Is a capital surplus good or bad?
Peter Schiff says bad. I say he's full of it.
In ancapistan, if you have no property, you have no rights
Ancaps often declare, "All rights are property rights." I was thinking about this the other day, in the context of running into libertarians online who insisted that libertarianism supports "the freedom of movement," and realized that this principle actually entails that people without property have no rights at all, let alone any right to "freedom of movement." Of course, immediately, any ancap readers still left here are going to say, "Wait a second! Everyone owns his own body! And so everyone at least has the right to not have his body interfered with." Well, that is true... except that in ancapistan, one has no right to any place to put that body, except if one owns property, or has the permission of at least one property owner to place that body on her land. So, if one is landless and penniless, one had sure better hope that there are kindly disposed property owners aligned in a corridor from wherever one happens to be to wherever the...
"To the rescue come a few Japanese businessmen who give him the money, in exchange for partial ownership of the new firm. To make the tautology stand out, we can suppose that the Japanese literally ship over copiers, faxes, etc., in exchange for the intangible shares of stock that the American sends back over the ocean. Once again, a deficit on the manufactured goods side is counterbalanced by a surplus on the investment side.
ReplyDelete"Now, is this increase in liabilities to foreigners—after all, the Japanese investors now have a legal claim to future income flows earned by an American firm—a bad thing? The American entrepreneur didn't seem to mind. Yes, he would've preferred to get the capital with no strings, but those wily foreigners usually insist on getting something for their investment."
Brilliant, Bob!
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