Posts by Gary Galles
Gary M. Galles is a Research Fellow at the Independent Institute, Professor of Economics at Pepperdine University, and Adjunct Scholar at the Ludwig von Mises Institute.
The Hobgoblin of Separation of Ownership and Control


The Great Recession heightened people’s search for scapegoats. One common target was corporate management, accused of harming shareholders and consumers, rather than advancing their interests, with more government regulation put forward as the necessary solution. We saw it when the self-styled 99% blamed the 1% for their frustrations, when Hillary Clinton blamed weak economic...
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Smith on Jones


One defining characteristic of early economists was their antipathy toward protectionism, because they realized that high tariffs and import restrictions harm a nation’s citizens by eliminating mutual benefits that voluntary exchange would have created. Adam Smith, history’s most famous economist, was among their number. However, there was the one case of protectionism he endorsed,...
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Freedom, Fairness, and the Transitional Gains Trap


During the many years I have written about liberty, among the most common criticisms I’ve encountered has been that freedom, including a free market, is unfair. That conclusion always struck me as backward. How is a system fundamentally based on self-ownership and voluntary arrangements unfair? It certainly meets the traditional definition of justice, which...
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