December

the Freeman VOL. 25, NO. 12 • DECEMBER 1975 Unions-and Other Gangs All that is needed is to abolish their privileged status under the law. Joan Wilke 707 The New NationalNightmare James J. Kilpatrick 712 The passion to regulate threatens to cut off the air of freedom. Th'e World Food Crisis E. C. Pasour,Jr. 717 "Adam Smith. however unfashionable, can feed more people than Karl Marx can." APerfectCounterfeit Examining the validity of fractional-reserve banking. James E. McAdoo 722 Libera.lismUsed to Mean Freedom Edmund A. Opitz 727 Power is not liberty; Iiberty operates in another dimension and has other requirements. Social Responsibility James H. Wiborg 746 A protest against the shackles upon the freedom of the individual. ConspiracyEconomics Joe Cobb 748 Viewing an action without regard for its consequences leads to wrong conclusions. Book Reviews: 752 "Faith and Freedom" compiled by Mary Sennholz "There's No Such Thing As A Free Lunch" by Milton Friedman "The C~ng Collapse of the Post Office" by Robert J. Myers Index for 1975 Anyone wishing to communicate with authors may send first-class mail in care of THE FREEMAN for forwarding.

761 the Freeman A MONTHLY JOURNAL OF IDEAS ON LIBERTY IRVINGTON·ON·HUDSON, N. Y. 10533 TEL: (914) 591·723·0 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 publications for the asking. The costs of Foundation projects and services, including THE FREEMAN, are met through voluntary donations. Total expenses average $12.00 a year per person on the mailing list. Donations are in vited in any amount-$5.00 to $10,000-as the means of maintaining and extending the Foundation's work. Copyright, 1975. 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; 10 for $2.50; 2'5 or more, 20 cents each.

THE FREEMAN is available on microfilm from Xerox University Microfilms, Ann Arbor, Michigan 48106. Some articles available as reprints at cost; state quantity desired. Per mission granted to reprint any article from this issue, with appropriate credit except "The New National Nightmare."