In economics, a free market is a system in which the prices for goods and services are determined by the open market and by consumers. In a free market, the laws and forces of supply and demand are free from any intervention by a government or other authority, from all forms of economic privilege and artificial scarcities.. Proponents of the concept of free market contrast it with a regulated market in which a government intervenes in supply and demand through various methods, such as tariffs, used to restrict trade and to protect the local economy. In an idealized free-market economy, prices for goods and services are set by the forces of supply and demand and are allowed to reach their point of equilibrium without intervention by government policy. Scholars contrast the concept of a free market with the concept of a coordinated market in fields of study such as political economy, new institutional economics, economic sociology and political science. All of these fields emphasize the importance in existing market systems of rule-making institutions external to the simple forces of supply and demand which create space for those forces to operate to control productive output and distribution.
Although free markets are associated with capitalism within a market economy in contemporary usage and popular culture, free markets have been advocated by anarchists and some proponents of cooperatives and advocates of profit sharing. Criticism of the theoretical concept may regard systems with significant market power, inequality of bargaining power, or information asymmetry as less than free, with regulation being necessary to control those imbalances in order to allow markets to function more efficiently as well as produce more desirable social outcomes; the laissez-faire principle expresses a preference for an absence of non-market pressures on prices and wages, such as those from discriminatory government taxes, tariffs, regulations of purely private behavior, or government-granted or coercive monopolies. In The Pure Theory of Capital, Friedrich Hayek argued that the goal is the preservation of the unique information contained in the price itself; the definition of free market has been disputed and made complex by collectivist political philosophers and socialist economic ideas.
This contention arose from the divergence from classical economists such as Richard Cantillon, Adam Smith, David Ricardo and Thomas Robert Malthus and from the continental economic science developed by the Spanish scholastic and French classical economists, including Anne-Robert-Jacques Turgot, Baron de Laune, Jean-Baptiste Say and Frédéric Bastiat. During the marginal revolution, subjective value theory was rediscovered. Although laissez-faire has been associated with capitalism, there is a similair left-wing laissez-faire system called free-market anarchism known as free-market anti-capitalism and free-market socialism to distinguish it from laissez-faire capitalism. Thus, critics of laissez-faire as understood argues that a laissez-faire system would be anti-capitalist and socialist. Various forms of socialism based on free markets have existed since the 19th century. Early notable socialist proponents of free markets include Pierre-Joseph Proudhon, Benjamin Tucker and the Ricardian socialists.
These economists believed that genuinely free markets and voluntary exchange could not exist within the exploitative conditions of capitalism. These proposals ranged from various forms of worker cooperatives operating in a free market economy, such as the mutualist system proposed by Proudhon, to state-owned enterprises operating in unregulated and open markets; these models of socialism are not to be confused with other forms of market socialism where publicly owned enterprises are coordinated by various degrees of economic planning, or where capital good prices are determined through marginal cost pricing. Advocates of free-market socialism such as Jaroslav Vanek argue that genuinely free markets are not possible under conditions of private ownership of productive property. Instead, he contends that the class differences and inequalities in income and power that result from private ownership enable the interests of the dominant class to skew the market to their favor, either in the form of monopoly and market power, or by utilizing their wealth and resources to legislate government policies that benefit their specific business interests.
Additionally, Vanek states that workers in a socialist economy based on cooperative and self-managed enterprises have stronger incentives to maximize productivity because they would receive a share of the profits in addition to receiving their fixed wage or salary. Socialists assert that free-market capitalism leads to an excessively skewed distribution of income which in turn leads to social instability; as a result, corrective measures in the form of social welfare, re-distributive taxation and administrative costs are required, but they end up being paid into workers hands who spend and help the economy to run. They claim. Thus, free-market socialism desires government regulation of markets to prevent social instability, although at the cost of taxpayer dollars; as explained above, for classical economists such as Adam Smith the term free market does not refer to a market free from government interference, but rather free from all forms of economic privilege and artificial scarcities. This implies that economic rents, i.e. profits generated from a lack of perfect competition, must be reduced or eliminated as much as possible through free competition.
