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Participants of the 1619 Project evince little awareness of the deep historical deficiencies in Baptist’s work or of similar problems among the other “New Economic History scholars on whom they rest their case.
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Once freed from the mischaracterizations of economic theory that the new historians of capitalism have imported from Karl Polanyi, it is easy to see the foolishness of their endeavors.
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Many intellectuals called for an end to private charity and its replacement with a full government system, not due to the paucity of private benevolence, but rather due to what they considered its excessive generosity.
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A close and careful look at the empirical record reveals that one cannot infer that America was made richer from slavery. It is even clear that America was made poorer by slavery.
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A capitalist benefactor of the American abolitionist movement used his business to wage war against slavery. He ended up revolutionizing the American financial industry in the process.
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Nothing in Rothbard’s later view manages to cast doubt on his earlier view and White’s thesis, much less refute them.
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The anti-capitalist ideology of southern slaveholders presents a conundrum for historians who erroneously equate the plantation economy with the free market.
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The notion of the cultic milieu helps explain many aspects of today’s politics, such as the rise of movements like the alt-right, and the growth of fringe beliefs across the ideological spectrum.
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Should we study and learn from the past? Of course we should. Should we yearn for the past, seek to return there, and perhaps undo the progress of the last several centuries? Of course we shouldn’t.
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Or in the musical context, the capitalist achievement consists not of softer seats at the opera for the king and queen but access to a practically infinite library for pennies a day.
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Financial regulators appear to fear the creation of a few, small experimental entrants more than they fear the failure of the nation’s many, uber-risky megabanks.
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What African-Americans, poor whites, and Native Americans want, and what they need, is what Adam Smith called “a tolerable administration of justice.”
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