The primary concern of political economy is the appropriate role of government in social affairs. The debate, in brief, is whether the economy should be left free to establish a "spontaneous order," or whether government regulation is necessary to maintain efficiency and economic welfare.
Democratic capitalism, for all its complications and imperfections, is the Third World's greatest hope for sustainable economic development.
It has been erroneous thinking about Marxism-Leninism and its regime that has accounted for all policy mistakes toward Soviet Russia, beginning with those other Russian revolutionary parties who decided they could trust the Communists as partners in a common cause, only to dig their own grave.
To help restore our country's confidence as a leader among nations, we will need to take stock of the enduring aspects of the American spirit; identify some of the sources of current confusion; and outline a program for renewal.
From our earliest settlers, most Americans have believed that wealth and prosperity were more a function of our spiritual values than our material good fortune—that mental attitudes and qualities (or lack of them) were the precursors of material progress, or the predictors of misfortune.
In every century, after one fashion or another, church and state have had occasion to fall out—even in this American Republic.
Without doubt Americans regard themselves as a free people. But how well does their society fit the prescription of freedom?
America today is in need of leadership of the sort provided in the past by our greatest presidents, presidents whom we mean to honor and praise when we denominate them "statesmen."
St. Paul viewed the Roman state not only as benign, and protective of the rights of its citizens, but even as in some way part of the Providence of God.
Government, on this view, is limited to the specific function of protecting individual rights and has no other function.