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The Online Library of Liberty
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Ralph Raico, New Individualist Review [1961]
The Online Library Of Liberty
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Online Library of Liberty: New Individualist Review
Edition Used:
New Individualist Review, editor-in-chief Ralph Raico, introduction by Milton
Friedman (Indianapolis: Liberty Fund, 1981).
Editor: Ralph Raico
Introduction: Milton Friedman
Author: Milton Friedman
Author: Ronald Hamowy
Author: Friedrich August von Hayek
Author: Ralph Raico
Author: Murray N. Rothbard
About This Title:
Initially sponsored by the University of Chicago Chapter of the Intercollegiate Society
of Individualists, the New Individualist Review was more than the usual “campus
magazine.” It declared itself “founded in a commitment to human liberty.” Between
1961 and 1968, seventeen issues were published which attracted a national audience
of readers. Its contributors spanned the libertarian-conservative spectrum, from F. A.
Hayek and Ludwig von Mises to Richard M. Weaver and William F. Buckley, Jr. The
associate editors were John P. McCarthy, Robert Schuettinger, and John Weicher. The
book review editor was Ronald Hamowy. Other authors included Milton Friedman,
Murray N. Rothbard, F.A. Hayek, Russell Kirk, Eugene Miller, Wilhelm Roepke,
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Harry Elmer Barnes, Sam Peltzman, George Stigler, Benjamin Rogge, Ludwig von
Mises, Bruno Leoni, Israel Kirzner, Richard Weaver, Yale Brozen, Gordon Tullock,
Warren Nutter, W.H. Hutt, E.G. West, Henry Hazlitt, Arthur A. Ekirch, Ljubo Sirc,
and Armen Alcjian.
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Online Library of Liberty: New Individualist Review
About Liberty Fund:
Liberty Fund, Inc. is a private, educational foundation established to encourage the
study of the ideal of a society of free and responsible individuals.
Copyright Information:
The copyright to this publication is held by Liberty Fund, Inc. The New Individualist
Review is prohibited for use in any publication, journal, or periodical without written
consent of J. M. Cobb, J. M. S. Powell, or David Levy.
Fair Use Statement:
This material is put online to further the educational goals of Liberty Fund, Inc.
Unless otherwise stated in the Copyright Information section above, this material may
be used freely for educational and academic purposes. It may not be used in any way
for profit.
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Online Library of Liberty: New Individualist Review
Table Of Contents
Publisher’s Note
Introduction
Volume 1, Number 1, April 1961
An Editorial …
Milton Friedman, Capitalism and Freedom
John P. Mccarthy, Politics and the Moral Order
John Weicher, Individualism and Politics: the Next Four Years: an Appraisal
Ralph Raico, Great Individualists of the Past: Wilhelm Von Humboldt
Robert Schuettinger, Modern Education Vs. Democracy
Ronald Hamowy: Hayek’s Concept of Freedom: a Critique
New Books and Articles
Volume 1, Number 2, Summer 1961
Murray N. Rothbard, the Fallacy of the “ Public Sector ”
John Weicher, Individualism and Politics: the Question of Federal Aid to
Education
Robert Schuettinger, Great Individualists of the Past: Tocqueville and the Bland
Leviathan
Tocqueville On Socialism
Edward C. Facey, Conservatives Or Individualists: Which Are We?
John Weicher, Mr. Facey’s Article: a Comment
F. A. Hayek, Communication: Freedom and Coercion: Some Comments and
Mr. Hamowy’s Criticism
John Weicher, Book Review: the Moulding of Communists, By Frank S. Meyer
New Books and Articles
Volume 1, Number 3, November 1961
Ronald Hamowy and William F. Buckley, Jr., “ National Review ”: Criticism
and Reply
Russell Kirk, Ritualistic Liberalism
Bruce Goldberg: Ayn Rand’s “ For the New Intellectual ”
Leonard Liggio, Herbert Butterfield: Christian Historian As Creative Critic
Roger Claus, an Approach For Conservatives
John P. Mccarthy, John Courtney Murray and the American Proposition
New Books and Articles
Volume 1, Number 4, Winter 1962
Robert M. Hurt, Antitrust and Competition *
Ralph Raico, Reflections In Berlin
Eugene Miller, David Hume: Whig Or Tory?
