February 25, 2009

Private property is the sole guarantor of Liberty

Tuesday, 24 February 2009 Downgraded... As Predicted from ANTIDOTE by Sauvik Chakraverti

I read Kaushik Das' column in today's Mint with great interest...Kaushik is an adherent of the Austrian School of Economics, probably the only one with such a theoretical understanding in the Indian market. He is an economist with Kotak Mahindra Bank. [...]

In case you want to compare, read Pulin B Nayak's column in the ToI of today, supporting Keynesian bullcrap. Professor Nayak teaches at the Delhi School of Economics, and is a "government servant." So you know where not to go for higher education. Congrats Kaushik. Well done. Posted by Sauvik on Tuesday, February 24, 2009

Saturday, 21 February 2009 Thoughts On "Market Day"

We are fortunate that today we also have access to a speech by Vaclav Havel, president of the Czech Republic, at the European parliament. As a representative of a nation that suffered greatly under communist rule, Havel emphasizes the concerns his countrymen have over a European Union that is getting more centralized as well as protectionist every day. Havel says that the EU should have just two functions: one, removing barriers to trade; and two, public goods that cannot be provided for by member nations acting alone or jointly. He deplores the fact that the EU is headed in the opposite direction. He says:

“… the present economic system of the EU is a system of a suppressed market, a system of a permanently strengthening centrally controlled economy.”

He also deplores the protectionism that is rife in the EU. He finds it hilarious that the EU has imposed a 66% import duty on candles from China. It is as if Bastiat’s Candlemakers’ Petition has become reality.Do read the full speech here. This is the kind of politics we need in India. We too should put communism and socialism firmly behind us. Posted by Sauvik on Saturday, February 21, 2009 0 comments

Tuesday, 24 February 2009 The Purpose Of Law

A Rule of Law Society is based on three pillars: Property, Contracts and Torts. Each of these pillars of The Law are meant for the protection and safety of the citizen. With his Property protected by Law, the citizen is secure, his possessions are securely his; and not only that, when he wills his property to his descendants, these descendants are secure and protected too. No bully can interfere and hijack property. As John Locke wrote in 1690: "Where there is no Property, there is no Justice." Posted by Sauvik on Tuesday, February 24, 2009 5 comments

Monday, 23 February 2009 Ban The Police

The Police runs the black markets. And there is no Justice. And there is no Liberty. Recommended reading: Bruce Benson’s “The Enterprise of Law: Justice Without The State.” Ban The Police! Posted by Sauvik on Monday, February 23, 2009 1 comments

Wednesday, 25 February 2009 On Property, Liberty And The Law

We have just discussed the idea that the purpose of Law is to protect. It therefore follows that Legislation is not Law. Legislation is an interference. It takes away Freedom. It empowers the minions of The State. It is an instrument of social control – and is therefore the prime instrument of Socialism, which seeks to perform “social engineering.” All the schemes of social engineers are effected through Legislation.If you want to study this idea further, I suggest Bruno Leoni’s “Freedom and The Law.”

This book influenced Friedrich Hayek, whose “Law, Legislation and Liberty” broke new ground, as compared to his earlier work, “The Constitution of Liberty,” a book that Margaret Thatcher swore by. The future of freedom, which we aspire to, can only be achieved if we restrict Legislation to where it justly belongs: and that is, the regulation of the arms of the government. Legislation should cover the tax bureaus, the police, the civilian administration. This is the “public law.”

The citizenry are therefore free from Legislation. They inhabit the “private law” world of Property, Contracts and Torts. These fall within “civil law” and require no legislation. Of these, it is Private Property that is the sole guarantor of Liberty. When Legislation cannot interfere with Private Property, when Property is inviolable, we are all Totally Free. Posted by Sauvik on Wednesday, February 25, 2009 0 comments

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