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.