Economic theory suggests the returns to l
Glenn Lee Beck is an American conservative political commentator, radio host and television producer. He is the CEO, owner of Mercury Radio Arts, the parent company of his television and radio network TheBlaze, he hosts the Glenn Beck Radio Program, a popular talk-radio show nationally syndicated on Premiere Radio Networks. Beck hosts the Glenn Beck television program, which ran from January 2006 to October 2008 on HLN, from January 2009 to June 2011 on the Fox News Channel and airs on TheBlaze. Beck has authored six New York Times–bestselling books. In April 2011, Beck announced that he would "transition off of his daily program" on Fox News, but would continue to team with Fox. Beck's last daily show on the network was June 30, 2011. In 2012, The Hollywood Reporter named Beck on its Digital Power Fifty list. Beck launched TheBlaze in 2011 after leaving Fox News, he hosts an hour-long afternoon program, The Glenn Beck Program, on weekdays, a three-hour morning radio show. Beck is the producer of For the Record on TheBlaze.
Beck's supporters praise him as a constitutional stalwart promoting limited government, low taxes, gun rights, free speech and defending traditional American values, while his critics contend he promotes conspiracy theories and employs incendiary rhetoric for ratings. Glenn Lee Beck was born in Everett, the son of Mary Clara and William Beck, who lived in Mountlake Terrace, Washington, at the time of their son's birth; the family moved to Mount Vernon, where they owned and operated City Bakery in the downtown area. He is descended from German immigrants who came to the United States in the 19th century. Beck was raised as a Roman Catholic and attended Immaculate Conception Catholic School in Mount Vernon. Glenn and his older sister moved with their mother to Sumner, attending a Jesuit school in Puyallup. On May 15, 1979, while out on a small boat with a male companion, Beck's mother drowned just west of Tacoma, Washington, in Puget Sound; the man who had taken her out in the boat drowned. A Tacoma police report stated that Mary Beck "appeared to be a classic drowning victim", but a Coast Guard investigator speculated that she could have intentionally jumped overboard.
Beck has described his mother's death as a suicide in interviews during television and radio broadcasts. After their mother's death and his older sister moved to their father's home in Bellingham, where Beck graduated from Sehome High School in June 1982.[ Beck regularly vacationed with his maternal grandparents, Ed and Clara Janssen, in Iowa. In the aftermath of his mother's death and subsequent suicide of his stepbrother, Beck has said he used "Dr. Jack Daniel's" to cope. At 18, following his high school graduation, Beck relocated to Provo and worked at radio station KAYK. Feeling he "didn't fit in", Beck left Utah after six months, taking a job at Washington, D. C.'s WPGC in February 1983. While working at WPGC, Beck met his first wife, Claire. In 1983, the couple married and had two daughters and Hannah. Mary developed cerebral palsy as a result of a series of strokes at birth in 1988; the couple divorced in 1994 amid Beck's struggles with substance abuse. He is a recovering alcoholic and drug addict, has said he has attention deficit hyperactivity disorder.
Beck admitted that the family problems ranging from the divorce to his substance abuse had a severe negative impact on his children. By 1994, Beck was suicidal, he imagined shooting himself to the music of Kurt Cobain, he credits Alcoholics Anonymous with helping him achieve sobriety. He said he stopped drinking alcohol and smoking cannabis in November 1994, the same month he attended his first AA meeting. Beck said that he had gotten high every day for the previous 15 years, since the age of 16. In 1996, while working for a New Haven area radio station, Beck took a theology class at Yale University, with a written recommendation from Senator Joe Lieberman, a Yale alumnus, a fan of Beck's show at the time. Beck enrolled in an "Early Christology" course, but soon withdrew, marking the extent of his post-secondary education. Beck began a "spiritual quest" in which he "sought out answers in churches and bookstores"; as he recounted in his books and stage performances, Beck's first attempt at self-education involved reading the work of six wide-ranging authors, constituting what Beck jokingly calls "the library of a serial killer": Alan Dershowitz, Pope John Paul II, Adolf Hitler, Billy Graham, Carl Sagan, Friedrich Nietzsche.
