Tuesday, May 29, 2012

mujerchile: This is a defining moment in history.

This is a defining moment in history.

President Barack Obama and First Lady Michelle Obama greet the U.S. Navy's first contingent of women submariners to be assigned to the Navy's operational submarine force, in the Blue Room of the White House, May 28, 2012. The 24 women were accepted into the Navy's nuclear submarine program after completing an intensive training program and serve on ballistic and guided missile submarines throughout the Navy. Also attending were ADM Mark Ferguson, left, Navy Secretary Ray Mabus and Defense Secretary Leon Panetta, right. (Official White House Photo by Pete Souza)

President Barack Obama and First Lady Michelle Obama greet the U.S. Navy's first contingent of women submariners to be assigned to the Navy's operational submarine force, in the Blue Room of the White House, May 28, 2012. The 24 women were accepted into the Navy's nuclear submarine program after completing an intensive training program and serve on ballistic and guided missile submarines throughout the Navy. Also attending were ADM Mark Ferguson, left, Navy Secretary Ray Mabus and Defense Secretary Leon Panetta, right. (Official White House Photo by Pete Souza)


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Five Ways to Avoid the Next Facebook IPO Fiasco

Five Ways to Avoid the Next Facebook IPO Fiasco

On the heels of the Facebook IPO fiasco, many investors are wondering how they can find the next best thing and avoid getting "facebooked" in the process.

Tall order? Not really.

First, look for companies with ideas that can be applied across a wide variety of industries.

If I had said this five years ago, you'd be looking for Internet- related startups or companies that can do "it" better, faster or cheaper.

Going forward however, I think the true innovation will be exponential progress that's made linking living systems with their digital counterparts. Everything from synthetic biology to computational bioinformatics will grow a lot more rapidly than the broader markets.

So will key markets related to healing human illness, solving hunger and figuring out how to deliver potable water to broad swathes of the planet.

No doubt there will be tremendous ethical challenges along the way, but I believe we will see the line blur between what's needed to live and how we actually live our lives.

Though it's hard to imagine given the state of the world at the moment, I believe a fair number of the best up- and- coming investments will be outside the traditional first- tier markets of the United States, Europe and Japan.

In fact, I'd bet on it.

Second, don't confuse the ability to organize or share information with the ability to generate revenue

One might lead to the other but they are not the same thing.

The way I see it, Facebook is a classic example of everything you don't want in a business. It is 900 million users who spend an average of $1.32 a year. Compare that to Amazon.com, which clocks in at a much more valuable and consistent $36.52 per person.

Call me crazy, but I don't think Facebook stock will see the bottom for a while. As I wrote last Friday, at best Facebook is worth $7.50 a share.

Revenue is slowing. Facebook doesn't dominate the mobile markets that are becoming the preferred consumer channel for tens of millions of people. And, in what is perhaps the death knell, startups are already cannibalizing Facebook's user base.

The ability to "like" somebody is really no different than signing their yearbook in high school --only you're using a computer and the Internet to do it.

Third, hunt for ringe thinkers working in their garages.

It's not enough to think differently. The next big things will come from those thinkers operating on the fringes of what the rest of us consider normal.

For example, there's a self-taught school dropout mechanic in Wichita, KS, named Johnathan Goodwin who turned the automobile industry on its ear by figuring out how to convert gas- guzzling hummers into biodiesel trucks and 100 mpg hybrids. Detroit said it couldn't be done yet his company, H-Line Conversions, proved them wrong. Don't forget that Bill Hewlett and Dave Packard started H-P in their Palo Alto garage. Incidentally, their first product was not a computer but an audio oscillator Walt Disney purchased to make the film Fantasia.

Then there's eBay (Nasdaq: EBAY).

Now an institution, eBay has created several millionaires like Jordan Insley and Sarah Davis. Insley has sold more than $8 million worth of electronics via eBay, while Davis has moved more than $4 million worth of designer handbags online. Many eBayers operate from their garages quite literally.

