Freeman

A monthly journal of liberal and progressive politics. Articles include historical analysis, original research, and critical essays.

Articles from Vol. 54, No. 8, October

A Tale of Regulation
When we speak of regulation, we often apply the lessons on a macroeconomic scale ("regulation costs the economy X billions of dollars a year") or examine how it affects a particular industry, like oil. However, regulation is not merely something imposed...
China's Future
The threat to China's future development is not lack of resources or technology, but the absence of an institutional framework that limits government and protects property rights. It has been 15 years since the Tiananmen Square massacre in June 1989,...
From Wartime Expedient to Permanent Pork Barrel: WFC to RFC to SBA
When the U.S. government mobilized the economy to support its participation in World War I, it intervened in the market system in many ways. Yet private capital markets continued to operate. They did not always operate, however, as the government wished....
Has a New Era of Space Venture Arrived?
Will 2004 go down in history as the dawn of a new space age?Many notable dates exist in the short history of mankind's reaching for the stars. The Soviet Union launched Sputnik, the first artificial satellite to orbit the Earth, on October 4, 1957. Soviet...
Hayek's Challenge: An Intellectual Biography of F. A. Hayek
Hayek's Challenge: An Intellectual Biography of F. A. Hayek by Bruce Caldwell University of Chicago Press * 2003 * 489 pages * $55.00Bruce Caldwell notes that "challenge" describes the career of Austrian economist F. A. Hayek in several senses. Hayek...
How Not to Respond to Higher Gasoline Prices
Mix together surging gasoline prices, a conflict in the Middle East, and a presidential election year, and what do you get? Given the sorry state of economic education among our political elites, you are likely to find bad energy-policy proposals and...
It Just Ain't So!
Federalism Means Carte Blanche for States?Federalism is an important concept in the political structure of the United States-or at least it is supposed to be. Under the Constitution the national (or as it is now almost invariably called, federal) government...
No More Czars, Please
For hard-pressed, taxpaying citizens who believe in limited government, April is not a favorite month. But something really good and worth noting happened a couple days before our taxes were due this year. On April 13 in Michigan, a Democratic governor...
Psychiatric "Services"
The standard political-philosophical justification for the state is the need of the community for protection from criminals at home and enemies abroad. The community is now believed to be threatened by another group as well: the mentally disordered....
Ramón Díaz and the Spread of Liberal Ideas in Uruguay
Uruguay, a country of approximately 68,000 square miles located between two giants, Argentina and Brazil, was one of the most prosperous Latin American countries at the beginning of the twentieth century. Today, its GDP ranks low on the continent, amounting...
Science versus Science
The question of whether economics is a science arose last summer when The Royal Society, Britain's prestigious scientific academy, elected to fellowship its first modern economist, Sir Partha Sarathi Dasgupta of Cambridge. The Royal Society was founded...
The European Constitution: A Requiem?
At the end of last year, the much-heralded and grandiose scheme for a European constitution-an impenetrable 330-page document-came to a temporary end when Poland (admitted to European Union last summer) and Spain combined to reject a feature proposed...
The Future of Freedom: Illiberal Democracy at Home and Abroad
The Future of Freedom: Illiberal Democracy at Home and Abroad by Fareed Zakaria W.W. Norton & Company * 2003/2004 * 286pp. * $24.95 hardcover; $14.95 paperbackModem political discourse often treats democracy as if it were synonymous with liberty....
The Most Elusive Proposition
"In a hypothetical world in which the division of labor would not increase productivity, there would not be any society."-LUDWIG VON MISES1Most explanations of the division of labor are actually explanations of increased productivity due to specialization....
Theoretical Visions and Economic Prophecies
Theoretical Visions and Economic Prophecies by B. R. Shenoy, edited by R. K. Amin and Parth J. Shah Centre for Civil Society (New Delhi) * 2004 * 200 pages each * $3.25 eachB. R. Shenoy (1905-1978) was the most important free-market economist in India...
The Payday-Loan Controversy
Popping up in shopping centers across the country, payday-loan stores, or cash-advance shops, are one of the fastest growing phenomena of the financial sector. At the same time, they are reviled by many as parasites that feed on the poor and, along with...
What Can Friends of Freedom Learn from the Socialists?
On March 14, 1883, a German philosopher living in exile in London passed away. When he was buried three days later in a modest grave where his wife had been laid to rest two years earlier, fewer than ten people were present, half of them family members....
Why Socialism Is "Impossible"
In the nineteenth century, critics of socialism generally made two arguments against the establishment of a collectivist society. First, they warned that under a regime of comprehensive socialism the ordinary citizen would be confronted with the worst...
World on Fire: How Exporting Free Market Democracy Breeds Ethnic Hatred and Global Instability
World on Fire: How Exporting Free Market Democracy Breeds Ethnic Hatred and Global Instability by Amy Chua Anchor Books/Doubleday * 2002/2004 * 294 pages * $26.00 hardcover/$14.00 paperbackThe list of complaints against laissez-faire capitalism is long,...