I have finished the last chapter of the second edition of The Mechanics of Freedom, from 1989. Only the relatively fresh chapters of the third edition, published in 2015, remain. The chapter is strange and looks like a bit of an off-topic addition to this book, because instead of the mechanics of freedom, it tells about a little-known author of detective stories from the beginning of the 20th century – G.K. Chesterton. The ending of the first edition seemed somewhat more logical, in my opinion, and as it stands, this chapter looks like a kind of expanded appendix to the book.

The review describes what a great man Chesterton was, a true old-school liberal who successfully combined this with Catholicism and a certain indifference toward Jews. This is probably interesting to connoisseurs of Chesterton, and I generally like the stories about Father Brown — but, in my view, this chapter is redundant in The Mechanics of Freedom.

Next, I will give you a break from Friedman for a while and switch to Molinism.

In the forty-sixth chapter, The Machinery of Freedom, David Friedman analyzes the idea of private money, free banking, and all that sort of thing, which in the eighties of the last century seemed much more distant and less feasible than it does now.

The main part of the chapter, The Money Market, is an exposition of the concept of private money itself. I haven’t read Hayek’s work of the same name yet, but it seems that Friedman based much of his work on it. The author analyzes why state maintenance of the monetary system will always perform poorly, and why there are no problems with private entities handling it.

The first additional subsection, Which Commodity Exactly?, concerns the question of which specific commodity the monetary system should be based on in the Wonderful America of the Future. Friedman suggests using a basket of exchange-traded commodities, the price of which would correlate as closely as possible with the level of consumer prices. In short, the boomer invented the stablecoin. Modern mechanisms allow for the easy issuance of tokens pegged to any commodity basket, but practice shows that tokens pegged one-to-one to the banal fiat dollar are the most popular.

The second additional subsection, Preference Is Not a Prediction, contains the author’s complaints that the system he invented is beautiful but unattainable, and that private money would more likely be pegged to gold—the inelastic supply of which, for some reason, Friedman views as a tragedy—but certainly not to a consumer price index.

After a considerable break, I am posting a single chapter from David Friedman’s The Machinery of Freedom, but I hope to speed up in the near future. As usual, I remind you that you can support the translation project with your donations to the wallet 1AFkD2bazCs5YZBBrSD7HsRMWLmRbg6QBo

Chapter 45, Is There a Libertarian Foreign Policy, is devoted to reflections on the moral dilemma facing a potential libertarian government of the United States. On one hand, significant efforts are needed to protect against such a serious adversary as the Soviet Union, which suggests a network of international alliances. On the other hand, every alliance implies the possibility of having to fight for others’ interests in wars that have nothing to do with libertarian values. Ultimately, Friedman concludes that a policy of non-intervention is still preferable for libertarians.

Since then, the Soviet Union has ended, and thus the arguments in favor of a policy of non-intervention have only strengthened.

I continue to provide you with content for leisurely quarantine reading, this time returning to grandfather Friedman. Chapter 44, Private Law Enforcement, Medieval Iceland, and Libertarianism, is not comparable in size to the previous one, of course, but it is still quite large. Nevertheless, it is much easier to read because this time it is not theory, but history, and based on fiction at that.

In general, the age of the sagas in Iceland is almost my favorite historical period, perhaps second only to ancient Greece, so I edited the text with great pleasure; I wish it were always like this. I hope you will also enjoy the reading, and from there, you can go ahead and download the saga of Egil — and off you go, diving into the world of proto-ancap!

I am beginning to publish the translation of the fourth part of David Friedman’s The Machinery of Freedom. This part was written for the second edition of the book, between 1973 and 1989, and was intended as an extended postscript to the book, which is exactly why it is named as such. It seems that the author did not originally intend to write two more parts after this one.

As usual, the new part opens with a poetic epigraph, in which the author states that he is bored with explaining elementary truths to those who are already convinced of the truth of the teaching, and therefore he would rather delve into the area of unresolved problems and borderline questions of libertarianism.

Chapter 41 is titled Problems. In it, David Friedman explains in detail why it is pointless to try to derive the entire libertarian teaching from a single, simply formulated basic principle that one would then only have to follow. On the contrary, he declares, following Machiavelli: there is nothing that is good or bad in itself, but everything depends on the circumstances.

Chapter 42, My Beliefs. Here, the author continues the reasoning from the previous chapter, analyzing the question of whether, if we cannot derive everything that ought to be from one basic principle of libertarianism, we should switch to utilitarianism and begin to demand the simple maximization of aggregate utility, calculating heterogeneous joys and sorrows in some mysterious way. And although he ultimately rejects this extreme as well, it is felt that economic calculation is dearer to his heart than abstract moral norms. And this brings me back to my own objections against the strategy of persuading statists to stop cooperating with the state based on moral argumentation.