Steve Jobs and Steve Wozniak also built the first Apple computers in Jobs's parents' garage. And the rest, as they say, is history.

Fourth, be a "nowist" instead of a futurist.

Joi Ito, Director of MIT's Media Lab and an early stage investor in both Twitter and Flickr, notes that the ability to respond to suddenly emerging trends is key.

I agree.

It's one thing to identify long- term trends, but it's entirely another to understand the moves you need to make ahead of time.

Consider what's happened during this financial crisis.

Most investors were totally unprepared for the chaos in 2007 just as they were in late 1999. On the other hand, those who had prepared for the unexpected did just fine, including many Money Map Report subscribers.

Why? - Because they invested in companies that had strong international sales, diversified assets, competent management and healthy cash flow. In other words, the "glocals" I've favored and will continue to favor until this mess resolves itself one way or the other.

These are the companies that are quite literally prepared for anything. Many, like ABB Ltd. (NYSE: ABB), CNH Global NV (NYSE:CNH), SPDR Gold Shares (NYSEArca: GLD), and iShares Silver Trust (NYSEArca: SLV) actually melted-up in the triple digits.

Now, with the markets getting ready to roll over again, we're preparing to repeat the process if needed.

Fifth, watch people and travel if you can.

I got started people watching with my grandmother, Mimi. You've heard me talk about her before.

She was widowed at a young age and managed to turn a small life insurance settlement into the money she needed to live out her life in style by becoming an extremely savvy self-taught investor.

We used to go to malls, the country club and even to burger joints (her favorite) just to watch the sea of humanity that paraded in front of us.

At the time, I didn't really understand what she was looking for. Over the years, though, I began to understand Mimi was also watching how and what people bought.

Were they more interested in bulk purchases? Did they favor ultra-expensive goods or counterfeits? Were they paying in cash or whipping out credit cards?

She paid particular attention to folks she referred to as the "most important consumers on the planet"...our middle class. Mimi reasoned that what and where they were buying told her a lot more about the state of the economy than any "five dollar dandy" in a suit on Wall Street ever could.

To this day, that's why I watch the same- store sales for Wal- Mart (NYSE: WMT) and McDonalds Corp. (NYSE: MCD) very closely, among other data points .

And, when I'm travelling, I go out of my way to plunk down in a local shopping mall if I can.

Sometimes this involves luxury goods carried by those stores in Shanghai's Xintiandi shopping complex or along the Avenue des Champs-Elysees in Paris.

Other times, it's simply a Publix Market in Sarasota, FL, that catches my attention or the Vivre near our home in Kyoto.

Either way, the cross section of humanity I see helps me recognize patterns that, in turn, represent opportunities others don't yet see or recognize.

T here are all kinds of ways to spot the next big thing. No one data point is going to present the single "aha" you need, but together they may form a massive blinking sign.

I hope I'm smart enough to "see" it.

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Rodrigo González Fernández
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Thursday, May 24, 2012

Sponsor a Mises University Student

Sponsor a Mises University Student

Mises Daily:Thursday, May 24, 2012 by

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The right instructor can change a student's life. I know. It happened to me. Looking through the course catalog at UNLV years ago, I noticed the class "EC 742 — History of Economic Thought. Instructor: Rothbard." I didn't know who Murray Rothbard was. I hadn't ever heard of Austrian economics. I didn't know what a libertarian was. I was in my late 20s but hadn't thought much about my worldview at all.

I asked a fellow student about the course, and he urged me not to take the class with Rothbard. "He's a kook," said the student, providing the worst advice in academic history. "Take the class independent study." He then suggested one of the many Keynesian instructors at UNLV.

I decided to take EC 742 with Rothbard anyway and my life was changed forever. My eyes were opened. The lightbulb was turned on. I was struck by Rothbard's Austrian lightning.

