July

Regarding the Minimum Wage . ... If I Had the Power . Defining Liberty . The Great Communist Schism . The Flight from Reality 10. The New Creativity. Books: John Randolph of Roanoke Other Books . John Chamberlain 58 61 OUTSTANDING,ADVANTA;GISFOR COAST FEDERAL SAVERS FINANCIAL STRENGTH - Assets over half a billion dollars. Strong reserves and high ratio of cash and government bonds to assure with drawal of savings immediately on request. HIGHER EARNINGS-Current rate 4.95 % per year, compounded semi-annually. MAIN OFFICE 9th & Hill. Los Angeles SAVE-BY-MAIL - We pay postage. MEMBER: Federal Savings and Loan Insurance Corp. Federal Home Loan Bank. IF IT'S SAFETY YOU WANT MOSTOPEN YOUR SAVINGS ACCOUNT AT COAST "A Businessman Looks at Communism Vs. Capitalism" For your courtesy copy of President Joe Crail's speech, write to: Coast Federal Savings Post Office Box 5150A Los Angeles 55, California 5-56A-l ~ A business economist-from Mis 'souri-shows why automation is nec essary to stretch the supply of labor and other scarce resources to meet the market demands of consumers ........ p.3 yI In Australia, as most everywhere, Stanley Yankus finds competition pop ularly acclaimed as something good for others ..... p. 11 yI A scholarly critique of the theory of minimum wage legislation and a sur veyof the consequences of such laws .. p. 13 .~ Those who dream of how they would redistribute the affluence of. industry are prone to neglect the essentials for a productive economy p. 22 yI A prominent attorney defines lib erty in terms of its goals, procedures, and underlying faiths p. 28 "" William Henry Chamberlin steps in for a careful examination of the breach between Moscow and Peiping and the implications, both favorable and dangerous, for free men p. 37 ~ In this chapter 10, Clarence Carson examines how The Flight From Reality has manifested itself in modern art and literature, and especially in the social studies by the Romantics, Evo lutionists, Existentialists, and other deviationists ....p. 45 "" John Chamberlain here reviews the contributions of John Randolph as re ported by Russell Kirk... . .. p. 58 "" If You Don't Mind My Saying So is Joseph Wood Krutch's approach to man, reviewed in this issue, along with Richard Gummere's The Ameri can Colonial Mind and the Classical Tradition. . .....p. 61 Anyone wishing to communicate with authors may send first-class mail in care of THE FREEMAN for forwarding.

JULY 1965 LEONARD E. READ PAUL L. POIROT Vol. 15, No.7 President, Foundation for Economic Education Managing Editor THE FREEMAN is published monthly by the Foundation for Economic Education, Inc., a non political, nonprofit educational champion of private property, the free market, the profit and loss system, and limited government, founded in 1946, with offices at Irvington-on-Hudson, New York. Any interested person may receive its publications for the asking. The costs of Foundation projects and services, in cluding THE FREEMAN, are met through volun tary donations. Total expenses average $12.00 a year per person on the mailing list. Donations are invited in any amount - $5.00 to $10,000 - as the means of maintaining and extending the Foundation's work. Copyright, 1965, The Foundation for Economic Education, Inc. Printed in U.S.A. Additional copies, postpaid, to one address: Single copy, 50 cents; 3 for $1.00; 25 or more, 20 cents each.

Permission is hereby granted to anyone to reprint any article in whole or in part, providing customary credit is given, except lIDefining Lib· erty," and liThe Flight from Reality." Any current article will be supplied in reprint form if there are enough inquiries to justify the cost of the printing.