpretation of Social and Economic Evolution, that Ludwig von Mises systematically challenged the underlying philosophical premises behind many of the socialist and interventionist presumptions of the last one hundred years. This year marks the sixtieth anniversary of the publication of Theory and History in 1957, so it seems worthwhile to appreciate Mises’s arguments and their continuing relevance for our own time.

The Elusive Search for Meaning and The Rise of Modern Science

The world is a confusing and uncertain place. We all live in communities with values, traditions, customs, and routines for daily life. We have grown up in them and tend to take certain aspects for granted. Our communities provide us with degrees of orienting certainty and predictability in our everyday affairs. Yet they still fail to answer a variety of “big questions.”

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The Government and the Currency

June 12, 2015

The Government and the Currency

[Human Action (1949)] Reprinted from Mises.org

Media of exchange and money are market phenomena. What makes a thing a medium of exchange or money is the conduct of parties to market transactions. An occasion for dealing with monetary problems appears to the authorities in the same way in which they concern themselves with all other objects exchanged, namely, when they are called upon to decide whether or not the failure of one of the parties to an act of exchange to comply with his contractual obligations justifies compulsion on the part of the government apparatus of violent oppression. If both parties discharge their mutual obligations instantly and synchronously, as a rule no conflicts arise which would induce one of the parties to apply to the judiciary. But if one or both parties’ obligations are temporally deferred, it may happen that the courts are called to decide how the terms of the contract are to be complied with. If payment of a sum of money is involved, this implies the task of determining what meaning is to be attached to the monetary terms used in the contract.

Thus it devolves upon the laws of the country and upon the courts to define what the parties to the contract had in mind when speaking of a sum of money and to establish how the obligation to pay such a sum is to be settled in accordance with the terms agreed upon. They have to determine what is and what is not legal tender. In attending to this task the laws and the courts do not create money. A thing becomes money only by virtue of the fact that those exchanging commodities and services commonly use it as a medium of exchange.

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Olduvai IV: Courage
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Olduvai II: Exodus
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