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

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.