How Capitalism Will Save Us
Page 41
24. Ibid.
25. Ibid.
26. “Hearing on Confirmation of Mr. Timothy F. Geithner to be Secretary of the U.S. Department of Treasury,” Finance Committee Questions for the Record, United States Senate Committee on Finance, p. 81, January 21, 2009. finance.senate.gov/…/LEG%202009/012209%20TFG%20Questions.pdf.
27. Indira Lakshmanan, “Clinton Urges China to Keep Buying Treasuries,” Bloomberg.com, February 22, 2009. http://www.bloomberg.com/apps/news?pid=20601087&sid=ahowJ.dThUNs&refer=home.
28. Ibid.
29. Jagdish Bhagwati, “U.S. Trade Policy: The China Question,” Testimony before the Senate Finance Committee, March 27, 2007. http://74.125.95.132/search?q=cache:l_3DWelupFIJ:www.columbia.edu/~jb38/Testimony%2520March%252027%252007.doc+longer+are+also+cast+in+doubt+by+her+communist+politics.+China+lacks+ currently+the+four+elements+of+a+functioning+democracy:+NGOs,+a+free+press, +opposition+parties+and+an+independent+judiciary.+The+result+is+growing+ social+disruptions+as+commissars+and+their+cronies+grab+land,+for+example.&cd=1&hl=en&ct=clnk&gl=us.
30. Robert Samuelson, “U.S. Shouldn’t Fear Rise of China, India,” Business Times, May 26, 2005. http://yaleglobal.yale.edu/article.print?id=5762.
31. Thomas Omestad, “Does Financial Crisis Threaten America’s Central Role in Global Economy?” US News & World Report, October 10, 2008. http://www.usnews.com/articles/news/2008/10/10/does-financial-crisis-threaten-americas-central-role-in-global-economy.html.
32. John Steele Gordon, “Why NAFTA Was a Very Good Thing,” AmericanHeritage.com, December 17, 2007. http://www.americanheritage.com/articles/web/20071217-north-american-free-trade-agreement-canada-mexico-george-h-w-bush-globalization.shtml.
33. Heidi Sommer, “The Economic Benefits of NAFTA to the United States and Mexico,” National Center for Policy Analysis, June 16, 2008. http://www.ncpa.org/pub/ba619.
34. Daniel Griswold, “NAFTA at 10: An Economic and Foreign Policy Success,” Center for Trade Policy Studies, Cato Institute, December 17, 2002. http://www.freetrade.org/node/87.
35. Anil Kumar, “Did NAFTA Spur Texas Exports?” Federal Reserve Bank of Dallas, March/April 2006. http://www.dallasfed.org/research/swe/2006/swe0602b.html.
36. Ibid.
37. John Steele Gordon, “Why NAFTA Was a Very Good Thing,” AmericanHeritage.com, December 17, 2007. http://www.americanheritage.com/articles/web/20071217-northamerican-freetrade-agreement-canada-mexico-george-h-w-bush-globalization.shtml.
38. Daniella Markheim and Brian Riedl, “Farm Subsidies, Free Trade, and the Doha Round,” Heritage Foundation, February 5, 2007. http://www.heritage.org/RESEARCH/BUDGET/wm1337.cfm.
39. Brian Riedl, “How Farm Subsidies Harm Taxpayers, Consumers, and Farmers, Too,” Heritage Foundation, June 20, 2007. http://www.heritage.org/research/agriculture/upload/bg_2043.pdf.
40. Daniel Griswold, Stephen Slivinski, and Christopher Preble, “Six Reasons to Kill Farm Subsidies and Trade Barriers,” Reason, February 2006. http://www.reason.com/news/show/36207.html.
41. Robert Bryce, “Corn Dog,” Slate.com, July 19, 2005. http://slate.msn.com/id/2122961/.
42. C. Ford Runge and Benjamin Senauer, “How Biofuels Could Starve the Poor,” Foreign Affairs, May/June 2007. http://www.foreignaffairs.com/articles/62609/c-ford-runge-and-benjamin-senauer/how-biofuels-could-starve-the-poor.
43. Martin Crutsinger, “Trade Deficit Is 2nd Highest Ever,” Associated Press, March 11, 2005. http://www.usatoday.com/money/economy/trade/2005-03-11-trade-deficit-jan_x.htm.