Martin Glasser, the Judicial Philosophy of Felix Frankfurter
Wilhelm Roepke, Communication: the Intellectual Collapse of European
Socialism
Murray N. Rothbard, On Freedom and the Law
J. Edwin Malone, Fertig’s “ Prosperity Through Freedom ”
New Books and Articles
Volume 2, Number 1, Spring 1962
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Harry Elmer Barnes, A. J. P. Taylor and the Causes of World War Ii
James M. O’connell, the New Conservativism
G. C. Wiegand, Individual Freedom and Economic Security
Robert M. Hurt, Sin and the Criminal Law
John P. Mccarthy, the Shortcomings of Right-wing Foreign Policy
Robert M. Schuchman, J. B. Conant’s “ Slums and Suburbs ”
Robert Schuettinger, F. J. Johnson’s “ No Substitute For Victory ”
New Books and Articles
Volume 2, Number 2, Summer 1962
Milton Friedman, Is a Free Society Stable?
Howard Buffett, an Opportunity For the Republican Party
Murray N. Rothbard, H. L. Mencken: the Joyous Libertarian
Richard W. Duesenberg, Individualism and Corporations
John Weicher, Conservatives, Cities, and Mrs. Jacobs
Sam Peltzman, Housing In Latin America, Public and Private
New Books and Articles
Volume 2, Number 3, Autumn 1962
George J. Stigler, the Intellectual and the Market Place
Robert M. Hurt, Observations On the Soviet “ Lost Generation ”
John Van Sickle, Economic Growth Vs. “ Growth ” Economics
Robert Schuchman, Civil Liberties In the Welfare State
Benjamin A. Rogge, New Conservatives and Old Liberals
When America Spoke With One Voice
Ludwig Von Mises, a New Treatise On Economics (rothbard)
John Weicher, a “ Fusionist ” Approach to Freedom 1
New Books and Articles
Volume 2, Number 4, Spring 1963
The Regulatory Bureaus:
Christopher D. Stone, ICC: Some Reminiscences On the Future of American
Transportation
Sam Peltzman, Cab: Freedom From Competition
Robert M. Hurt, Fcc: Free Speech, “ Public Needs, ” and Mr. Minow
Otto Von Habsburg, Czecho-slovakia and the Ussr
Robert Cunningham, the Case Against Coercion
John P. Mccarthy , Ireland, Victim of Its Own Politicians
New Books and Articles
Volume 3, Number 1, Summer 1963
Robert L. Cunningham, Education: Free and Public?
Bruno Leoni, “ Consumer Sovereignty ” and the Law
Israel M. Kirzner, On the Premises of Growth Economics
Murray N. Rothbard, the Negro Revolution
Robert Schuettinger, Foreign Aid In Latin America
Sam Peltzman, “ Economics of the Free Society ”
New Books and Articles
Volume 3, Number 2, Winter 1964
F. A. Hayek, Kinds of Order In Society
B. R. Shenoy, the Results of Planning In India
Michael F. Zaremski, Red China’s Great Leap Backward
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Bruce Goldberg, Skinner’s Behaviorist Utopia
Ralph Raico , Great Individualists of the Past: Benjamin Constant
New Books and Articles
Newe Bokes & Articulles
Volume 3, Number 3, Autumn 1964
The Conservatism of Richard M. Weaver *
James Powell, the Foundations of Weaver’s Traditionalism
Weaver On Society, Past and Present:
I.: The Southern Tradition
2.: The Humanities In a Century of the Common Man
George J. Stigler, Reflections On the Loss of Liberty
Ralph Raico, the Fusionists On Liberalism and Tradition
William H. Nolte, H. L. Mencken and the American Hydra
New Books and Articles
Volume 3, Number 4, Spring 1965
Yale Brozen, the Revival of Traditional Liberalism
Gordon Tullock, Constitutional Mythology
Denis V. Cowen, Prospects For South Africa
Benjamin A. Rogge, Communication: Note On the Election
William S. Stokes, Economic Liberalism In Post-war Germany
Robert M. Schuchman, Property Law and Racial Discrimination
New Books and Articles
Volume 4, Number 1, Summer 1965
Benjamin A. Rogge, Financing Higher Education In the United States
Philip B. Kurland, Trends In the U. S. Supreme Court
G. Warren Nutter, How Soviet Planning Works
Edwin Harwood, Collectivism In Social Theory
Robert L. Cunningham, Justice, “ Needs, ” and Charity
Communication: the 1964 Election
William A. Rusher, Rusher On Goldwater:
Benjamin A. Rogge, Reply to Mr. Rusher:
Stephen J. Tonsor, the View From London Bridge
New Books and Articles
Volume 4, Number 2, Winter 1966
Murray N. Rothbard, Herbert Clark Hoover: a Reconsideration
W. H. Hutt, Twelve Thoughts On Inflation
M. Stanton Evans, Raico On Liberalism and Religion
Ralph Raico, Reply to Mr. Evans
Francis Lieber, Anglican and Gallican Liberty
E. G. West, the Uneasy Case For State Education
Thomas Molnar, Communication: South Africa Reconsidered
Stanley G. Long, Review: Alchian and Allen’s “ University Economics ”
New Books and Articles
Volume 4, Number 3, Spring 1966
Karl Brunner, the Triple Revolution: a New Metaphysics
Henry Hazlitt, Agnosticism and Morality
Yale Brozen, Wage Rates, Minimum Wage Laws, and Unemployment
Reed J. Irvine, Economic Development and Free Markets
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Sudha R. Shenoy, the Sources of Monopoly
Hirschel Kasper, What’s Wrong With Right-to-work Laws
W. H. Hutt, Communication: “fragile” Constitutions
Sam Peltzman, Books: Kefauver and Populist Economics
Sam Peltzman, Books: Freedom Under Lincoln By Dean Sprague
New Books and Articles
Volume 4, Number 4, Spring 1967
Milton Friedman, Why Not a Volunteer Army?
