Monday, February 21, 2011

Cowboy Capitalism and the State

Doug French, in an article for the Mises.org website — a site, named for the conservative Austrian economist Ludwig von Mises, whose politics tend to fall on what’s conventionally regarded as the Right — makes some points about the current trend toward mergers and acquisitions that sound an awful lot like what the Marxists at Monthly Review have been saying for a long time. But they’re both right.

In “Merger Monday and the Destruction of Wealth” (Feb. 15), French argues that the uptick in mergers and acquisitions is occurring because corporations are loaded down with cash burning a hole in their balance sheets, with no productive outlet to invest it in.

That’s pretty much what the Monthly Review folks have been saying since the 1970s.

Read the rest of Kevin Carson's article

James Tuttle,
Regular Columnist, THL
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