44. “Trade Deficit Falls for 7th Straight Month in February,” Associated Press, April 9, 2009. http://blog.cleveland.com/business/2009/04/trade_deficit_falls_for_7th_st.html.
45. Judith Shelton, “Time for a New Bretton Woods,” Wall Street Journal, October 15, 1998. http://www.imfsite.org/operations/shelton.html.
46. Lawrence White, “Is the Gold Standard Still the Gold Standard Among Monetary Systems?” Cato Institute briefing paper, February 8, 2008. http://www.cato.org/pub_display.php?pub_id=9181.
47. Carter Dougherty, “Merkel, at Davos, Calls for a ‘Global Economic Charter,’ ” New York Times, January 30, 2009. http://www.nytimes.com/2009/01/30/business/worldbusiness/30iht-davos.4.19817885.html.
48. Brett Schaefer, “Gordon Brown’s Financial Folly: The Global Economy Does Not Need More Regulation,” Heritage Foundation, October 17, 2008. http://www.heritage.org/Research/internationalorganizations/wm2107.cfm.
49. Ambassador Terry Miller, “New Global Currency Proposal: Good Diplomatic Theater but Bad Policy,” Heritage Foundation, http://www.heritage.org/Research/tradeandeco nomicfreedom/wm2364.cfm. March 26, 2009.
Chapter Seven: “Is Affordable Health Care Possible in a Free Market?”
1. Milton Friedman, “How to Cure Health Care,” Hoover Digest, 2001. http://www.hoover.org/publications/digest/3459466.html.
2. Ibid.
3. Clifford Krauss, “Canada Looks for Ways to Fix Its Health Care System,” New York Times, September 12, 2004. http://www.nytimes.com/2004/09/12/international/americas/12canada.html?position=&pagewanted=print&position=.
4. David Gratzer, “A Canadian Doctor Describes How Socialized Medicine Doesn’t Work,” Investor’s Business Daily, July 26, 2007. http://www.ibdeditorials.com/IBDArticles.aspx?id=270338135202343.
5. “Hospitals Punished for Their Success,” The Telegraph, August 2, 2006. http://www.telegraph.co.uk/comment/personal-view/3626813/Hospitals-punished-for-their-success.html.
6. Karyn Miller, Adam Lusher, and Tom Harper, “Too Successful: The Hospitals Forced to Introduce Minimum Waiting Times,” The Telegraph, August 7, 2006. http://www.telegraph.co.uk/health/healthnews/3342361/Too-successful-the-hospitals-forced-to-introduce-minimum-waiting-times.html.
7. Johnny Munkhammar, “Markets Are the Answer to Health Care Problems,” Heartland Institute, August 2007. http://www.heartland.org/policybot/results/
21701/Markets_Are_the_Answer_to_Health_Care_Problems.html.
8. Sally Pipes, “Drug Importation Is a ‘Reform’ We Can Do Without,” Washington Examiner, October 19, 2008. http://m.washingtonexaminer.com/dcexam/
db_8610/contentdetail.htm;jsessionid=B3851A2BA
7300FAE0C29D2EBCAFD62BC?full=true&contentguid=
wT4PUmMI&pn=8&ps=5.
9. David Asman, “There’s No Place Like Home,” Wall Street Journal, June 8, 2005. http://www.opinionjournal.com/extra/?id=110006785.
10. Ibid.
11. Ibid.
12. Ibid.
13. Valentin Petkantchin, “How Europe Stifled Medical Innovation,” Institut économique Molinari, March 27, 2009. http://www.institutmolinari.org/editos/20090327.htm.
14. John Goodman, “Health Alert,” John Goodman’s Health Policy Blog, January 23, 2009. http://www.john-goodman-blog.com/where-the-medical-markets-actually-work/.
15. Ibid.
16. Grace-Marie Turner, “The Value of Innovation in Health Care,” Galen Institute, January 13, 2009. http://www.galen.org/component,8/action, show_content/id,13/category_id,2/blog_id,1145/type,33/.
17. Michael Tanner, “Obama’s HealthCare Plan: Wrong RX,” National Review Online, May 30, 2007. http://www.cato.org/pub_display.php?pub_id=8266.
