This issue of The Freeman examines how knowledge, not exploitation, drives profit and opportunity in a free economy, critiquing socialist claims that treat information as a costless public good. It highlights technological progress—from specialization to CAD/CAM automation—as a source of rising productivity and living standards. A major feature analyzes West Germany’s system of co-determination, arguing that union power over corporate boards hinders market adjustments and threatens private property. Additional essays explore the humanity of voluntary trade, the market’s problem-solving role, the nationalizing effects of the Civil War, Adam Smith’s enduring case for economic freedom, and the enduring errors of Marxist theory.
