We are in the midst of an open counterrevolution against liberty and limited government in the United States. This may sound like strong language for dramatic effect. But it is really not an exaggeration in the current climate of political discord and antagonism, admittedly amplified by this being a presidential election year when political parties make hyperbole the norm. An example of this counterrevolution and lean toward socialism may be seen in a recent attack on the classical liberal, free market economist, the late Milton Friedman, in the pages of The New York Times.
Through a good part of the post-World War II era, Milton Friedman (1912-2006) was a leading voice for personal freedom and economic liberty, as well as one of the most internationally prominent economic scholars of his time. His stature as a serious contributor to economic theory and policy discourse was recognized with the awarding of a Nobel Prize in Economics in 1976.
Friedman’s A Theory of the Consumption Function (1957) and A Monetary History of the United States (1963), the latter coauthored with Anna Schwartz, established his position as a leading critic of mainstream Keynesian economics, while remaining within the generally accepted modern macroeconomic analytical framework. He helped bring about a “rediscovery” of the quantity theory of money, after “money” had been relegated into being a variable of secondary importance in the “new economics” that had emerged out of John Maynard Keynes’s The General Theory of Employment, Interest, and Money (1936).
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