During this time, Beck's Mormon friend and former radio partner Pat Gray argued in favor of the "comprehensive worldview" offered by The Church of Jesus Christ of Latter-day Saints, an offer that Beck rejected until a few years later. In 1999, Beck married his second wife, Tania. After they went looking for a faith on a church tour together, they joined The Church of Jesus Christ of Latter-day Saints in October 1999 at the urging of his daughter Mary. Beck was baptized by his old friend, current-day co-worker Pat Gray. Beck and his current wife Tania have had two children together and Cheyenne; until April 2011, the couple lived in New Canaan, with the four children. Beck announced in July 2010 that he had been diagnosed with macular dystrophy, saying "A couple of weeks ago I went to the doctor because of my eyes, I can't focus my eyes, he did all kinds of tests and he said,'you have macular dystrophy... you could go blind in the next year. Or, you might not.'" The disorder can make it difficult to read, dri
William F. Buckley Jr.
William Frank Buckley Jr. was an American public intellectual and conservative author and commentator. In 1955, Buckley founded National Review, a magazine that stimulated the conservative movement in the late-20th century United States. Buckley hosted 1,429 episodes of the public affairs television show Firing Line, the longest-running public affairs show in television history with a single host, where he became known for his transatlantic accent and wide vocabulary. Buckley wrote God and Man at Yale and more than fifty other books on diverse topics, including writing, history and sailing. Buckley's works include a series of novels featuring fictitious CIA agent Blackford Oakes, he penned a nationally syndicated newspaper column. Buckley referred to himself as either conservative. George H. Nash, a historian of the modern American conservative movement, said Buckley was "arguably the most important public intellectual in the United States in the past half century. For an entire generation, he was the preeminent voice of American conservatism and its first great ecumenical figure."
Buckley's primary contribution to politics was a fusion of traditionalist conservatism and classical liberalism. Buckley was born November 24, 1925, in New York City, the son of Aloise Josephine Antonia and William Frank Buckley Sr. a Texas-born lawyer and oil developer. His mother, from New Orleans, was of Swiss-German and Irish descent, while his paternal grandparents, from Hamilton, Canada, were of Irish ancestry; the sixth of ten children, Buckley moved as a boy with his family to Mexico, to Sharon, before beginning his formal schooling in Paris, where he attended first grade. By age seven, he received his first formal training in English at a day school in London; as a boy, Buckley developed a love for music, horses and skiing. All of these interests would be reflected in his writings. Buckley was homeschooled through the eighth grade using the Calvert School of Baltimore's Homeschool Curriculum. Just before World War II, at age 12–13, he attended the Jesuit preparatory school St John's Beaumont in England.
During the war, Buckley's family took in the future British historian Alistair Horne as a child war evacuee. He and Horne remained lifelong friends. Buckley and Horne both attended the Millbrook School in Millbrook, New York, graduating as members of the class of 1943. Buckley was a member of the American Boys' Club for the Defense of Errol Flynn during Flynn's trial for statutory rape in 1943. At Millbrook, Buckley edited the school's yearbook, The Tamarack; when Buckley was a young man, his father was an acquaintance of libertarian author Albert Jay Nock. William F. Buckley Sr. encouraged his son to read Nock's works. As a youth, Buckley developed many musical talents, he played the harpsichord well calling it "the instrument I love beyond all others". He was an accomplished pianist and appeared once on Marian McPartland's National Public Radio show Piano Jazz. A great admirer of Johann Sebastian Bach, Buckley said that he wanted Bach's music played at his funeral. Buckley attended the National Autonomous University of Mexico in 1943.