18. Stuart Butler, “Insurance Exchange Is a Good Idea but Not at the National Level,” New York Times Health Care Watch, October 7, 2008. http://campaignstops.blogs.nytimes.com/2008/10/07/insurance-exchange-is-a-good-idea-but-not-at-the-national-level/.
19. Sally Pipes, “Daschle’s Health Plan Is Recipe for Bigger Government, Less Choice,” Heart land Institute, March 2009. http://www.heartland.org/publications/
health%20care/article/24689/Daschles_Health_Plan
IsRecipe_for_Bigger_Government_Less_Choice.html.
20. Merrill Matthews, “A Health-Insurance Solution,” Wall Street Journal, December 12, 2007. http://www.drugwonks.com/blog_post/show/
4445?eid=774065bc8b95932f826a65ccab63 aaac.
21. Merrill Matthews, “The ‘Uninsurable,’ ” Washington Times, June 16, 2
008. http://www.washingtontimes.com/news/2008/jun/16/the-uninsurable/.
22. John Cochrane, “Health-Status Insurance: How Markets Can Provide Health Security,” Cato Institute Policy Analysis, February 18, 2009. http://www.cato.org/pubs/pas/pa-633.pdf.
23. Ronald Bailey, “The Health-Status Insurance Solution,” Reason, March 3, 2009. http://www.reason.com/news/show/132018.html.
24. Gina Kolata, “CoPayments Soar for Drugs with High Prices,” New York Times, April 14, 2008. http://www.nytimes.com/2008/04/14/us/14drug.html?pagewanted=print.
25. Ibid.
26. Robert Bazell, “Strange Medicine,” Slate.com, June 23, 2004. http://www.slate.com/id/2102844/.
27. Ibid.
28. Ibid.
29. Malcolm Gladwell, “Need, Not Greed, Is What’s Causing High Prices for Prescription Drugs,” The New Yorker, October 25, 2004. http://www.heartland.org/publications/health%20care/article/
16022/Need_Not_GreedIsWhats_Causing_High_Prices_for_
Prescription_Drugs.html.
30. Thomas Bray, “Premium Pain Relief,” Wall Street Journal, July 23, 2002. http://www.opinionjournal.com/columnists/tbray/?id=110002025.
31. Günter Verheugen, “Delivering Better Information, Better Access and Better Prices,” Speech at the European Pharmaceutical Forum, September 29, 2006. http://www.montesquieu-instituut.nl/9353000/1/j9vvh6nf08temv0/vhefjfs6y9q2?ctx=vgg61g6 cels8&start_tab0=20.
32. Sally Satel, “Organs for Sale,” The American, October 14, 2006. http://www.american.com/archive/2006/november/organs-for-sale/article_print.
33. Ibid.
34. Ibid.
35. Office of Inspector General, “A Comparison of Prices for Power Wheelchairs in the Medicare Program,” Department of Health and Human Services, April 2004. http://oig.hhs.gov/oei/reports/oei-03-03-00460.pdf.
36. “A Testimony on Kyle Medicare Contracting Bill,” Association of American Physicians and Surgeons. http://www.aapsonline.org/medicare/kyltest.htm.
37. Karen Lasser, Steffie Woolhandler, and David Himmelstein, “Sources of U.S. Physician Income: The Contribution of Government Payments to the Specialist-Generalist Income Gap,” Journal of General Internal Medicine, September 2008. http://www.springerlink.com/content/ql727j6357270761/?p=61e20debe5e2441db52ae70e5347682a&pi=3.
38. Kurt Williamsen, “SCHIP of State: President Obama and Most of the Press Cheered the Passage of the State Children’s Health Insurance Program, but Can SCHIP Stay Afloat Long-Term?” The New American, March 2, 2009. http://findarticles.com/p/articles/mi_m0JZS/is_5_25/ai_n31438421/.
39. Susan Okie, “Innovation in Primary Care—Staying One Step Ahead of Burnout,” New England Journal of Medicine, November 27, 2008. http://content.nejm.org/cgi/content/full/359/22/2305.
