Reason, December 1st, 1993
In the 19th century, liberals worked to limit the role of government in economic matters, under the banner of free trade, laissez-faire, and the rights of property and contract. But around the turn of the century, in England and America, liberalism changed its course. As against the classical liberals, modern liberals wanted to expand government's power to regulate private economic activity and transfer wealth among its citizens.
Liberalism as a doctrine may be out of favor, but we still live in a liberal regime, with all the programs that liberals argued and lobbied for successfully: regul...
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