Is Poverty like a Pond?

In a famous 1972 article, “Famine, Affluence, and Morality,” philosopher Peter Singer compared global poverty to a child drowning in a pond: [I]f it is in our power to prevent something very bad from happening, without thereby sacrificing anything morally significant, we ought, morally, to do it. An application of this principle would be as follows: if I am walking […]

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Gold, Money, and the Great Depression

Depression Bread Line

What caused the Great Depression? There’s no shortage of popular theories. Some say it was an inevitable consequence of capitalism. Others claim it was the big stock market crash of October 1929 that started it. Yet another hypothesis says that the 1930 Smoot-Hawley Tariff, highest in U.S. history, turned a recession into a depression. All these explanations are false. Economists […]

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