40. Edmund F. Haislmaier, “Medicare’s Fatal Weakness: Expensive New Technologies are Rationed,” National Policy Analysis, March 2005. http://www.nationalcenter.org/NPA525MedicareRationing.html.
41. Sue Blevins, “Let Seniors Get Off the Sinking Medicare Ship,” Cato Institute, April 7, 2004. http://www.cato.org/pub_display.php?pub_id=2600.
42. Steven Malanga, “How to Stop Medicaid Fraud,” City Journal, spring 2006. http://www.city-journal.org/html/16_2_medicaid_fraud.html.
43. “Legislative Malpractice,” New York Post, August 25, 2008. http://www.nypost.com/seven/08252008/postopinion/editorials/
legislativemalpractice126025.htm.
44. Stephanie Desmon, “Doctors in Short Supply in Rural Maryland,” Baltimore Sun, February 17, 2009. http://www.baltimoresun.com/services/newspaper/printedition/sunday/ideas/bal-id.rural01mar01,0,6046663.story.
45. “Medical Malpractice Litigation Raises HealthCare Cost, Reduces Access, and Lowers Quality of Care,” Journal of Medical Practice Management, 2004. https://www.researchgate.net/publication/8217146_Medical
malpracticelitigation_raises_health-care_cost_reduces_access_and_lowers_quality_of_care.
46. Philip K. Howard, “Hearing on Medical Liability: New Ideas for Making the System Work Better for Patients,” Testimony before the Senate Committee on Health, Education, Labor, and Pensions, June 22, 2006. http://help.senate.gov/Hearings/2006_06_22/howard.pdf.
47. Ibid.
48. Ibid.
Chapter Eight: “Isn’t Government Needed to Direct the Economy?”
1. David Leonhardt, “After the Great Recession,” New York Times Magazine, April 28, 2009. http://www.nytimes.com/2009/05/03/magazine/03Obama-t.html.
2. Ibid.
3. Ibid.
4. Randall Holcombe, “Federal Government Growth Before the New Deal,” The Freeman, September 1, 1997. http://www.independent.org/publications/article.asp?id=360.
5. John Maynard Keynes, The General Theory of Employment, Interest, and Money (New York: Harcourt, Brace & World, 1964).
6. Quoted in Robert A. Mundell and Paul J. Zak, Monetary Stability and Economic Growth: A Dialog Between Leading Economists (Cheltenham, UK: Edward Elgar Publishing, 2002), p. 3.
7. Edmund S. Phelps, “Corporatism and Keynes: His Views on Growth,” May 16, 2007. http://www.columbia.edu/~esp2/CorporatismAndKeynes2007May16rev2.pdf.
8. Ike Brannon, “We Were All Keynesians Then,” Cato.org, January 9, 2006. http://www.cato.org/pub_display.php?pub_id=5362.
9. Amity Shlaes, The Forgotten Man: A New History of the Great Depression (New York: Harper-Collins, 2007).
10. Friedrich August Hayek, The Road to Serfdom (New York: Routledge, 2001).
11. Ronald Hamowy, The Encyclopedia of Libertarianism (Thousand Oaks, Calif.: Sage Publications, 2008), p. 138.
12. Paul Romer, “Economic Growth,” The Concise Encyclopedia of Economics (Indianapolis: Liberty Fund, 2007). http://www.stanford.edu/~promer/EconomicGrowth.pdf.
13. Ronald Utt, “Learning from Japan: Infrastructure Spending Won’t Boost the Economy,” Heritage Foundation, December 16, 2008. http://www.heritage.org/research/economy/bg2222.cfm.
14. Ibid.
15. Bruce Bartlett, “The 81% Tax Increase,” Forbes.com, May 15, 2009. http://www.forbes.com/2009/05/14/taxes-social-security-opinions-columnists-medicare.html.
16. Martin Feldstein, “Tax Increases Could Kill the Recovery,” Wall Street Journal, May 14, 2009. http://online.wsj.com/article/SB124217336075913063.html.
17. Ibid.
18. John Tamny, “The Fed Cannot Create Economic Growth,” Forbes.com, December 29, 2008. http://www.forbes.com/2008/12/28/fed-gold-growth-oped-cx_jt_1229tamny.html.
