Liberty and Laissez-Faire

Introduction

“I want government that is so small I can barely see it.”

Rand Paul, 2016 presidential candidate

Hardy libertarians prize freedom and self-determination. They resent oppression, including slavery, abusive oversight, intrusive government, unwarranted discrimination, muscular opportunism, and confining ideology.

These days, especially in America, the “libertarian view” is tied to an optimistic vision of reduced government and free, unregulated markets, traditionally called laissez faire. Proponents from Raul Ryan to Rush Limbaugh claim to have distilled this practical stand from respected economists, referencing the likes of Adam Smith, John Stuart Mill, Frederick Hayek, and Milton Friedman. They also take heart from astute reflections on Soviet communism associated with Ayn Rand, William Buckley, Jr., and Patrick Buchanan, to name a few.

So the matter for many is settled: liberty and laissez faire complement and reinforce one another. But make no mistake, laissez faire can also undermine liberty by tacitly condoning an oppressive status quo: human trafficking, racial and gender discrimination, monopoly, gangs, etc. Many see The Great Recession as a consequence of deregulation – toying with laissez faire. Thus a deeper examination seems in order.

The goal of this essay is to provide a relatively balanced account of connections between liberty and laissez faire. It will highlight the views of eminent economists like Smith, Hayek, and Friedman, and add venerable critiques associated with Malthus, Mill, Marx, Veblen, and others. Many readers will be surprised at the complexities involved; even strident supporters of laissez faire have harbored reservations.

A primer, this essay offers only an introduction. It surveys a vast territory, spotting grand features and encouraging deeper investigation. Hopefully readers will appreciate both the portrait and the prompts.