Episode 99. Capitalism versus Socialism: The Great Seligman-Nearing Debate of 1921 with Rob Weir

Show Notes: Episode 99. Capitalism versus Socialism: The Great Seligman-Nearing Debate of 1921 with Rob Weir In this episode of the Forge of Freedom podcast, host Alex Ooley interviews Rob Weir about his book, 'Capitalism versus Socialism: The Great Seligman-Nearing Debate of 1921.' The debate, which took place in New York City, featured Edwin Robert Anderson Seligman arguing for capitalism and Scott Nearing arguing for socialism. Seligman's arguments focused on the benefits of capitalism, such as wealth creation, technological advancements, and individual liberty. Nearing, on the other hand, criticized capitalism for its inherent power imbalance and argued that socialism offered a better environment for workers. The debate took place at a time when socialism was gaining momentum worldwide, and the participants did not have the benefit of hindsight to evaluate the real-world consequences of socialism. Chapters 00:00 Introduction and Background 04:59 Discovering the Debate 05:16 Becoming Attracted to Ron Paul 07:45 Mises' Inclusion of the Debate 08:08 Setting the Stage for the Debate 10:30 The Debaters: Seligman and Nearing 17:02 Defining Capitalism and Socialism 23:32 The Context of Socialism in 1921 28:51 Seligman's Arguments for Capitalism 31:29 Nearing's Criticisms of Capitalism 53:23 Theoretical vs Real-World Examples of Socialism 55:22 Capitalism vs Communism: Starvation and Market Failures 56:42 Capitalism and War 57:40 Marx's Iron Law of Wages and Lenin's Modification 58:43 Capitalism, Colonial Empires, and Conflict 59:55 Modern Arguments: Military-Industrial Complex and Environmentalism 01:03:26 The Worker as Slave and the Calculation Problem 01:04:07 Seligman's Response to the Worker as Slave Argument 01:06:14 Voluntary Employment Relationship and Economic Prices 01:08:06 The Calculation Problem and Rational Economic Planning 01:15:08 Attempts to Patch the Socialist Economic Argument 01:17:54 Generational Debate and Disagreement on Values 01:23:52 The Depression of 1920-1921 and the Legacy of the Debate Resources:   Debating Socialism: The Seligman-Nearing Debate at 100 | Mises Institute https://mises.org/library/debating-socialism-seligman-nearing-debate-100 Capitalism versus Socialism: The Great... by Weir, Rob https://www.amazon.com/gp/product/1733897135/ref=sw_img_1?smid=ATVPDKIKX0DER&psc=1   Rob Weir (@WhyNotLib) / X https://twitter.com/WhyNotLib About "Why Not Libertarianism?" https://www.whynotlibertarianism.com/about   The appendix to Mises's "Liberalism" https://archive.org/details/freeprosperousco00vonm/page/194/mode/2up   James Grant's "The Forgotten Depression"  https://www.amazon.com/Forgotten-Depression-Crash-Cured-Itself/dp/1451686463   Jörg Guido Hülsmann's "Mises: The Last Knight of Liberalism" https://mises.org/library/mises-last-knight-liberalism-0 Mises's "Economic Calculation in the Socialist Commonwealth" https://mises.org/library/economic-calculation-socialist-commonwealth   The Lange–Lerner approach, the main response from socialists to Mises: https://en.wikipedia.org/wiki/Lange_model   Rawls's "Difference Principle" https://en.wikipedia.org/wiki/Justice_as_Fairness#Difference_principle   Nearing's pamphlet, "The Great Madness: A Victory for the American Plutocracy" https://babel.hathitrust.org/cgi/pt?id=umn.31951002333233k&seq=3 This is what got him indicted under the Espionage Act. Tags: #freedom #liberty #capitalism #socialism #Marx #communism #markets #peace #prosperity #voluntaryexchange #voluntaryism #corporatism #industrialization #FDR #greatdepression #NewDeal #war   DISCLAIMER: This podcast is for informational purposes only and should not be considered legal, medical, or financial advice. The views expressed in this podcast are those of the hosts and guests and do not necessarily reflect the views of any organizations or individuals they may mention. The hosts and guests are not liable for any damages that may result from someone listening to this podcast.