1978, which went in part: "The idea that there may be an
inescapable connection between capitalism and democracy
has recently begun to seem plausible to a number of intellec-
tuals who once would have regarded such a view not only as
wrong but even as politically dangerous." My contribution
consisted of an extensive quotation from Capitalism and
Freedom, a briefer one from Adam Smith, and a closing in-
vitation: "Welcome aboard." ¹ Even in 1978, of the 25 con-
tributors to the symposium other than myself, only 9 ex-
pressed views that could be classified as sympathetic to the
central message of Capitalism and Freedom.

The change in the climate of opinion was produced by
experience, not by theory or philosophy. Russia and China,
once the great hopes of the intellectual classes, had clearly
gone sour. Great Britian, whose Fabian socialism exercised a
dominant influence on American intellectuals, was in deep
trouble. Closer to home, the intellectuals, always devotees of
big government and by wide majorities supporters of the na-
tional Democratic party, had been disillusioned by the
Vietnam War, particularly the role played by Presidents Ken-
nedy and Johnson. Many of the great reform programs--such
guidons of the past as welfare, public housing, support of
trade unions, integration of schools, federal aid to education,
affirmative action--were turning to ashes. As with the rest of
the population, their pocketbooks were being hit with infla-
tion and high taxes. These phenomena, not the persuasive-
ness of the ideas expressed in books dealing with principles,
explain the transition from the overwhelming defeat of Barry
Goldwater in 1964 to the overwhelming victory of Ronald
Reagan in 1980--two men with essentially the same program
and the same message.

What then is the role of books such as this? Twofold, in my
opinion. First, to provide subject matter for bull sessions. As
we wrote in the Preface to Free to Choose: "The only person
who can truly persuade you is yourself. You must turn the
issues over in your mind at leisure, consider the many argu-
ments, let them simmer, and after a long time turn your pref-
erences into convictions."

Second, and more basic, to keep options open until circum-
stances make change necessary. There is enormous inertia--a

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