Daniel Lacalle - Freedom or Equality

The global economy is not zero-sum, yet economists continue to study the world through an outdated lens of power and inequality. Daniel Lacalle offers a fresh approachone driven by wise economic theory but supported by history, data, and his own excellent analysis. Markets are the great liberating force of our modern age, and Lacalle capably explains them as the unguided mechanisms for profound social cooperation. Social capitalism, not state redistribution, is the path toward a brighter future . Freedom or Equality is an optimistic book, one that give us a blueprint for a dynamic, innovative, and most of all, collaborative economy.

Jeff Deist, President of the Mises Institute, USA

Daniel Lacalle is one of the clearest-thinking economists in the world today. This book is a masterly account of one of the central issues underlying debates about economic and monetary policy today. Anyone interested in questions of liberty and equality in the economy should read this book.

Samuel Gregg, Research Director, Acton Institute,

and Author of Reason, Faith, and the Struggle for Western Civilization

Central market planners, meet economic gravity! If youre looking for an independent and data-driven research explanation for inequality, Daniel Lacalles latest is a must-read. Hes become one of the worlds best!

Keith R. McCullough, Chief Executive Officer,

Hedgeye Risk Management

Even though conservative economists have thoroughly debunked Thomas Pikettys central claimthat wealth inequality will keep growing unless the world accepts his warmed-over Marxist solutionsthe inequality narrative continues to resonate among the gullible and the uninformed. Only policies of economic freedom will generate real and lasting prosperity, and there is no one better qualified to make that argument than Daniel Lacalle, who has done the world a great service by writing this book.

James M. Roberts, Research Fellow

and Co-Editor of The Heritage Foundations Index of Economic Freedom

Freedom or Equality offers strong arguments and plenty of research to defend the achievements of a free and open economy that both casual and expert readers will appreciate. Rather than pointing fingers, Daniel points to facts and shares new ideas on how to improve our society and increase welfare and freedom.

Ryan Foland, Global Keynote Speaker, Managing Partner of InfluenceTree and Author of Ditch the Act

Daniel Lacalle offers a compelling, clear, and persuasive argument in Freedom or Equality . I cannot think of a more well-rounded, deep-thinking economist writing and speaking on these issues. All of his works, including this one, advance the ideas that we in the west need to consider if we expect to have a stable, flourishing society sustained by a just and robust economy now and into the future.

Trey Dimsdale, Director of Strategic Partnerships at First Liberty Institute in Dallas, Texas and

Associate Fellow at the Centre for Enterprise, Markets, and Ethics in Oxford, UK

A POST HILL PRESS BOOK

ISBN: 978-1-64293-433-5

ISBN (eBook): 978-1-64293-434-2

Freedom or Equality:

The Key to Prosperity Through Social Capitalism

2020 by Daniel Lacalle

All Rights Reserved

Cover art by Jomel Cequina

No part of this book may be reproduced, stored in a retrieval system, or transmitted by any means without the written permission of the author and publisher.

Post Hill Press

New York Nashville

posthillpress.com

Published in the United States of America

To my family: Patricia, the love of my life; our sons, Daniel, Jaime, and Pablo; our beloved Kilda; and all our loved ones.

Family is the most social economic agent. Its strength is not based on equality of outcome, but on love, trust, and equal opportunities, while its economic success is predicated on prudent investment, austerity, and aiming to achieve the full potential of each member, not reckless spending, excess debt, and uniformity.

In the 2019 pre-election year where Democratic candidates are running on platforms of socialism, wealth-inequality, taxing the rich, and forgiveness of debts, Daniel Lacalle provides a clear and concise treatise on the fallacies of these ideas.

While the media is full of misguided stories of how the average American has been left behind, what these stories dont disclose is the self-inflicted wounds of excess consumptive behavior without regard to the consequences. Now, the sirens song that government can fix the ills and return the country to an even keelwhile alluringis dangerous.

Throughout history, the rise of socialist and communistic ideas which promise to lift individuals from poverty have repeatedly failed to do so. In reality, these policies are interventionist at best and destructive at worst. In almost every case, the poor became poorer, the middle class was destroyed, and the rich continued to get richer.

Daniel exposes the truth that governments, which cannot operate in a fiscally responsible manner, not only wont, but cant solve the issues they claim they will. What they have successfully done is exacerbate the wealth gap with failed attempts to nationalize the healthcare system, the violation of contract law, the bailing of failed financial behemoths, and the running up of debts and deficits to levels that erode economic growth and productive outputs. To cover up these failed policies, they blame the rich for the misery bestowed on the bottom 80 percent of the population.

As Daniel concludes, the only way to foster economic prosperity for the masses, to lift those from poverty, and to increase the middle-class, is to provide a free, and competitive, environment where those willing to take risks are allowed to prosper, but equally so, fail. As Daniel concludes, It makes perfect business sense to invest in making better and stronger societies by focusing on the individual and promoting merit, reward and responsibility. We should do so at every chance we get.

If you have any doubts about the importance of capitalism in your future, or have fallen victim to socialistic promises, you should read Daniels work. If it doesnt at least make you think, then it may already be too late.

Lance Roberts, Chief Investment Strategist, RIA Advisors

Five years have passed since Thomas Piketty published Capitalism in the Twenty First Century , which launched a major discussion about inequality. This introduction to Freedom or Equality is not the place to address the importance of the issues Piketty raised or the flaws in his analysis. But it is an opportunity to address the need for contributions from economists thatwithout disregarding the issue of inequalityoffer solutions based on proven methods to help create wealth that reaches most segments of society.

One positive effect of Pikettys book is that it made economists aware that the analysis of equality had to become more nuanced in their consideration of new situations and challenges. This book by Daniel Lacalle is one of those works.