A Libertarian utopia
By
Indira Dammu |
IDS
POSTED AT
10:19 PM ON Oct. 8, 2008
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The recent campus debates over both the decision to invite Sen. John Edwards to speak and the appointment of Gen. Peter Pace to a prestigious teaching position have once again exposed the dual role that universities must play. In addition to fostering different viewpoints, educational institutions act as gatekeepers of knowledge, in that they have the power to legitimize certain ideologies.
As we grapple with the failure of laissez-faire economics and deregulation, it seems unfair to celebrate the architect of these disastrous policies. In May 2008, the University of Chicago announced the intention to invest about $200 million in the creation of the Milton Friedman Institute.
According to university’s administrators, the center would “honor the contributions” of Milton Friedman to the field of economics. Not surprisingly, a sizeable group of University of Chicago faculty members and students are upset with the institution’s endorsement of Friedman and his discredited ideas. One-hundred-one tenured professors, representing 8 percent of the teaching staff, delivered a petition to President Robert Zimmer outlining their concerns over the proposed project.
Predictably, the legitimate concerns of these faculty members have been reduced to arguments over professional jealousy. Even worse, the center’s detractors are accused of stifling free speech, a claim that is laughable in its audacity.
To be clear, the Milton Friedman Institute doesn’t intend to foster differing ideologies or question the fallacies of Friedman’s theories.
According to the Center’s mission statement, “the design and evaluation of economic policy requires analyses that respect the incentives of individuals and the essential role of markets in allocating goods and services. As Friedman and others continually demonstrated, design of public policy without regard to market alternatives has adverse social consequences.”
Thus, the center purports to promote Friedman’s radical views about free-market principles without the opportunity for dissent. This is especially significant considering the injustices promoted by a libertarian economic agenda.
Sadly, universities are increasingly stifling dissent about Friedman’s radical ideas.
Indeed, the prevalence of Friedman’s writings on college campuses and his blind worship among some professors indicate the reach and accessibility of his writings. It is important to note that Friedman wasn’t just an economist who expounded on statistical concepts or economic abstractions. His world view paved the way for a great deal of economic failure and hardship in South America.
Of particular note is his relationship with Chilean dictator Augusto Pinochet, who forcibly instituted free-market principles in the country. These ideas were replicated in Argentina, Uruguay and Brazil, largely with disastrous consequences. Friedman’s economic policies also prompted many developing countries to prematurely open up their credit markets, thereby exposing them to financial crises.
The disasters of the last eight years have delivered a stunning indictment of the Friedman ideology and libertarianism in general. Specifically, events like the recent market failure have demonstrated the need for more government, not less. In dedicating a center of learning to Friedman, the University of Chicago is seeking to reward an ideology that espouses greed, self-interest and anti-intellectualism.