James Madison wrote that when a nation follows the “dictates of conscience,” a free people remain free. What then happens when conscience, a social guardrail for such things as capitalism, dissolves?
According to two editors at the Economist, there have been three revolutions in Western government. They believe we’re due for a fourth. Similarly, there have been three revolutions in economics since the late 19th century. Are we due for a fourth?
When did people begin to consider capitalism crooked? The idea of capitalism is as old as Genesis. Its institutions date from the early Middle Ages. They kept capitalists steering a middle course. It wasn’t until capitalism’s social guardrails dissolved that capitalism veered off course. When did that happen?
The Renaissance humanist Erasmus once said, “He does not sail badly who steers a middle course.” Timely advice. The three reigning Western models of economics are off course. What does a middle course look like? Lord Moulton described it in 1921.