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.
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
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
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.
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.