Most of my classes at UNLV were very forgettable, but classes with Rothbard changed my mindset. He made me understand that peace and prosperity can only come from free markets and liberty. It is a message that will save the world.

Although Murray is no longer with us, his colleagues and students are here to pass his wisdom on to a whole new generation of students each year at Mises University. "There exists nothing as comprehensive, learned, or world-class as Mises U," Amherst College's Gregory Campeau wrote about MU a couple years ago. "If taken seriously, it can be a life-changing week in your intellectual life."

A gift to fund Mises University is a gift that doesn't just educate the students who come to Auburn for an intense week of morning-to-night education; many of these students will go on to educate hundreds and in some cases thousands of students themselves. Students you will never meet but who, because of your gift, will be educated about the benefits of a free economy and free society instead of learning the same old Keynesian claptrap. Your generosity is leveraged many times over in the advancement of freedom.

The importance of Mises University has never been greater.

The mainstream financial press calls this the worst economic recovery in history. Bernanke's Fed and the Obama administration have thrown everything at the economy but the kitchen sink, and even the phony government numbers are punk. GDP grew 3 percent in 2010, 1.7 percent in 2011, and 2012 doesn't look any better. Millions are unemployed and many more millions have given up. Uncle Sam provides groceries for 46 million Americans.

While government and its captive press desperately want to characterize the current economy as a recovery, it is anything but. And for young people it is a tragedy. "I've never seen the world so bad for young people. The only way I can describe it is as a Great Depression," said Andrew Sum, director of the Center for Labor Market Studies at Boston's Northeastern University, who has studied young-adult unemployment in depth.

"Mises University has helped me in my search for truth and purpose — it has convinced me to become a professor."
– Michael Szpindor Watson, University of Illinois, Chicago

The number of young adults in their 20s without jobs is the highest since recordkeeping began after World War II, and the bleak outlook has barely improved even as the broader US economy has seen new hiring in recent months.

Only 55 percent of Americans in the 16-to-29 age bracket were working in 2010, which is down dramatically from 67 percent in 2000. However, the situation is even worse than those numbers indicate. That's because millions of young adults are also underemployed, working part time while looking for a full-time job — the modern term for that being "mal-employed," which means holders of college degrees working low-end jobs.

The average young college graduates don't know what hit them. They've done everything they were told. They went to good universities, persevered, earned their diplomas, and collectively piled up a trillion dollars in debt doing it. Now, depending on their major, they're tending bar or waiting tables.

Northeastern's Sum is outraged that the Obama administration hasn't created a stimulus plan to employ college graduates. "We've betrayed our young people badly," he said.

However, government has betrayed young people with its continuous meddling in the economy. The future is cloudy because of the endless stimulus plans, high taxation, and overregulation by government busybodies. The Federal Reserve continuously prints money, bailing out bankrupt businesses, allowing these capital wasters to destroy the resources that could spur job growth.

The Fed-induced booms and busts have decimated the retirement savings of older Americans, at the same time that price inflation keeps those hoping to retire from saving enough. Instead, they must remain on the job rather than enjoy retirement, denying positions to young people.

The worst of it is, Ben Bernanke has every intention of making matters worse. He believes it when people call him the foremost authority on the Great Depreciation. The Fed chair believes he must flood the world with money to eradicate deflation. He holds the dangerous notion in his head that he knows just the right amount of money to inject and just the proper interest rate to fix in order to centrally plan the economy.

He told a 60 Minutes TV audience a couple years ago that he was 100 percent certain of being able to control inflation. But the nation's high unemployment bothers him, and he thinks he can fix it with more money. He's wrong, but he doesn't understand that he's wrong.

What government is doing to the futures of young people makes Mises University more important now than ever before. They deserve to know the truth. Mises U provides students an education they can't obtain anywhere else. There is absolutely nothing like it: six days of systematic training in the Austrian School of economics from a world-class faculty — all made possible by donors like you.