The following year, upon his graduation from the US Army Officer Candidate School, he was commissioned as a second lieutenant in the United States Army. In his book, Miles Gone By, he recounts being a member of Franklin Roosevelt's honor guard upon the President's death, he served stateside throughout the war at Georgia. At the end of World War II in 1945, Buckley enrolled in Yale University, where he became a member of the secret Skull and Bones society and was a masterful debater, he was an active member of the Conservative Party of the Yale Political Union, served as Chairman of the Yale Daily News and as an informer for the FBI. Buckley studied political science and economics at Yale, graduating with honors in 1950. Buckley excelled on the Yale Debate Team. In 1951, along with many other Ivy League alumni, Buckley was recruited into the Central Intelligence Agency; the two officers remained lifelong friends. In a November 1, 2005, column for National Review, Buckley recounted that while he worked for the CIA, the only employee of the organization that he knew was Hunt, his immediate boss.
While in Mexico, Buckley edited The Road to a book by Peruvian author Eudocio Ravines. William F. Buckley Jr. had nine siblings, including sister Maureen Buckley-O'Reilly who married Gerald A. O'Reilly, the CEO of Richardson-Vicks Drugs. S. Senator from New York and was a judge of the United States Court of Appeals for the D. C. Circuit. Buckley co-authored a book, McCarthy and His Enemies, with his brother-in-law, attorney L. Brent Bozell Jr. (Patric
Loyalist (American Revolution)
Loyalists were American colonists who stayed loyal to the British Crown during the American Revolutionary War called Tories, Royalists, or King's Men at the time. They were opposed by the Patriots, who supported the revolution, called them "persons inimical to the liberties of America". Prominent Loyalists assured the British government that many thousands of them would spring to arms and fight for the crown; the British government acted in expectation of that in the southern campaigns in 1780-81. In practice, the number of Loyalists in military service was far lower than expected since Britain could not protect them except in those areas where Britain had military control; the British were suspicious of them, not knowing whom they could trust in such a conflicted situation. Patriots watched suspected Loyalists closely and would not tolerate any organized Loyalist opposition. Many outspoken or militarily active Loyalists were forced to flee to their stronghold of New York City. William Franklin, the royal governor of New Jersey and son of Patriot leader Benjamin Franklin, became the leader of the Loyalists after his release from a Patriot prison in 1778.
He worked to build Loyalist military units to fight in the war, but the number of volunteers was much fewer than London expected. When their cause was defeated, about 15 percent of the Loyalists fled to other parts of the British Empire, to Britain itself, or to British North America; the southern Loyalists moved to Florida, which had remained loyal to the Crown, to British Caribbean possessions bringing along their slaves. Northern Loyalists migrated to Ontario, New Brunswick, Nova Scotia, they called themselves United Empire Loyalists. Most were compensated with Canadian land or British cash distributed through formal claims procedures. Loyalists who left the US received £3 million or about 37 percent of their losses from the British government. Loyalists who stayed in the US were able to retain their property and become American citizens. Historians have estimated that between 15 and 20 percent of the two million whites in the colonies in 1775 were Loyalists. Families were divided during the American Revolution, many felt themselves to be both American and British, still owing a loyalty to the mother country.
Maryland lawyer Daniel Dulaney the Younger opposed taxation without representation but would not break his oath to the King or take up arms against him. He wrote: "There may be a time. Till I shall recommend a legal and prudent resentment". Most Americans hoped for a peaceful reconciliation but were forced to choose sides by the Patriots who took control nearly everywhere in the Thirteen Colonies in 1775-76. Yale historian Leonard Woods Larabee has identified eight characteristics of the Loyalists that made them conservative and loyal to the king and Britain: They were older, better established, resisted radical change They felt that rebellion against the Crown—the legitimate government—was morally wrong, they were alienated when the Patriots resorted to violence, such as burning houses and tarring and feathering. They wanted to take a middle-of-the road position and were angry when forced by the Patriots to declare their opposition, they had a long-standing sentimental attachment to Britain.
