Up to now, we here at mwbh have attempted to focus on what two different grassroots political movements in this country have in common. As we learned earlier this week, dissatisfaction with the way government is (or is not) working is common ground, but it probably ends there. What follows is an analysis of the differences that remain, narrated by a frequent guest here, Bill Whipple.
Based on Richard A. Epstein's new Broadside, this video outlines the differences between the classical liberalism of the Tea Parties and the progressive agenda advanced by the OWS movement, and reveals that the painful performance of the American economy in the past decade is not a function of bad luck, but the product of flawed institutional design.
We are reaping the harvest of efforts to reinvigorate the progressive programs of the New Deal that stress high progressive taxes, large transfer payments, strong labor laws, and major barriers to free trade. This combination of public finance and market regulation has proved a potent force for disaster.
Richard Allen Epstein (born April 17, 1943) is the Laurence A. Tisch Professor of Law at the New York University School of Law and Professor of Law Emeritus at the University of Chicago Law School.
Epstein's latest book can be found here. Read one fascinating, if contrarian viewpoint here.