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December 19, 2013|Adam Smith, capitalism, How the West Grew Rich, Index of Economic Freedom, Karl Marx, Law and Revolution, Medieval Capitalism, Wealth of Nations

Capitalism’s Enigma and Its Future

by Donald Devine|

It is impossible to exaggerate the enigma within the term “capitalism.” It is in fact one of those big concepts concocted by its enemies, indeed by its chief antagonist Karl Marx. To this very day its central concepts of market and “trickle down” are questioned from the American president to the pope. Even its supporters cannot agree on what it is or even when it began.

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May 4, 2012|Capitalism and Freedom, conscription, free trade, Index of Economic Freedom, monetary policy, occupational licensing, school vouchers

Milton Friedman’s Work: Free Men and Free Markets

by Gerald P. O'Driscoll Jr.|

A Practice to Justify a Theory of Freedom: Friedman’s Engagement with a Collectivist World

Milton Friedman’s Capitalism and Freedom is a modern classic. Along with F.A. Hayek’s The Road to Serfdom, Friedman’s 1962 book introduced many readers to classical liberal or libertarian ideas. Friedman stated his philosophy of freedom, and filled in the details with many examples and applications. He not only taught the reader the meaning of freedom, but how to apply the freedom philosophy to real-world issues.

For its time, it was a radical book. At the end of the second chapter, he identified 14 activities that could not be justified by classical liberal principles. These included all manner of price, wage and rent controls. But they also included social security, occupational licensure and national parks. It is a gutsy modern-day libertarian who would take on the national parks.

Included on the list of 14 indefensible activities was also peacetime conscription. In 1962, compulsory military service had reflexive and unthinking support. Friedman’s personal campaign against the practice helped lead to its abolition. Martin Anderson helped persuade Richard Nixon on the issue. For those who think the work of academics has no practical impact, Friedman’s work on conscription stands in refutation.

It is no exaggeration to say that two-and-one-half billion people today are enjoying a degree of freedom and prosperity that might not have happened, at least not when it did, but for the work of Milton Friedman and like-minded free-market economists. I am talking here of the opening up of the Chinese and Indian economies (and others in what used to be called the Third World). In the very first chapter, Friedman makes the case for the importance, indeed the primacy, of economic freedom over political freedom.

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Book Reviews

A Mirror of the 20th-Century Congress

by Joseph Postell

Wright undermined the very basis of his local popularity—the decentralized nature of the House—by supporting reforms that gave power to the party leaders.

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The Graces of Flannery O'Connor

by Henry T. Edmondson III

O'Connor's correspondence is a goldmine of piercing insight and startling reflections on everything from literature to philosophy to raising peacocks.

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Liberty Classics

Rereading Politica in the Post-Liberal Moment

by Glenn A. Moots

Althusius offers a rich constitutionalism that empowers persons to thrive alongside one another in deliberate communities.

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James Fenimore Cooper and the American Experiment

by Melissa Matthes

In The American Democrat, James Fenimore Cooper defended democracy against both mob rule and majority tyranny.

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Podcasts

Stuck With Decadence

A discussion with Ross Douthat

Ross Douthat discusses with Richard Reinsch his new book The Decadent Society.

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Can the Postmodern Natural Law Remedy Our Failing Humanism?

A discussion with Graham McAleer

Graham McAleer discusses how postmodern natural law can help us think more coherently about human beings and our actions.

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Did the Civil Rights Constitution Distort American Politics?

A discussion with Christopher Caldwell

Christopher Caldwell discusses his new book, The Age of Entitlement.

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America, Land of Deformed Institutions

A discussion with Yuval Levin

Yuval Levin pinpoints that American alienation and anger emerges from our weak political, social, and religious institutions.

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About

Law & Liberty’s focus is on the classical liberal tradition of law and political thought and how it shapes a society of free and responsible persons. This site brings together serious debate, commentary, essays, book reviews, interviews, and educational material in a commitment to the first principles of law in a free society. Law & Liberty considers a range of foundational and contemporary legal issues, legal philosophy, and pedagogy.

The opinions expressed on Law & Liberty are solely those of the contributors to the site and do not reflect the opinions of Liberty Fund.
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