They wanted to postpone the moment. They were afraid that chaos and mob rule would result; some were pessimists. Others recalled the dreadful experiences of many Jacobite rebels after the failure of the last Jacobite rebellion as as 1745 who lost their lands when the Hanoverian government won. Other motives of the Loyalists included: They felt a need for order and believed that Parliament was the legitimate authority. In New York, powerful families had assembled colony-wide coalitions of supporters, Men long associated with the French Huguenot/Dutch De Lancey faction went along when its leadership decided to support the crown, they felt themselves to be weak or threatened within American society and in need of an outside defender such as the British Crown and Parliament. They had been promised freedom from slavery by the British, they felt that being a part of the British Empire was crucial in terms of commerce and their business operations. In the opening months of the Revolutionary War, the Patriots laid siege to Boston, where most of the British forces were stationed.
Elsewhere there were few British troops and the Patriots seized control of all levels of government, as well as supplies of arms and gunpowder. Vocal Loyalists recruited people to their side with the encouragement and assistance of royal governors. In the South Carolina back country, Loyalist recruitment oustripped that of Patriots. A brief siege at Ninety Six, South Carolina in the fall of 1775 was followed by a rapid rise in Patriot recruiting, a Snow Campaign involving thousands of partisan militia resulted in the arrest or flight of most of the back country Loyalist leadership. North Carolina back country Scots and former Regulators joined forces in early 1776, but they were broken as a force at the Battle of Moore's Creek Bridge. By July 4, 1776, the Patriots had gained control of all territory in the Thirteen Colonies and expelled all royal officials. No one who proclaimed their loyalty to the Crown was allowed to remain, so Loyalists fled or kept quiet; some of those who remained gave aid to invading British armies or joined uniformed Loyalist regiments.
Bourbon Democrat was a term used in the United States in the 19th century to refer to members of the Democratic Party who were ideologically aligned with conservatism or classical liberalism those who supported presidential candidates Charles O'Conor in 1872, Samuel J. Tilden in 1876, President Grover Cleveland in 1884–1888/1892–1896, Alton B. Parker in 1904. After 1904, the Bourbons faded away. Southerner Woodrow Wilson, a Bourbon, made a deal in 1912 with the leading opponent of the Bourbons, William Jennings Bryan. Bourbon Democrats were promoters of a form of laissez-faire capitalism which included opposition to the high-tariff protectionism that the Republicans were advocating as well as fiscal discipline, they represented business interests supporting the goals of banking and railroads, but opposed to subsidies for them and were unwilling to protect them from competition. They opposed American imperialism and overseas expansion, fought for the gold standard against bimetallism, promoted what they called "hard" and "sound" money.
Strong supporters of states' rights and reform movements such as the Civil Service Reform and opponents of the corrupt city bosses, Bourbons led the fight against the Tweed Ring. The anti-corruption theme earned the votes of many Republican Mugwumps in 1884; the term "Bourbon Democrats" was never used by the Bourbon Democrats themselves. It was not the name of any specific or formal group and no one running for office ran on a Bourbon Democrat ticket; the term "Bourbon" was used disparagingly by critics complaining of viewpoints they saw as old-fashioned. A number of splinter Democratic parties, such as the Straight-Out Democratic Party and the National Democratic Party, that ran candidates, fall under the more general label of Bourbon Democrats; the nickname "Bourbon Democrat" was first used as a pun, referring to bourbon whiskey from Kentucky and more to the Bourbon Dynasty of France, overthrown in the French Revolution, but returned to power in 1815 to rule in a reactionary fashion until its final overthrow in the July Revolution of 1830.
The term was used in the 1860s and 1870s to refer to conservative Democrats who still held the ideas of Thomas Jefferson and Andrew Jackson and in the 1870s to refer to the regimes set up in the South by Redeemers as a conservative reaction against Reconstruction. The electoral system elevated Bourbon Democrat leader Grover Cleveland to the office of President both in 1884 and in 1892, but the support for the movement declined in the wake of the Panic of 1893. President Cleveland, a staunch believer in the gold standard, refused to inflate the money supply with silver, thus alienating the agrarian populist wing of the Democratic Party; the delegates at the 1896 Democratic National Convention turned against the policies of Cleveland and those advocated by the Bourbon Democrats, favoring bimetallism as a way out of the depression. Nebraska Congressman William Jennings Bryan now took the stage as the great opponent of the Bourbon Democrats. Harnessing the energy of an agrarian insurgency with his famous Cross of Gold speech, Congressman Bryan soon became the Democratic nominee for President in the 1896 election.
