Why I am (or at least try to be) a libertarian

A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both. Milton Friedman

Liberty, once a rallying cry for revolutions ("liberté, égalité, fraternité") and an ideal cherished in both marble halls and dusty lecture rooms, now finds itself at the centre of the most pressing debates of our time. From the tangled struggles of identity politics to the relentless expansion of state power, individual freedom has become both a guiding light and a battleground.

Consider this: we have laws governing nearly every aspect of our lives, from birth to death and even beyond-yes, burials come with legal requirements too. Has this pervasive reach of government made us any happier? Hardly. Despite this abundance of regulation, we find ourselves in the midst of what experts call a "mental health crisis." And the proposed solution? Predictably, even more government programs and additional laws.

Was Thomas Jefferson right when he declared, "The government that governs least, governs best?" Should we aspire to embrace libertarian principles? To explore these questions, we must journey through the intellectual lineage of libertarianism, assess its virtues and vices, and evaluate how it fares when tested in the real world.

The intellectual foundations of libertarianism

Libertarianism is a political philosophy that emphasises individual liberty, personal responsibility, and minimal government intervention in social and economic matters. It advocates for protecting natural rights-such as life, liberty, and property-and supports voluntary cooperation over coercive state actions. At its core, libertarians seek to maximise freedom while ensuring that individuals do not infringe upon the rights of others, balancing autonomy with mutual respect.

These ideas trace back to the Stoics, such as Epictetus and Marcus Aurelius, who preached the sovereignty of the individual mind over external coercion. Epictetus's definition of freedom as "the right to live as we wish" underscores the timeless appeal of autonomy as the foundation of human dignity.

During the Enlightenment, libertarian thought found sharper expression in thinkers such as John Locke, who proclaimed that individuals possess natural rights to "life, liberty, and property." Locke's philosophy was a shot across the bow of monarchs and despots, emphasising that legitimate government derives its authority from the consent of the governed.

John Stuart Mill further refined these ideas in On Liberty, asserting that "the only freedom which deserves the name is that of pursuing our own good in our own way, so long as we do not attempt to deprive others of theirs, or impede their efforts to obtain it."

Adam Smith, the genial Scottish genius, added another pillar: the idea that economic freedom is not just a complement but a necessary foundation for liberty. In The Wealth of Nations, he described how the "invisible hand" of market forces, if left unimpeded, could achieve societal good more efficiently than any well-meaning bureaucrat. Smith's work was not a hymn to greed but a carefully wrought argument for the dignity of voluntary exchange and the importance of trust and mutual respect in commerce.

By the 20th century, Friedrich Hayek and Ludwig von Mises expanded the libertarian critique, warning against the hubris of central planners who, no matter how well-intentioned, lacked the knowledge required to control complex societies. Hayek's The Road to Serfdom remains a chilling reminder of how incremental encroachments on liberty can spiral into authoritarianism. His observation that "liberty and responsibility are inseparable" underscores the ethical dimension of freedom: with the opportunity to choose comes the burden of accountability.

Libertarianism in practice

The virtues of libertarianism shine most brightly where freedom and responsibility intersect, fostering innovation, resilience, and progress. Consider Silicon Valley, where light regulation allowed entrepreneurs like Steve Jobs and Elon Musk to pursue their visions with audacity and accountability to their backers. The result: transformative technologies that have reshaped global communication, transportation, and commerce. No government-sponsored industry program has ever come close to matching the success of Silicon Valley's privately financed ventures.

Similarly, microfinance initiatives like the Grameen Bank in Bangladesh empower individuals to lift themselves out of poverty. Borrowers, free from the paternalistic constraints of state aid, bear the responsibility of repaying their private bank loans. Small loans from the Grameen Bank have fostered entrepreneurship and self-reliance in some of the world's poorest communities. Trust and accountability have worked wonders-rarely has a loan not been repaid.

Education offers another example. School choice programs and charter schools demonstrate how competition and accountability can improve educational outcomes. Parents exercise the freedom to select schools that align with their values, while schools bear responsibility for delivering results. It's a system where report cards matter-and not just those handed to students.

Libertarianism is not without its critics. They argue that its focus on individual freedom can overlook social inequalities and collective challenges. Indeed, the 2008 financial crisis highlighted how unregulated markets could lead to catastrophic consequences when risks are socialised while rewards are privatised.

This criticism is not entirely fair. In their response to the financial crisis, few governments demanded the accountability that libertarians require. Iceland was an exception. Instead of bailing out failing banks, it allowed them to fail, forcing individuals and institutions to bear the consequences of their actions. Though painful in the short term, this approach restored the public's trust in free markets and hastened recovery.

Debunking the "right-wing" label

Libertarianism is often labelled as right-wing, a mischaracterisation that oversimplifies its nuanced position. Unlike traditional conservatism, which seeks to preserve established social hierarchies, libertarianism focuses squarely on maximising individual freedom - in personal, economic, and social realms. Libertarians are as likely to advocate for the legalisation of cannabis and marriage equality as they are for lower taxes and deregulated markets. This blend defies the conventional left-right spectrum, instead carving a distinct space that prioritises liberty over partisan allegiance.

The libertarian disdain for government overreach applies equally to military interventionism and nanny-state paternalism. As Mill noted, "A state which dwarfs its men, in order that they may be more docile instruments in its hands even for beneficial purposes, will find that with small men no great thing can really be accomplished."

Perhaps the boldest contemporary test of libertarian ideas is unfolding in Argentina under President Javier Milei. With his unruly hair and economic theories that seem plucked straight from a Hayekian manifesto, Milei has vowed to transform the Argentine state into something resembling a start-up: lean, unintrusive, and ruthlessly efficient. His ambitious proposals, including abolishing the central bank, have ignited the imagination of libertarians worldwide. Yet they also expose the inherent risks of applying radical principles in complex, deeply entrenched systems.

So far, Milei (and libertarianism) appear to be gaining ground. Inflation, long the bane of Argentina's economy, has shown signs of decline, and the abolition of rent controls has flooded the real estate market with properties, driving rents down. These early victories suggest that Milei's audacious experiment might just succeed in reversing decades of economic malaise. However, whether this momentum can be sustained remains an open question.

Regardless of the outcome, Milei's tenure underscores the boldness and ambition of libertarianism in confronting entrenched economic dysfunction. His policies serve as a litmus test for the philosophy's ability to thrive in the real world-and as a reminder that the path to liberty is rarely smooth, but always worth exploring.

As Hayek wisely observed, liberty is both a gift and a responsibility. It demands maturity, foresight, and respect for the interconnectedness of actions and their consequences. While libertarian ideals may not always be fully realisable, they serve as a guiding star, reminding us that freedom-properly understood-is both a means and an end.

In a world increasingly driven by fear, division, and creeping authoritarianism, the libertarian ethos offers a counterpoint: a belief in the dignity of the individual, the wisdom of voluntary cooperation, and the power of accountability. Whether as a philosophy or a practical framework, it challenges us to navigate the complexities of freedom with courage, responsibility and integrity, making it a philosophy worth defending.