<P>COVER STORY Continued on next page In 1942, economist Joseph Schumpeter suggested capitalism was by its nature an unforgiving system, describing an ongoing, relentless process of creative destruction—the demise of existing business structures under the onslaught of new products and new ways of doing business. Is capitalism cruel? Yes and no, Lawson says. If I have a fruit stand and youve been coming to me for 20 years, and a new fruit stand opens up and you go there instead, it looks cruel because Ive lost my business to a competitor. But whats more cruel is to say that a business cant open and provide you with a product that you really want to buy because the government wants to protect me. Capitalism requires constant churn. If someone can do it faster and better, they will, says Niemi. Inevitably, some people get lost in the shuf?e. We have more unemployed people in the labor force than ever before. We pump our own gas and check our own groceries. We used to have telephone operators and typists. Technology lowers costs and makes us more ef?cient, but it also puts a lot of people out of work. Over time, Lawson asks, which society would end up looking better— a world without innovation or a world that invites it? Its not even close, he says, I want to live in an open and dynamic society that allows that creative destruction, or ‘cruelty. Historically, creative destruction brought about by markets routinely delivered economic progress. In societies that endorse economic freedom, with minimal intervention by governmental or special interest groups, entrepreneurs are less burdened by subjective rule and, thus, free to create, innovate, compete—and even fail—in an open marketplace. Capitalism isnt perfect, but its better than anything else out there, concludes Dean Niemi. Creative Destruction: Progress at a Price Capitalism…is by nature a form or method of economic change and not only never is, but never can be, stationary. Joseph Schumpeter The William J. ONeil Center for Global Markets and Freedom Founded in 2008 by SMU Cox alumnus William J. ONeil (BBA 55), the Center is dedicated to researching economic freedom and the growth and/or decline of global economies. Robert Lawson, the centers new director, explains the objectives: Research and the Economic Freedom Index Lawson has been working on the Economic Freedom of the World project since 1996. You can read the latest Economic Freedom Index report at www.freetheworld.com. The Center will soon welcome Dean Stansel, research associate professor, who co-authors the Economic Freedom of North America report at the state-by-state and provincial levels. Outreach and Education Lawson says, We are educators. We will teach other people about the science of economic freedom as well as the principles of economics. W. Michael Cox, former director of the ONeil Center, and Richard Alm, the Centers writer-in-residence, frequently write and speak about economics in their own work. And this year, the ONeil Centers team will extend its teaching to junior high and high school teachers in Texas. For more information, visit the ONeil Center website at www.oneilcenter.org. W. Michael CoxRichard AlmRobert Lawson 27 cox.smu.edugo to</p> <UL><LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/1/1/">Front-Cover</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/2/2/">Inside-Front-Cover</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/3/3/">Page-1</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/4/4/">Page-2</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/5/5/">Page-3</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/6/6/">Page-4</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/7/7/">Page-5</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/8/8/">Page-6</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/9/9/">Page-7</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/10/10/">Page-8</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/11/11/">Page-9</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/12/12/">Page-10</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/13/13/">Page-11</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/14/14/">Page-12</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/15/15/">Page-13</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/16/16/">Page-14</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/17/17/">Page-15</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/18/18/">Page-16</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/19/19/">Page-17</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/20/20/">Page-18</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/21/21/">Page-19</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/22/22/">Page-20</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/23/23/">Page-21</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/24/24/">Page-22</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/25/25/">Page-23</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/26/26/">Page-24</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/27/27/">Page-25</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/28/28/">Page-26</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/29/29/">Page-27</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/30/30/">Page-28</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/31/31/">Page-29</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/32/32/">Page-30</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/33/33/">Page-31</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/34/34/">Page-32</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/35/35/">Page-33</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/36/36/">Page-34</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/37/37/">Page-35</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/38/38/">Page-36</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/39/39/">Page-37</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/40/40/">Page-38</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/41/41/">Page-39</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/42/42/">Page-40</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/43/43/">Page-41</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/44/44/">Page-42</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/45/45/">Page-43</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/46/46/">Page-44</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/47/47/">Page-45</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/48/48/">Page-46</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/49/49/">Page-47</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/50/50/">Page-48</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/51/51/">Page-49</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/52/52/">Back-Cover</a></LI> <LI><a href="http://www.mzines.net/publications/1089/x/sitemap.xml" target="_blank">site map</a></LI> </UL>

 

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