Whither Libertarians?

| 4/30/2009 3:51:13 PM

These are hard times for libertarians. Free-market solutions to the current financial crisis sound as credible as homeopathic solutions to the swine flu, and Barack Obama continues to ride high in the polls on his activist-government platforms. Their increasing marginalization has many libertarians rethinking the basic underpinnings of their philosophies. Writing for the Cato Institute, the libertarian stalwart think tank, Peter Thiel explains a fundamental shift in ideology. For example, Thiel writes, “I no longer believe that freedom and democracy are compatible.”

The great hope for libertarians, according to Thiel, lies not in politics, but in escaping politics through technology. He offers a metaphor: “we are in a deadly race between politics and technology.” He urges libertarians to harness the power of the internet and other emerging technologies to spread freedom, outside of the political realms of governments and voters.

(Thanks, Marginal Revolution.)

SourceCato Institute

5/5/2009 11:00:27 PM

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Henry Pelifian_2
5/2/2009 8:24:01 AM

What has occurred to our "free market" is lack of government oversight and regulation in the financial industry. Laws were in place that would have prevented or substantially mitigated this financial meltdown, but alas government malfeasance has resulted in publicly financed bailout with as yet an unknown outcome. Good and effective government would have strengthened and improved our oversight over the financial industry over the last 50 years, but alas Republicans and Democrats failed again in this current national financial crisis. It is on their shoulders the crisis has occurred, not the American people or their borrowing or credit habits.

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