"Mises University has been an amazing experience and has stimulated my continued interest in studying economics and spreading the message of liberty. I feel very privileged to have had this opportunity."
– Sam Selikoff, Boston College

Students leave the Mises Institute with an understanding of the evils of government force and meddling. They are not only informed and educated but inspired to change the world by teaching and promoting liberty and free markets. "My experiences at Mises U will stick with me for the rest of my life and allow me to further educate others about liberty and freedom," writes 2011 MU attendee Nga Nguyen from the University of Louisville.

Universities aren't doing the job, so we must. With your help, we can produce more scholars like Bob Murphy, Tom Woods, Mark Thornton, Peter Klein, and Timothy Terrell, all of whom started as MU graduates and are now instructors at Mises U and making a difference on college campuses and the world of ideas.

In 26 years, Mises University has produced hundreds of talented professors teaching in universities all over the world. Imagine how important this is. Students attending state and private universities would never be exposed to the ideas of the free market if not for instructors trained at Mises University.

Students who go on to other professions will be that much more prepared to succeed in an economy made more challenging by big government every day, understanding that the standard of living we do enjoy comes from the entrepreneurial genius of businesspeople who persevere through the government interference.

Mises U includes lectures, discussion groups, and panels that run from morning until night. It all ends with oral examinations, evaluations, and a graduation ceremony. It is not only educational but highly inspiring. With your help we recruit smart young people into the world of ideas to do battle on behalf of freedom and truth.

Please help us counter the government's economic-lies machine and make the Mises University even better. We have more smart young people than ever, students whose minds and hearts are starved for the intellectual nourishment that only Mises University can provide. We accept only the best: kids who excel in intellect and character, and who want to be taught Misesian economics in the classical manner and dedicate their lives to teaching, inside and outside the classroom.

Students question the authorities and the government's quashing of personal and economic freedoms. They know something is wrong when day-to-day economic news bears no relation to the state of the real economy. They don't believe the mainstream babble, because their job prospects are abysmal and they want to know what caused this mess. At Mises University they gain an academic understanding of the diabolical effects of this government tyranny. The education they receive has relevance each and every day.

Mises, Rothbard, and the rest of the great Austrian thinkers taught us that meddling by Washington and the Federal Reserve will not create economic riches. The malinvestments of the boom must be liquidated, and that liquidation process will continue despite Obama and Bernanke claiming they can reinflate the bubble prosperity. They can't.

In these tough economic times, we know that giving to the causes you believe in is hard. But nothing is more important than ensuring that civilization is given a chance to survive and thrive. Your tax-deductible gift of $100, $50, or any amount, would be great. Your contribution of $500 or even $1,000 would be magnificent. Since its founding in 1982, the Mises Institute has trained thousands of young scholars. But we must do more, especially now that campuses and political life and the media continue to be saturated with economic lies.

Young people want to be free from every form of tyranny. They are eager to change the world and have the energy to make it happen. We must give them the intellectual firepower to do just that.

I'm thankful every day that I took EC 742 with Rothbard. Please help other students be struck by Rothbard's Austrian lightning.



Saludos
Rodrigo González Fernández
Diplomado en "Responsabilidad Social Empresarial" de la ONU
Diplomado en "Gestión del Conocimiento" de la ONU
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Thursday, May 10, 2012

Previous Mises Daily IndexThe Rawlsitarian Paradox

The Rawlsitarian Paradox

Mises Daily: Thursday, May 10, 2012 by

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[Free Market Fairness By John Tomasi • Princeton University Press, 2012 • Xxvii + 348 pages]

Free Market Fairness

To write about bleeding-heart libertarianism is no easy task. Self-professed bleeding-heart libertarians, who include well-known political philosophers, now run their own website, and the movement has aroused among libertarians considerable interest. But the bleeding hearts do not profess a unified philosophical point of view. If someone is a Rothbardian, e.g., or an Objectivist, you at once know what views you need to address; not so for a bleeding heart.

