October

the Freeman VOL. 18, NO. 10 -OCTOBER 1968 Gold and the Failure of the "Sorcerers" Alvaro C. Alsogaray579 Argentina's Ambassador discusses the function of gold and the malfunction of various schemes of money manipulation. The Threat of Wage and Price Controls Emerson P. Schmidt 587 Recounting U. S. experiences under price control during and following World War II. Recipe for Failure Paul L. Poirot 592 Training the hard-core unemployed to earn by serving cannot be done under a system that pays them not to work. The Public Be Damned Milton Friedman 601 A businessman might have said it, but only a bureaucrat can get away with it. Education in America: 1. What Has Happened? George Charles Roche III 603 Introducing a series concerning the American ideals of higher education, the departures therefrom, and the prospects for recovery. Leaving the Problem to Others Ben H. Carpenter 611 A business leader surveys the national and world scene· and suggests ways in which individuals may help to improve it.

The Rise and Fall of England: 8. Pax Britannica Clarence B. Carson 624 The British contributions during a century largely characterized by world peace and human progress. Let's Justify Freedom Larry Arnhart 636 Not the welfare state but the free economy is the key to justice in human affairs. Each on His Own White Charger Earl, Zarbin 639 The futility of looking for a leader to do what can only be done by oneselt Anyone wishing to communicate with authors may send first-class mail in care of THE FREEMAN for forwarding.

the Freeman A MONTHLY JOURNAL OF IDEAS ON LIBERT't IRVINGTON-ON-HUDSON, NEW YORK TEL.: (914) 591·7230 LEONARD E. READ PAUL L. POIROT President, Foundation for Economic Education Managing Editor THE F R E E MAN 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. Any interested person may receive its publication~ for the asking. The costs of Foundation projects and services, including THE FREEMAN, are met througl voluntary donations. Total expenses average $12.00 ~ year per person on the mailing list. Donations are in· vited in any amount-$5.00 to $10,OOO-as the meanf of maintaining and extending the Foundation's work Copyright, 1968, The Foundation for Economic Education, Inc. Printed i U.S.A. Additional copies, postpaid, to one address: Single copy, 50 cent~ 3 for $1.00; 10 for $2.50,; 25 or more, 20 cents each.

Any ,current article will be supplied in reprint form upon sufficient dE mand to cover printing costs. Permission is hereby granted to reprir any article from this issue, providing customary credit is given, excef liThe Public Be Damned," IILeaving the Problem to Others," and 11Th Rise and Fall of England."