Some of the Bourbons sat out the 1896 election or tacitly supported William McKinley, the Republican nominee whereas others set up the third-party ticket of the National Democratic Party led by John M. Palmer, a former Governor of Illinois; these bolters, called "gold Democrats" returned to the Democratic Party by 1900 or by 1904 at the latest. Bryan demonstrated his hold on the party by winning the 1900 and 1908 Democratic nominations as well. In 1904, a Bourbon, Alton B. Parker, won the nomination and lost in the presidential race as did Bryan every time. William L. Wilson, President Cleveland's Postmaster General, confided in his diary that he opposed Bryan on moral and ideological as well as party grounds. Wilson had begun his public service convinced that special interests had too much control over Congress and his unsuccessful tariff fight had burned this conviction deeper, he feared the triumph of free silver would bring class legislation and selfishness feeding upon national bounty as as did protection.
Moreover, he saw the proposed unlimited coinage of silver at a ratio of 16 to 1 to gold as morally wrong, "involving as it does the attempt to call 50 cents a dollar and make it legal tender for dollar debts". Wilson regarded populism as "the product of protection founded on the idea that Government can and therefore Government ought to make people prosperous"; the nomination of Alton Parker in 1904 gave a victory of sorts to pro-gold Democrats, but it was a fleeting one. The old classical liberal ideals had lost their appeal. By World War I, the key elder statesman in the movement John M. Palmer—as well as Simon Bolivar Buckner, William F. Vilas and Edward Atkinson—had died. During the 20th century, classical liberal ideas never influenced a major political party as much as they influenced the Democrats in the early 1890s. West Virginia was formed in 1863 after Unionists from northwestern Virginia establish the Restored Government of Virginia, it remained in Republican control until the passing of the Flick Amendment in 1871 returned states rights to West Virginians who had supported the defunct Confederacy.
A Democratic push led to a reformatting of the West Virginia State Constitution that resulted in more power to the Democratic Party. In 1877, Henry M. Mathews, as a Bourbon, was elected governor of the state and the Bourbons held onto power in the state until the 1893 election of Republican George
Milton Friedman was an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. With George Stigler and others, Friedman was among the intellectual leaders of the second generation of Chicago price theory, a methodological movement at the University of Chicago's Department of Economics, Law School and Graduate School of Business from the 1940s onward. Several students and young professors who were recruited or mentored by Friedman at Chicago went on to become leading economists, including Gary Becker, Robert Fogel, Thomas Sowell and Robert Lucas Jr. Friedman's challenges to what he called "naive Keynesian" theory began with his 1950s reinterpretation of the consumption function. In the 1960s, he became the main advocate opposing Keynesian government policies and described his approach as using "Keynesian language and apparatus" yet rejecting its "initial" conclusions.
He theorized that there existed a "natural" rate of unemployment and argued that unemployment below this rate would cause inflation to accelerate. He argued that the Phillips curve was in the long run vertical at the "natural rate" and predicted what would come to be known as stagflation. Friedman promoted an alternative macroeconomic viewpoint known as "monetarism" and argued that a steady, small expansion of the money supply was the preferred policy, his ideas concerning monetary policy, taxation and deregulation influenced government policies during the 1980s. His monetary theory influenced the Federal Reserve's response to the global financial crisis of 2007–2008. Friedman was an advisor to Republican President Ronald Reagan and Conservative British Prime Minister Margaret Thatcher, his political philosophy extolled the virtues of a free market economic system with minimal intervention. He once stated that his role in eliminating conscription in the United States was his proudest accomplishment.