Richard Flacks, Conscription In a Democratic Society
Walter Y. Oi , the Real Costs of a Volunteer Military
Bruce K. Chapman, the Politics of Conscription
Joe Michael Cobb, Emigration As an Alternative to the Draft
James Powell, Anti-militarism and Laissez Faire
The Anti-militarist Tradition: Robert A. Taft, 1940
The Anti-militarist Tradition: Oswald Garrison Villard, 1916
The Anti-militarist Tradition: Daniel Webster, 1814
New Books and Articles
Volume 5, Number 1, Winter 1968
W. H. Hutt, the Rhodesian Calumny
Svetozar Pejovich, Community, Leadership and Progress
Jay A. Sigler, the Political Thought of Michael Oakeshott
Ljubo Sirc, Two Decades of Economic Planning In Yugoslavia
David Levy, Marxism and Alienation
Armen A. Alchian, the Economic and Social Impact of Free Tuition
Books
New Books and Articles
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[Back to Table of Contents]
PUBLISHER’S NOTE
This volume contains all issues of the New Individualist Review in their entirety. A
photo offset process was used to reproduce exactly the originals in all respects save
color of covers.
The publisher has added only the general introduction by Milton Friedman and a
cumulative index. The maroon numbers in the margin of each page provide the
numbering for the cumulative index.
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[Back to Table of Contents]
INTRODUCTION
By Milton Friedman*
When the New Individualist Review was founded, belief in “free, private enterprise,
and in the imposition of the strictest limits to the power of government” and in “a
commitment to human liberty”—to quote from the editorial introducing volume 1,
number 1 (April 1961)—was at a low ebb even in the countries of the so-called free
world. Yet, at the same time, there were many signs of an intellectual reaction against
collectivist views, of a resurgence of interest in the philosophy of classical liberalism.
Two organizations in particular served to channel and direct this resurgence: the Mont
Pelerin Society, founded in 1947 primarily as a result of the initiative of Friedrich
Hayek, whose book The Road to Serfdom did so much to spark the resurgence; and
the Intercollegiate Society of Individualists, founded in 1953 by Frank Chodorov, a
freelance writer and journalist and a dedicated opponent of collectivism.
The Mont Pelerin Society brought together relatively mature
intellectuals—economists, historians, journalists, businessmen—who had kept the
faith and had not succumbed to the temper of the times. Its members were
representatives of a small minority, but one that had more than its share of
independence, integrity, selflessness, and breadth of vision. The Intercollegiate
Society of Individualists (ISI) operated at the other end of the age scale. It promoted
the establishment of chapters among undergraduate and graduate students on college
campuses throughout the country. The members of these chapters too were a minority,
but also one that had more than its share of independence, integrity, selflessness, and
breadth of vision.
As the New Individualist Review’s introductory editorial of 1961 put it,
Two or three decades ago, individualism was held in contempt by American
intellectuals, and a decade ago they regarded it as at least mildly eccentric. We
certainly do not deny that the majority of today’s intellectuals are still guided by the
ideas which grew up in the 1930s. But the slogans which the New Deal shouted, and
the stereotypes which it propagated, while perhaps fresh and exciting then, have lost
their appeal to the generation which has emerged in recent years, one which sees no
reason to consider our march toward the Total State to be as “inevitable as a law of
nature.”
. . . An increasing number of students in the past decades have recognized the
inadequacies of the orthodox response to most of the present-day social and economic
challenges. The party of liberty is steadily gaining adherents among students.
The University of Chicago played a key role in the preservation of liberalism and the
resurgence of “the party of liberty.” It was one of the few major universities in the
world at which there persisted throughout the thirties and forties a strong liberal
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