This issue of The Freeman examines the intellectual journey of author John Chamberlain—from early leftist sympathies to a mature defense of markets and individual liberty—and reflects on the moral foundations of law, justice, and natural rights. It explores the meaning of federalism, highlighting how divided jurisdictions protect personal freedom and limit political power. Additional essays warn of the global debt crisis and the risks of inflationary monetary policy, analyze the causes of business cycles, and emphasize the importance of real savings for economic recovery. Other articles explain how competition channels individual differences toward social benefit and illustrate how markets reward alertness to opportunity. Book reviews consider works on economic forecasting and the moral framework of democratic capitalism.