If the movement professes no fixed body of doctrine, though, many bleeding hearts seek to combine support for the free market, albeit often in an attenuated form, with a favorable view of social justice, and, in particular, of John Rawls's theory of justice.[1] Though Rawls was of course far from a supporter of the free market, a number of the bleeding hearts believe that his views can, suitably modified, provide a powerful defense of classical liberalism.

John Tomasi does not in Free Market Fairness call himself a bleeding-heart libertarian, but his excellent book offers the best and most comprehensive defense yet to appear of the position just described. Tomasi is a distinguished and imaginative political philosopher who teaches at Brown University, and every reader of his book will learn a great deal from it.

Tomasi describes in an engaging way what led him to what appears at first sight a mixture of incompatible commitments. On the one hand, he found classical liberalism appealing; on the other hand, he was attracted to a conception of justice usually taken to be inimical to that position.

Two classical-liberal ideas especially attracted him. The free market enables people to mold their own lives; no longer need they passively react to the wishes of others.

Growing prosperity seems to give an ever-wider range of people a sense of power and independence. It encourages a special form of self-esteem that comes when people recognize themselves as central causes of the particular lives they are living — rather than being in any way the ward of others, no matter how well meaning , other-regarding or wise those others might be. (p. 61)

Many have criticized the free market because, in Marx's phrase, it is an "anarchy of production": no central body coordinates the vast array of market prices. But this is of course not a failing but a virtue. Hayek has through his notion of "spontaneous order" done a great deal to illuminate why this is so, and Tomasi is impressed:

I am also drawn to the libertarian idea of "spontaneous order." … Friedrich Hayek argues that a free society is best thought of as a spontaneous order in which people should be allowed to pursue their own goals on the basis of information available only to themselves. Along with the moral ideal of private economic liberty, I find the libertarian emphasis on spontaneous order deeply attractive. (p. xii)

Among his fellow political philosophers, support for the free market is decidedly a minority view. Classical liberalism has been overthrown by what Tomasi, following Samuel Freeman, calls "high liberalism":

The distinctive political commitment of high liberals is to a substantive conception of equality. Perhaps as a result, high liberals are skeptical of the moral importance of private economic liberty. Unlike the classical liberals and libertarians, the high liberal ideal of equality leads them to affirm a conception of social or distributive justice. (p. 54)

Clearly, you cannot at the same time consistently be both a classical liberal and a high liberal. But Tomasi makes a surprising claim. The most important theorist of high liberalism is John Rawls, but Tomasi argues that Rawls's conception of justice as fairness, which he accepts, can be adapted to the defense of "market democracy," Tomasi's version of classical liberalism.

Rawls's theory is not the only left-liberal account of social justice on offer, and Tomasi does not intend to "marry market democracy to the Rawlsian program" (p. 105). But "I [Tomasi] choose justice as fairness simply because, once it has been adjusted and corrected according to market democratic principles, it is the conception of liberal justice I find most compelling" (p. 175).

In order to understand Tomasi's claim and to judge its success, it is important to grasp what market democracy means. It is by no means the same as the libertarianism of Rothbard and Nozick.

Within the framework of market democracy, economic liberties can properly be regulated and limited to advance compelling interests of the liberal state.… Unlike strict libertarians, market democrats can join high liberals as well as classical liberal thinkers such as Milton Friedman, F.A. Hayek, and Richard Epstein, who say that the liberals state should be given the power to provide a social minimum funded by a system of taxation. (pp. 91–2).

Tomasi also favors government support of education, e.g., through a voucher scheme. (A complication, which will not be pursued here, is that Tomasi distinguishes two versions of market democracy, democratic laissez-faire and democratic limited government; the second allows somewhat more direct government intervention than the first.)