In his 1962 book Capitalism and Freedom, Friedman advocated policies such as a volunteer military floating exchange rates, abolition of medical licenses, a negative income tax and school vouchers and opposed the war on drugs. His support for school choice led him to found the Friedman Foundation for Educational Choice renamed EdChoice. Friedman's works include monographs, scholarly articles, magazine columns, television programs and lectures and cover a broad range of economic topics and public policy issues, his books and essays have had global influence, including in former communist states. A survey of economists ranked Friedman as the second-most popular economist of the 20th century following only John Maynard Keynes and The Economist described him as "the most influential economist of the second half of the 20th century... of all of it". Friedman was born in Brooklyn, New York on July 31, 1912, his parents, Sára Ethel and Jenő Saul Friedman, were Jewish immigrants from Beregszász in Carpathian Ruthenia, Kingdom of Hungary.
They both worked as dry goods merchants. Shortly after his birth, the family relocated to New Jersey. In his early teens, Friedman was injured in a car accident. A talented student, Friedman graduated from Rahway High School in 1928, just before his 16th birthday, he was awarded a competitive scholarship to Rutgers University. In 1932, Friedman graduated from Rutgers University, where he specialized in mathematics and economics and intended to become an actuary. During his time at Rutgers, Friedman became influenced by two economics professors, Arthur F. Burns and Homer Jones, who convinced him that modern economics could help end the Great Depression. After graduating from Rutgers, Friedman was offered two scholarships to do graduate work—one in mathematics at Brown University and the other in economics at the University of Chicago. Friedman chose the latter, thus earning a Master of Arts degree in 1933, he was influenced by Jacob Viner, Frank Knight, Henry Simons. It was at Chicago that Friedman met economist Rose Director.
During the 1933–1934 academic year he had a fellowship at Columbia University, where he studied statistics with renowned statistician and economist Harold Hotelling. He was back in Chicago for the 1934–1935 academic year, working as a research assistant for Henry Schultz, working on Theory and Measurement of Demand; that year, Friedman formed what would prove to be lifelong friendships with George Stigler and W. Allen Wallis. Friedman was unable to find academic employment, so in 1935 he followed his friend W. Allen Wallis to Washington, D. C. where Franklin D. Roosevelt's New Deal was "a lifesaver" for many young economists. At this stage, Friedman said that he and his wife "regarded the job-creation programs such as the WPA, CCC, PWA appropriate responses to the critical situation," but not "the price- and wage-fixing measures of the National Recovery Administration and the Agricultural Adjustment Administration." Foreshadowing his ideas, he believed price controls interfered with an essential signaling mechanism to help resources be used where they were most valued.
Indeed, Friedman concluded that all government intervention associated with the New Deal was "the wrong cure for the wrong disease," arguing that the money supply should have been expanded, instead of contracted. Friedman and his colleague Anna Schwartz wrote A Monetary History of the United States, 1867–1960, which argued that the Great Depression was caused by a
Harvey LeRoy "Lee" Atwater was an American political consultant and strategist for the Republican Party. He was an adviser to US presidents Ronald Reagan and George H. W. Bush and chairman of the Republican National Committee. Atwater aroused controversy through his aggressive campaign tactics. Atwater was born in Atlanta, the son of Alma "Toddy", a school teacher, Harvey Dillard Atwater, an insurance adjustor, he had two siblings and Joe. He grew up in South Carolina; when Lee was five, his three-year-old brother, died when he pulled a deep fryer full of hot oil onto himself. As a teenager in Columbia, South Carolina, Atwater played guitar in a rock band, The Upsetters Revue. At the height of his political power, he would play concerts in clubs and church basements, solo or with B. B. King, in the Washington, D. C. area. He released an album called Red, Hot And Blue on Curb Records, featuring Carla Thomas, Isaac Hayes, Sam Moore, Chuck Jackson, King. Robert Hilburn wrote about the album in the Los Angeles Times on April 5, 1990: "The most entertaining thing about this ensemble salute to spicy Memphis-style 1950s and 1960s R&B is the way it lets you surprise your friends.