19. Ibid.
20. Robert J. Barro, “Government Spending Is No Free Lunch,” Wall Street Journal, January 22, 2009. http://online.wsj.com/article/SB123258618204604599.html.
21. Ibid.
22. Daniel Mitchell, “The Impact of Government Spending on Economic Growth,” Heritage Foundation, March 15, 2005. http://www.heritage.org/research/budget/bg1831es.cfm.
23. Ibid.
24. Ibid.
25. Brian Riedl, “Why Government Spending Does Not Stimulate Economic Growth,” Heritage Foundation, November 12, 2008. http://www.heritage.org/research/budget/bg2208.cfm.
26. Ibid.
27. Julia A. Seymour, “Obama Economic Adviser Warns Spending Could Create Double Digit Inflation,” Business & Media Institute, April 22, 2009. http://www.businessandmedia.org/printer/2009/20090422154308.aspx.
28. Paul Krugman, “Falling Wage Syndrome,” New York Times, May 3, 2009. http://www.nytimes.com/2009/05/04/opinion/04krugman.html.
29. Hans-Werner Sinn, “Forget Inflation, Deflation Is the Real Worrier,” Financial Week, March 2, 2009. http://www.financialweek.com/apps/pbcs.dll/article?AID=/20090302/REG/902279982/1028&template=printart.
30. Quoted in Brink Lindsey, Against the Dead Hand: The Uncertain Struggle for Global Capitalism (Hoboken, NJ: John Wiley & Sons, 2002), pp. 217–218.
31. Ibid.
32. Steven Malanga, “Doing Well Off Do-Gooders,” City Journal, April 22, 2008. http://www.city-journal.org/2008/eon0422sm.html.
33. Ibid.
34. A
dam Smith, The Wealth of Nations (New York: Penguin Classics, 1999), p. 310.
35. Friedrich Hayek, The Constitution of Liberty (Chicago: University of Chicago Press, 1960).
36. Sheldon Richman, “Government Should Find Science? It Just Ain’t So!” The Freeman, March 2005. http://www.fee.org/pdf/thefreeman/richman0305.pdf.
37. William Broad, “For Parts, NASA Boldly Goes … on eBay,” New York Times, May 12, 2002. http://www.nytimes.com/2002/05/12/us/for-parts-nasa-boldly-goes-on-ebay.html.
38. Anne Kornblut, “Staff Finds White House in the Technological Dark Ages,” Washington Post, January 22, 2009. http://www.washingtonpost.com/wp-dyn/content/article/2009/01/21/AR2009012104249.html.
39. David Espo and Jennifer Loven, “Obama: Congress Must Act Boldly and Now on Economy,” Associated Press, January 8, 2009. http://abcnews.go.com/Business/wireStory?id=6601988.
40. Mark Skousen, “Is ‘Do Nothing’ the Right Response?” Human Events, Febuary 11, 2009. http://www.humanevents.com/article.php?id=30641.
41. Ibid.
42. Robert Higgs, “Instead of Stimulus, Do Nothing—Seriously,” Christian Science Monitor, February 9, 2009. http://www.csmonitor.com/2009/0209/p09s01-coop.html.
43. Amity Shlaes, “Fifteen Minutes of Pain,” Forbes.com, April 30, 2009. http://www.forbes.com/2009/04/30/1930s-great-depression-business-shlaes.html.
44. Ibid.
45. Robert Higgs, “Why the Great Depression Lasted So Long and Why Prosperity Resumed After the War,” Independent Review, spring 1997. http://www.independent.org/pdf/tir/tir_01_4_higgs.pdf.
46. Robert Higgs, “Recession and Recovery: Six Fundamental Errors of the Current Orthodoxy,” Independent Institute, March 5, 2009. http://www.independent.org/newsroom/article.asp?id=2448.
47. Ibid.
48. Hernando de Soto, “Citadels of Dead Capital,” Reason, May 2001, http://www.reason.com/news/show/28018.html.
ABOUT THE AUTHORS
STEVE FORBES is chairman, CEO, and editor in chief at Forbes Media and an internationally respected authority in the worlds of economics, finance, and corporate leadership. He campaigned twice for the Republican nomination for the presidency. His previous books include Flat Tax Revolution, A New Birth of Freedom, and the New York Times bestselling Power Ambition Glory.