But even if Tomasi is not a strict libertarian, does not his position differ entirely from that of Rawls, who expressly repudiates as inadequate the "system of natural liberty"? How then can Tomasi arrive at a Rawlsian defense of market democracy?

Tomasi's answer is not the obvious one that will first occur to most readers. Rawls's difference principle allows inequalities that make the worst-off class in society better off than they would otherwise be. Suppose that a great deal of inequality turns out to be to the advantage of the worst off because, e.g., economic incentives strongly motivate people. Would we not have a Rawlsian justification of inequality?

We very well might; but this is not the line that Tomasi takes. The point just considered depends on an empirical hypothesis about how people in the actual world are motivated. Tomasi prefers to operate at a higher level of abstraction. He is concerned, like Rawls himself, with "ideal theory." This consists of two tasks of identification. The first of these

involves identifying a set of principles of justice that expresses our commitment to treat citizens as free and equal self-governing agents. The second identificatory task concerns institutions … we seek to identify institutional regime types that "realize" the principles of justice. (p. 206)

What Tomasi has in mind, then, is this. Rawls's own social-democratic views are simply interpretations of his theory of justice. If we accept Rawls's principles of justice, we are not bound by Rawls's own views about how these principles are to be implemented, and the door to a market-democratic interpretation of Rawls lies open. To think otherwise, Tomasi holds, is to fall victim to what he calls an "ipse dixit" fallacy. "At the extreme, the exegetical approach treats justice as fairness as a plot in the archaeology of ideas rather than as a living, growing research paradigm" (p. 179).

For each of Rawls's principles of justice, then, Tomasi offers an interpretation congenial to market democracy. Rawls's first principle specifies a set of liberties that enjoys lexical priority to the distributive requirements of the second principle.[2] Rawls does not include rights to acquire and hold productive property among the set, but Tomasi does. The ability to engage in business often proves an excellent way to develop one's moral powers. Why, then, exclude it from the list of protected liberties? Tomasi intends this point to apply to what Rawls terms the "special conception of justice," where "social conditions are favorable to the attainment of social justice" (p. 181). He contends that with "prosperity, the existence of thick private economic liberty is for many citizens an essential condition of responsible self-authorship" (p. 183).

Tomasi offers his own understanding of other Rawlsian principles. For fair equality of opportunity, Tomasi stresses the need for each person to have a wide variety of choices, as opposed to efforts to counter the effects of status. For the difference principle, he emphasizes the need to increase through economic growth the wealth of the worst-off class. Not for him are efforts directly to reduce inequalities, e.g., through progressive taxation.

Those of libertarian inclination will find Tomasi's political program far more acceptable that Rawls's own program, but I do not think that Tomasi succeeds in making a Rawlsian case for market democracy. The problem as I see it is that he does not take adequate account of the originality of Rawls's approach to political philosophy.

The situation that drives Rawls to his theory is that of people in a large society like the United States who are divided by conflicting conceptions of the good. Some of these conceptions may be better than others, and one may in fact be the correct one: Rawls does not commit himself on this question. But none of these conceptions can be shown to be true in the strong sense that it would be unreasonable for anyone to reject it. This state of affairs Rawls terms "the fact of reasonable pluralism."

Given reasonable pluralism, it would be wrong for the holders of one conception to impose their views on others; respect for others requires that we defend our political views with reasons others could acknowledge. Our aim, Rawls holds, should not be a mere modus vivendi with those who profess other conceptions of the good. Rather, we should seek a stable society in which people decide disputed questions by democratic discussion.

He intends the principles of justice to give the conditions under which such democratic decisions can take place. Herein lies Rawls's originality. By inquiry into the conditions of a stable regime, given the fact of reasonable pluralism, one can avoid appeals to controversial moral intuitions or problematic moral theories like utilitarianism. His approach to justification is "political, not metaphysical."