Play a selection such as'Knock on Wood' or'Bad Boy' for someone without identifying the singer watch their eyes bulge when you reveal that it's the controversial national chairman of the Republican Party, Lee Atwater." During the 1960s, Atwater played backup guitar for Percy Sledge. In 1973, Atwater graduated from Newberry College, a small private Lutheran institution in Newberry, South Carolina, where he was a member of the Alpha Tau Omega fraternity. At Newberry, Atwater served as the governor of the South Carolina Student Legislature, he earned a Master of Arts degree in communications from the University of South Carolina in 1977. During the 1970s and the 1980 election, Atwater rose to prominence in the South Carolina Republican Party participating in the campaigns of Governor Carroll Campbell and Senator Strom Thurmond. During his years in South Carolina, Atwater became well-known for managing hard-edged campaigns based on emotional wedge issues. Atwater's aggressive tactics were first demonstrated during the 1980 Congressional campaigns.
He was a campaign consultant to Republican incumbent Floyd Spence in his campaign for Congress against Democratic nominee Tom Turnipseed. Atwater's tactics in that campaign included push polling in the form of fake surveys by so-called independent pollsters to inform white suburbanites that Turnipseed was a member of the NAACP, he sent out last-minute letters from Senator Thurmond telling voters that Turnipseed would disarm the United States, turn it over to liberals and Communists. At a press briefing, Atwater planted a fake reporter who rose and said, "We understand that Turnipseed has had psychiatric treatment". Atwater told reporters off the record that Turnipseed "got hooked up to jumper cables", referring to electroconvulsive therapy that Turnipseed underwent as a teenager. Spence went on to win the race. "Lee seemed to delight in making fun of a suicidal 16-year-old, treated for depression with electroshock treatments", Turnipseed recalled. "In fact, my struggle with depression as a student was no secret.
I had talked about it in a widely-covered news conference as early as 1977, when I was in the South Carolina State Senate. Since I have shared with appropriate groups the full story of my recovery to responsible adulthood as a professional and civic leader and father. Teenage depression and suicide are major problems in the United States, I believe that my life story offers hope to young people who are suffering with a constant fear of the future". After the 1980 election, Atwater went to Washington and became an aide in the Ronald Reagan administration, working under political director Ed Rollins. In 1984, Rollins managed Reagan's re-election campaign, Atwater became the campaign's deputy director and political director. Rollins mentions Atwater's work several times in his 1996 book Bare Back Rooms, he states that Atwater ran a dirty tricks operation against Democratic vice-presidential nominee Geraldine Ferraro, including publicizing the fact that Ferraro's parents had been indicted on numbers running in the 1940s.
Rollins described Atwater as "ruthless", "Ollie North in civilian clothes", someone who "just had to drive in one more stake". Atwater became a senior partner at the political consulting firm of Black, Manafort and Kelly the day after the 1984 presidential election. During his years in Washington, Atwater became aligned with Vice President George H. W. Bush, who chose Atwater to manage his 1988 presidential campaign; as a member of the Reagan administration in 1981, Atwater gave an anonymous interview to political scientist Alexander P. Lamis. Part of the interview was printed in Lamis' book The Two-Party South reprinted in Southern Politics in the 1990s with Atwater's name revealed. Bob Herbert reported on the interview in the October 6, 2005, issue of The New York Times. On November 13, 2012, The Nation magazine released a 42-minute audio recording of the interview. James Carter IV, grandson of former president Jimmy Carter, had asked and been granted access to these tapes by Lamis' widow. Atwater talked about the Republican Southern strategy: Atwater: As to the whole Southern strategy that Harry S. Dent, Sr. and others put together in 1968, opposition to the Voting Rights Act would have been a central part of keeping the South.
Now you don't have to do that. All that you need to do to keep the South is for Reagan to run in place on the issues that he's campaigned on since 1964, that's fiscal conservatism, balancing the budget, cut taxes, you know, the