What Libertarianism Has Become and Will Become: State Capacity Libertarianism
"Many of the failures of today’s America are failures of excess regulation, but many others are failures of state capacity."
What It’s About
Tyler Cowen introduces "State Capacity Libertarianism," a fresh approach that theorizes and advocates a robust state capable of enhancing capitalism, innovation, and individual rights without drifting into tyranny. Traditional libertarian ideas, Cowen argues, fail to address contemporary issues like climate change, infrastructure decay, and rapid technological advances, necessitating a more capable and responsive government.
Upshot
Cowen suggests that:
- Markets Need Government Strength: Robust state capacity underpins free markets by, among other things, safeguarding individual liberties, intellectual property, and democracy against external threats
- Public Investments Boost Prosperity: Increased public investment in nuclear energy, infrastructure, science and other projects will support sustained economic growth and widespread flourishing
Why It Matters
Cowen’s innovative thinking offers an intellectual bridge from mainstream libertarianism to abundance. This next-generation libertarianism articulates complementary and robust roles for the public sector and the private sector without contradicting libertarian goals of freedom and efficiency.
Who Wrote It
Tyler Cowen is an economics professor at George Mason University and blogger at Marginal Revolution.