Joseph Schumpeter (1883 - 1950) was one of the foremost economic thinkers of the twentieth century. Today Schumpeter is most well-known for his idea of 'creative destruction'. This is the notion that a market economy is simultaneously creative and destructive and therein lies the process of...

An enduring criticism of public choice theory is that it does not adequately address the question of power in contemporary capitalist societies. In particular it is argued that the exchange paradigm and the principle of unanimity lead to a conservative defence of the unequal and unjust status...

This article places recent evidence of Hayek's public defense of the Pinochet regime in the context of the work of the other great twentieth-century classical liberal economists, Milton Friedman and James M. Buchanan. Hayek's view that liberty was only instrumentally valuable is contrasted with...

"The tragic deaths of twenty-three young Chinese cockle pickers in Morecambe Bay on the Lancashire coast have been attributed to the machinations of global capitalism. In fact, these migrant workers came to the UK to escape the poverty created by socialism in China and were working under a...

"The failure of the Poll Tax has been claimed to be an indictment of the principles of classical liberal political economy that it was intended to apply to local government finance. This article argues that, on the contrary, the failure of the Poll Tax was entirely predictable from the...