Antony Mueller

<p><span id="docs-internal-guid-b86ccf81-7fff-5a3c-4bfc-49f0e78bb997">Education suffers from the same dilemma as state-run health care: the potential for cost saving remains unfulfilled since no incentives for efficiency exist. In order to get the subsidies and the other benefits from government, the universities must adhere to specific bureaucratic rules.</span></p>

<p><span id="docs-internal-guid-7f4fd484-7fff-a8b3-f6d9-13b8e183c55d">In 2018, all major institutions that provided the basis for the international order since the second half of the past century have come under fire, from NATO and the United Nations, to the role of the World Bank and the International Monetary Fund, to the World Trade Organization and the European Union. China flexes its muscles and challenges the role of the United States while the US president promotes protectionism and isolationism. </span></p>

<p><span id="docs-internal-guid-07f78cc7-7fff-5da9-1547-0df61009547e">While Karl Marx has served as the supplier of the political slogans, the economist Michal Kalecki has provided the guidelines for the actual policy in many parts of the world.</span></p>

<p><span id="docs-internal-guid-5a6f23c7-7fff-a68e-ac1d-0401f0fa3bbd">The financial part of the Marshall plan was not the decisive </span><a href="https://mises.org/library/marshall-plan-myth">factor</a> in the West European recovery. What mattered was economic liberalization, relative monetary and fiscal stability, and the promotion of economic integration.</p>

<p dir="ltr"><span id="docs-internal-guid-08887834-7fff-b764-3f03-40d240bcf4f2">There is an indissoluble link between capitalism and the stock market. Over the long run, stocks will rise when capitalism flourishes and fall when the entrepreneurial spirit wilts. Therefore, a crash is not to blame on the stock market but on the erosion of capitalism that has preceded the collapse. </span></p>

<p>The combined effort of the central banks of the United States, Japan, and Europe to “stimulate” their economies has initiated an asset price bubble.</p>

<p><span id="docs-internal-guid-ac5e1a9a-7fff-9090-fa6b-3feecc1af07e">Modern democracy suffers from the contradiction that while most citizens mistrust the politicians and the state, and want fewer taxes and less state control, each voter is eager to use their vote in such a way as to get the largest piece of the cake. </span></p>

<p>At the end of the Second World War, the United States assumed the helm of global leadership at the international monetary conference at Bretton Woods in the New Hampshire in 1944. The purpose of this conference was to determine the principles of the postwar currency regime.</p>

<p><span id="docs-internal-guid-ea6fd176-7fff-34a8-091a-a32869f9ed31">The economy is in depression, the unemployment rate is in the double digits, and the fiscal situation is bleak.</span></p>

<p>Modern central banking claims to make the money supply more elastic to stabilize the economy. The rationale says that left to itself, the market economy is unstable. Yet the evidence suggests the opposite: that modern central banking is the main culprit for boom and bust.</p>