Why Do So Many Intellectuals Oppose Capitalism?
by Alberto Mingardi
llowing the valuable advice of co-blogger David Henderson, I've gotten my hands on Milton Friedman on Freedom, a new collection edited by the Hoover Institution. The book will surprise all of us who never properly appreciated the insights and wisdom of Friedman's political thinking. His own peculiar blend of classical liberalism comes out all the more as subtle and relevant.
Among the several chapters, I did particularly enjoy a 1974 interview with Reason magazine. Friedman was then interviewed by the editorial trio (Tibor Machan, Joe Cobb, Ralph Raico), who were challenging him from what they considered a more consistent libertarian position.
The interview is rich and interesting in many ways. Friedman defends a negative income tax and school vouchers as "devices for enabling the free market to play a larger role." He admits that the work of E.G. West made him revisit his own rationale for compulsory education (but not to abandon vouchers as a practical policy proposal), and he discussesinflation and the gold standard.
AND WHY DO THEY EMBRACE COLLECTIVISM?
Friedman also speaks on a matter which has likewise been pondered by many of his contemporaries: why intellectuals oppose capitalism.
To these questions, some have replied that the main reason is resentment (intellectuals expect more recognition from the market society than they actually get); some have pointed out that self-interest drives the phenomenon (intellectuals preach government controls and regulation because they'll be the controllers and regulators); some have taken the charitable view that intellectuals do not understand what the market really is about (as they cherish "projects" and the market is instead an unplanned order).
Friedman rejects the resentment view and proposes a version of the self-interest thesis by looking at the demand-side, so to speak. And it shows – behind the veil of his civility – very little consideration for the tastes of his fellow intellectuals for complex arguments, which seems to me quite a criticism.
Friedman also speaks on a matter which has likewise been pondered by many of his contemporaries: why intellectuals oppose capitalism.
To these questions, some have replied that the main reason is resentment (intellectuals expect more recognition from the market society than they actually get); some have pointed out that self-interest drives the phenomenon (intellectuals preach government controls and regulation because they'll be the controllers and regulators); some have taken the charitable view that intellectuals do not understand what the market really is about (as they cherish "projects" and the market is instead an unplanned order).
Friedman rejects the resentment view and proposes a version of the self-interest thesis by looking at the demand-side, so to speak. And it shows – behind the veil of his civility – very little consideration for the tastes of his fellow intellectuals for complex arguments, which seems to me quite a criticism.
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