Listen to an audio version of the Cato Policy Report essay "The Little-Known Story of Milton Friedman in China." Hosted on Acast. See acast.com/privacy for more information.

The Little-Known Story of Milton Friedman in China

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Introduction to The Inclusive Economy

Recent political tumult and the election of Donald Trump to the U.S. presidency have driven anxious commentators to lament the collapse of a post‐​1945 “liberal world order.” Nostalgic for the institution building and multilateral moment of the early postwar era, they counsel Washington to restore a battered tradition, uphold economic and security commitments, and promote liberal values. On closer inspection, while it is true that the postwar world was more prosperous and peaceful than what came before, the claim that a unitary “liberal order” prevailed and defined international relations is both ahistorical and harmful. It is ahistorical because it is blind to the process of “ordering” the world and erases the memory of violence, coercion, and compromise that also marked postwar diplomatic history. It loses sight of the realities and limits of the exercise of power abroad, the multiplicity of orders that arose, and the conflicted and contradictory nature of liberalism itself. While liberalism and liberal projects existed, such “order” as existed rested on the imperial prerogatives of a superpower that attempted to impose order by stepping outside rules and accommodating illiberal forces. “Liberal order” also conflates intentions and outcomes: some of the most doctrinaire liberal projects produced illiberal results. This nostalgia is harmful because framing the world before Trump in absolute moral terms as a “liberal order” makes it harder to consider measures that are needed to adapt to change: the retrenchment of security commitments, the redistribution of burdens among allies, prudent war‐​avoidance, and the limitation of foreign policy ambitions. It also impedes the United States from performing an increasingly important task: to reappraise its grand strategy in order to bring its power and commitments into balance. Hosted on Acast. See acast.com/privacy for more information.

A World Imagined: Nostalgia and Liberal Order

Recent political tumult and the election of Donald Trump to the U.S. presidency have driven anxious commentators to lament the collapse of a post-1945 “liberal world order.” Nostalgic for the institution building and multilateral moment of the early postwar era, they counsel Washington to restore a battered tradition, uphold economic and security commitments, and promote liberal values. On closer inspection, while it is true that the postwar world was more prosperous and peaceful than what came before, the claim that a unitary “liberal order” prevailed and defined international relations is both ahistorical and harmful. It is ahistorical because it is blind to the process of “ordering” the world and erases the memory of violence, coercion, and compromise that also marked postwar diplomatic history. It loses sight of the realities and limits of the exercise of power abroad, the multiplicity of orders that arose, and the conflicted and contradictory nature of liberalism itself. While liberalism and liberal projects existed, such “order” as existed rested on the imperial prerogatives of a superpower that attempted to impose order by stepping outside rules and accommodating illiberal forces. “Liberal order” also conflates intentions and outcomes: some of the most doctrinaire liberal projects produced illiberal results. This nostalgia is harmful because framing the world before Trump in absolute moral terms as a “liberal order” makes it harder to consider measures that are needed to adapt to change: the retrenchment of security commitments, the redistribution of burdens among allies, prudent war-avoidance, and the limitation of foreign policy ambitions. It also impedes the United States from performing an increasingly important task: to reappraise its grand strategy in order to bring its power and commitments into balance.

Listen to an audio version of Ryan Bourne's op-ed "In Bernie Sanders vs. Amazon’s Jeff Bezos, Only Workers Lose." Hosted on Acast. See acast.com/privacy for more information.

The Little-Known Story of Milton Friedman in China

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