Challenging the libertarians' definition of "freedom" and
"democracy," this study portrays the social philosophy of Milton
Friedman, James Buchanan, Friedrich Hayek, and George Stigler as
the bulwark of an attack on welfare and regulatory state
collectivism and as undermining majoritarian democracy, political
and civil liberties, and social equality. The book opens with Frank
Knight's doctrines and their impact on the Chicago laissez faire
economists, places libertarianism within the American tradition of
empirical collectivism, and explores Friedrich Hayek's
road-to-serfdom thesis within the context of the New Deal. Posing
problems of corporate power, it uses Friedman, Stigler, and
Buchanan as examples of libertarian denial of these problems and,
in a consideration of the debate between the New Left and
Libertarian Right, contrasts their ideologies.
The work concludes with a historical summing up that juxtaposes
the recent past to the present, links libertarian material
interests with the growth of corporate hegemony, and portrays the
right wing of neoclassical economics as an intellectual bulwark of
business culture. The emergent plutocracy that we now live in,
including the erosion of democratic theory and practice, owes a
significant part of its doctrinal and political sustenance to the
influence of the free market economists who are the subject of this
book. The study is the first to use the unpublished papers of
libertarians James Buchanan, Gordon Tullock, Milton Friedman, and
George Stigler to bring their interpretations of the meaning of
"freedom" and "democracy" into question.
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