Tag: Economic History

Autumn Colors: The Color of Law, an in-depth review

 

When people are free to associate as they please, we can’t be surprised if they sometimes self-segregate. People self-sort along many affinities, including ethnic affinities. This is what lawyers call de facto segregation, and it’s none of the law’s business. De jure segregation — segregation imposed by law, including segregation promoted by public policy — is, on the other hand, very much the law’s business.

In 1866, Congress passed a Civil Rights Act (the 1866 CRA) asserting the equal rights of blacks before the law, including property rights, and real-estate rights in particular. The 1866 CRA warned

On Labor Day, we honor the American labor movement and the contributions that workers make to the strength and well-being of the country. It’s been more than 80 years since Congress passed the National Labor Relations Act (NLRA) guaranteeing the right of private-sector workers to unionize and bargain collectively for better pay and working conditions.

Today, the NLRA still governs the relationship between organized labor and employers—but in 2015, less than 10 percent of American workers belonged to a union. That’s down from nearly 40 percent in the 1950s. With economic competition from overseas and technological innovation changing the value of physical labor in the United States, maybe it’s time to rethink how American model of labor relations.

Perhaps the Most Powerful Defense of Market Capitalism You Will Ever Read

 

092115marketEconomist Deirdre McCloskey recently spoke in London, and this brief summary nicely captures her talk and her work on the power of economic freedom. Next year will see the arrival of her latest book, Bourgeois Equality: How Ideas, Not Capital or Institutions, Enriched the World,” the completion of a trilogy on the wonder-working power of modern capitalism.

Now, McCloskey does not like the word “capitalism.” She would prefer our economic system be called “technological and institutional betterment at a frenetic pace, tested by unforced exchange among all the parties involved.”

Or perhaps “fantastically successful liberalism, in the old European sense, applied to trade and politics, as it was applied also to science and music and painting and literature.”