Introduction

Galambos, Snelson & the V-50 Lectures

I first heard the V-50 lectures of Andrew J. Galambos ably presented by Jay S. Snelson in 1967. Almost immediately I thought that here was something highly interesting and profoundly, even radically different than anything I had heard before. More

Chapter: 1

Free Enterprise Government

“We shall need a new manner of thinking if mankind is to survive.” —Albert Einstein

“Only art and science give us a hope for a higher life.” —Ludwig van Beethoven More

Chapter: 2

Frequently Asked Questions–Imagine a World Without the State

Would there be anarchy without the state to enforce law and order? No, anarchy is always a transitory condition because security is absolutely essential to human beings.—Andrew J. Galambos More

Chapter: 3

Civilization in Crisis

Lecture number 1 : “The object of all science is to coordinate our experiences and bring them into a logical system.”—Albert Einstein More

Chapter: 4

How do you know you are right? An Absolute Standard of Rightness

Lecture number 2 : “Any man more right than his neighbor constitutes a majority of one.”—Henry David Thoreau More

Chapter: 5

A New Science: Volition

“What is hateful to you, do not do to your neighbor.”—Leviticus SYNOPSIS To construct a science in the domain of volitional action, we must deal with the fact that we cannot predict the behavior of individual human beings with accuracy … More

Chapter: 6

From Slavery, War, and Poverty
to Freedom, Peace, and Prosperity

SYNOPSIS Decline and fall has been the fate of all human societies since the dawn of recorded history. The cause is the fundamental human need for security, which is met with a supply of political coercion. Such coercion causes the … More

Chapter: 7

From Galileo and Newton to
Communication at the Speed of Light

The Consequences of Intellectual Integration  “Isaac Newton was placed by fate at a turning point in the world’s intellectual development.”—Albert Einstein SYNOPSIS This chapter focuses on several revolutionary changes in human society brought about not by violent overthrow of a … More

Chapter: 8

Abundance and its Sources–Poverty and its Causes

 “[Civilization] does not get started with economic thinking; [it] gets started with developments of a creative sort—innovation of products.”—Andrew J. Galambos SYNOPSIS The abundance of material necessities and comforts which most Americans take for granted is not a universal condition … More

Chapter: 9

False Alternatives

“Would you rather have a broken arm or a broken leg? The answer is those are not alternatives. They’re the same type of thing—injury.”—Andrew J. Galambos SYNOPSIS All political debates have three things in common. There is disagreement over political … More

Chapter: 10

The True Democracy of Voluntary Exchange

“In political democracy only the votes cast for the majority candidate or the majority plan are effective in shaping the course of affairs. . . But in the market no vote is cast in vain. Every penny spent has the … More

Chapter: 11

Political Democracy in America

“With all [our] blessings, what more is necessary to make us a happy and a prosperous people? Still one thing more, fellow-citizens—a wise and frugal Government, which shall restrain men from injuring one another, shall leave them otherwise free to … More

Chapter: 12

The Great Depression and its aftermath—a fundamental change in America

“The crash of 1929 and the Great Depression . . . clearly demonstrate how radical government intervention [in economic life] can generate a severe depression.”–Hans F. Sennholz  SYNOPSIS In the 1930s America commenced a fundamental change–from a country of largely … More

Chapter: 13

Wars of the United States of America

“Government is not reason; it is not eloquence; it is force! Like fire, it is a dangerous servant and a fearful master.”–George Washington “Of all the enemies to public liberty war is, perhaps, the most to be dreaded because it … More

Chapter: 14

Monopolies: Coercive and Non-Coercive

“Monopoly means single source of supply. Monopoly is completely harmless unless it is coercive.”–Andrew J. Galambos SYNOPSIS This chapter examines the adverse consequences of state intervention in business competition. The English word monopoly denotes a single source of supply. The … More

Chapter: 15

Price Regulations: Shutting Off the Lifeblood of the Economic Circulatory System

Introduction The subject of prices has engendered a vast economic literature of theory and opinion as well as conflicts of vision about the way society should operate. Beginning around the time the United States came into existence with the American … More

Chapter: 16

The Paradox of Capitalism and The Paradox of Socialism

“Capitalism has raised in an unprecedented way the average standard of living.  Nonetheless, many people passionately loathe capitalism.”—Ludwig von Mises “In capitalism, man exploits man. In socialism, it’s the other way around.”—Twentieth century aphorism in socialist countries of Eastern Europe … More

Chapter: 17

Capitalism in the media

SYNOPSIS and INTRODUCTION The image portrayed of capitalism and capitalists in American media is consistently and overwhelmingly negative. The discussion here is confined to American media. However, there is little reason to believe that a more favorable image of capitalism … More

Chapter: 18

Kleptocracy

“A government with the policy to rob Peter to pay Paul can be assured of the support of Paul.”—George Bernard Shaw SYNOPSIS The United States of America and the individual states finance their operations by stealing. The theft is called … More

Chapter: 19

Problems and Solutions

 “If something is permitted by the laws of physics, then the only thing that can prevent it from being technologically possible is not knowing how.”—David Deutsch “That is impossible which would violate a law of nature.”—Andrew J. Galambos SYNOPSIS In … More

Chapter: 20

Money

“Money would be better supplied by competition among private issuers than by a monopoly of government.”—Arthur Seldon More

Chapter: 21

The Commons

“Elinor Ostrom has challenged the conventional wisdom that common property is poorly managed and should be either regulated by central authorities or privatized . . . She observes that resource users frequently develop sophisticated mechanisms for decision-making and rule enforcement to handle conflicts of interest . . .” More

Chapter: 22

Credit and Reputation

“Credit is like a looking-glass, which when once sullied by a breath may be wiped clear again, but if once cracked can never be repaired.”—Sir Walter Scott More

Chapter: 23

Insurance

“Insurance is one of the great inventions of all time. It compares in importance with the invention of the wheel.” —Andrew J. Galambos

Chapter: 24

Security

“He who sacrifices freedom for security deserves neither”—Benjamin Franklin

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Chapter: 25

National Defense

“War is politics carried on by other means, to compel our adversaries to submit to our will.”—Carl von Clausewitz More

Chapter: 26

Insuring and Assuring Defense

“An ounce of prevention is worth a pound of cure.”–Benjamin Franklin
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Chapter: 27

Justice

“Justice is the elimination of injustice. Injustice is a crime to which no recourse exists, that is a crime for which there has been no restitution of property.”—Andrew J. Galambos More

Chapter: 28

Education

“I have never let my schooling interfere with my education.”—Mark Twain

Chapter: 29

The Power of an Individual

“A government in which the majority rule in all cases cannot be based on justice, even as far as men understand it . . . I cannot for an instant recognize that political organization as my government which is the … More