Why did I embark on this elementary account of Rawls's theory? The reason is to bring out that to adopt a Rawlsian account of justice, one must accept democratic participation in a strong sense. For Rawls, the people in a society are bound to one another by special ties and decide political questions together. The echoes of Rousseau here are not accidental.[3]

Tomasi, it is clear, is not committed to this sort of democracy. People on his account need not value at all the process of deciding questions together with other citizens (though of course they are not precluded from doing this) He seems to me entirely right that productive business activity has great value; but this claim, right or not, derives from a particular conception of the good, not from asking for the presuppositions of democratic decision making under the condition of reasonable pluralism. In like fashion, the egalitarian implications Rawls finds in his principle of fair equality of opportunity and in the difference principle are not simply interpretations of his own that reflect distaste for wealth. Rather, once more they are plausibly taken as necessary conditions for the type of democratic participation Rawls favors.

Why does any of this matter? Suppose Tomasi responds that he rejects the democratic solidarity that Rawls wishes to promote. If he does this, though, then his defense of his interpretations of political liberty, fair equality of opportunity, and the difference principle depend on his own conception of the good. Like most political philosophers, he is reduced to his own moral intuitions or moral theory. He has abandoned the distinctive Rawlsian method of political justification.

I do not at all contend that he is wrong to do so: I am not a Rawlsian.[4] But Tomasi ought to be clear that, though he has adopted some Rawlsian themes, he has proceeded in an un-Rawlsian way. Many of the words of Rawls are present in Tomasi's book, but not the music.

Taken apart from the misleading Rawlsian framework, Tomasi's book contains many good arguments in defense of classical liberalism. But the intuitions that underlie these arguments must be weighed against other intuitions and arguments, in particular those that support the more stringent libertarianism from which Tomasi recoils.

Tomasi has little use for strict libertarians. They consider property rights "absolute"; by this he appears to mean that they would not allow the interventions by government such as the social-safety need and provision of vouchers that he thinks acceptable. He remarks that libertarians, like high liberals,

single out the economic liberties for special treatment. But instead of lowering the status of the economic liberties, libertarians elevate them above all others. Economic liberties become the weightiest of all rights. Indeed, libertarians such as Jan Narveson assert that liberty is property. (p. 48, emphasis in original)

But if, as Narveson and Rothbard think, all rights can be analyzed as property rights, how does it follow that property rights are more important than other rights? To the contrary, the conclusion negates the premise. If there are no rights besides property rights, property rights cannot be more important than property rights. If Tomasi means that libertarians believe that property rights in the ordinary-language sense exceed in importance other rights such as civil liberties, this by no means follows from the libertarian view of property. In fact, it is directly contrary to Rothbard's own view that self-ownership is the primary right.

I do not want to close on a critical note. My favorite passage in the book is this:

From George Washington's warning to avoid the dangers of exclusive economic and military pacts with other countries … to James Madison's proposal of a constitutional amendment requiring political leaders wishing to go to war to raise funds from current taxes (rather than hiding the costs through borrowing), advocates of limited government have long been among the strongest critics of the politico-military establishments common with contemporary states … the very idea of a large publically funded military-industrial complex runs against the grain of market democracy. (p. 263)

That is well said indeed.

Fuente:

Saludos
Rodrigo González Fernández
Diplomado en "Responsabilidad Social Empresarial" de la ONU
Diplomado en "Gestión del Conocimiento" de la ONU
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Diplomado en Coaching Ejecutivo ONU( 
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 CEL: 93934521
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Soliciten nuestros cursos de capacitación  y consultoría en GERENCIA ADMINISTRACION PUBLICA -LIDERAZGO -  GESTION DEL CONOCIMIENTO - RESPONSABILIDAD SOCIAL EMPRESARIAL – LOBBY – COACHING EMPRESARIAL-ENERGIAS RENOVABLES   ,  asesorías a nivel nacional e  internacional y están disponibles  para OTEC Y OTIC en Chile