Frederick Regnery and Walter Block

In the following viewpoint, Frederick Regnery and Walter Block contend that the centrally planned economies prevalent in Third World countries restrict production and consumption, leading to poverty and underdevelopment. According to the authors, the free-market system would alleviate these economic problems. They assert that arguments against the free market lack an understanding of basic economic principles. Block is the economics department chair at the University of Central Arkansas in Conway and the author or editor of several economics books. Regnery is a former student of Block’s.

As you read, consider the following questions:

1. Why is trade beneficial, according to the authors?
2. In Regnery and Block’s view, how do dictators stay in power?
3. Why do the authors believe that labor exploitation is a fallacy...