A good approach to the topic of Milton Friedman and his legacy today can be made indirectly, by reference to Friedman’s intellectual predecessor and mentor, Friedrich Hayek. It has been our point of departure in Platypus to regard the present as being conditioned by the undigested, and therefore problematic, legacies of at least two generations of failure on the “Left”: the 1960s-70s “New” Left, and the “Old” Left of the 1920s-30s. We have critiqued the assumptions inherited from the 1960s not least because of problematic legacies they contain undigested from the 1930s, which have not been properly thought through even toda
WITH THE PRESENT FINANCIAL MELT-DOWN in the U.S. throwing the global economy into question, many on the “Left” are wondering again about the nature of capitalism. While many will be tempted to jump on the bandwagon of the “bailout” being floated by the Bush administration and the Congressional Democrats (including Obama), others will protest the “bailing out” of Wall Street.