1 the Triumph and Crisis of Vital-Center Liberalism
Notes 1 THE TRIUMPH AND CRISIS OF VITAL-CENTER LIBERALISM 1. Michael D. Reagan, Regulation: The Politics of Policy (Boston, MA: Little, Brown, 1987), 9. 2. Nigel Ashford, "Liberalism," in Dictionary of Conservative and Libertarian Thought, Nigel Ashford and Stephen Davies, eds (London: Routledge, 1991), 160. 3. Ronald D. Rotunda, "The 'Liberal' Label: Roosevelt's Capture of a Symbol," Public Policy 17 (1968): 39. Modern devotees of nine teenth-century liberalism, frustrated by this appropriation of "liberal ism" by advocates of the mixed economy, were forced to use such circumlocutions as "classical liberal," "libertarian," or, in Friedrich A. Hayek's case, "old Whig." See Milton Friedman, Capitalism and Freedom (Chicago: University of Chicago Press, 1962), 5-6; Louis M. Spadaro, foreword to Liberalism in the Classical Tradition, 3rd ed. by Ludwig von Mises, trans. Ralph Raico (Irvington-on-Hudson, NY: Foundation for Economic Education, 1985), xiv-xv; and Friedrich A. Hayek, The Constitution of Liberty (South Bend, IN: Gateway Editions, 1972), 407-11. 4. Alonzo L. Hamby, Liberalism and Its Challengers: F. D. R. to Bush, 2nd ed. (New York: Oxford University Press, 1992), 4. 5. Carl M. Degler, "The Ordeal of Herbert Hoover," The Yale Review 52 (Summer 1993): 563-83. Richard K. Vedder and Lowell E. Gallaway recently have argued that unemployment during the Great Depression was so severe precisely because Hoover's support for high tariffs and maintenance of nominal wages during a deflation resulted in an actual increase in real wages at a time of decreasing labor demand. See Richard K. Vedder and Lowell E. Gallaway, Out of Work: Unemployment and Government in Twentieth-Century America (New York: Holmes & Meier, 1993), 89-92.
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