Free markets

Tuesday

Robert Skidelsky

Milton Friedman – economic visionary or scourge of the world?

From our UK edition

The Keynesian economist Nicholas Kaldor called Milton Friedman one of the two most evil men of the 20th century. (Friedman was in distinguished company.) The ‘scourge’ he inflicted on the world was monetarism, a product of what Kaldor called Friedman’s Big Lie – of which more later. Moral judgments aside, how does Friedman rank in the world of 20th-century economists? By common consent, he stands with Friedrich Hayek and John Maynard Keynes at the apex of his profession. All wrestled with the defining problem of their age: the radical economic and political instability of the 1920s and 1930s. Their responses reflected their national situations.

Tuesday

Samuel Gregg

Free markets are part of the American tradition

Election aftermaths are always an opportunity for taking stock. Since the 2022 midterms, we’ve heard prominent Republicans stressing the need to revisit questions ranging from electoral strategy to how to engage the culture wars. What desperately needs discussion on the American right, however, is conservatism’s approach to economic policy. Since 2015, American conservatives have been deeply divided over economics. Conservative skepticism about markets predates Donald Trump, but there’s little question that Trump shattered the favorable views of free markets that had prevailed since Ronald Reagan’s presidency.

Monday

Grayson Quay

Fighting the culture war will make us poorer

Record-high inflation and soaring gas prices are boons for the Republican Party. Nothing sours the electorate on the party in power faster than pain at the pump. “People are becoming poorer,” Tucker Carlson said during a recent segment. “The standard of living of Americans, who for almost 100 years have enjoyed the world's highest standard of living in any big country, is plummeting. So, what's the administration doing to fix this? What are they doing to help? Well, of course, that depends upon whether or not you're Ukrainian.” It’s a note Tucker has struck before. The Democrats in power only care about virtue signaling. It’s Ukrainian flag pins and transgender admirals all the way down. You can go broke for all they care. Just make sure you go woke first.

Thursday

Casey Chalk

An economy that’s good, not just efficient

After serving in World War Two and many years working in the dental supply business (sans a high school diploma), my grandfather made a decision as a husband and father of five young children: he went into business for himself. It takes guts to start your own enterprise, especially when it means leaving the relative safety and security of steady employment. My grandfather worked long hours. He recruited his children to help with all manner of odd jobs, such as cleaning the warehouse. With no retirement package to speak of, he might have worked into old age, except for a clever merger with another small business aimed at attracting the attention of a UK-based company that in time bought him out. I suppose you could say the global capitalist system worked for my grandfather…sort of.