Like all good discussion topics, this month's issue split respondents nearly equally, with a slight nod to the notion that Milton Friedman's views will have a bigger impact on us in the twenty-first century than those of John Kenneth Galbraith.
Margie Parikh commented that "I see the twenty-first century as the epoch-making era of playing fields becoming more level and opening markets, reducing government control, and spreading lifestyles and products of different cultures from all over the world. In this context, Friedman seems more influential." Ashutosh Tiwari added: "I think Friedman will cast the longer shadow . . . the expansion of markets has speeded up the process of globalization . . . the corporate power of multinationals has not been as dominant as Galbraith had envisioned."
In contrast, several respondents pointed to the influence of future global challenges on their responses. Sudip Bose put it this way: "Venerated works of Milton Friedman have influenced government policies. . . . But, his shadow will be relentlessly chased primarily by global climatic concerns and then perhaps by human development issues. . . ." Stever Robbins expanded on this idea: "With regard to national security, pollution, energy policy, education, global warming, and other commons issues, it's hard to see how individual self-interest can add up to the community-wide base we need to remain a competitive nation in the twenty-first century."
But I was struck by the number of respondents who suggested that the ideas of both Friedman and Galbraith had relevance, perhaps at different times and in different places. Henry Kwok wrote, "They brought to us two perspectives—the need for freedom to choose and the need for the government to provide an order to the economy. We cannot live with one without the other." Kamal Gupta noted that, "in the case of an economy that is coming out of poverty, like India . . . [the ideas of Galbraith] would provide for a faster redistribution of wealth. But once the economy reaches a certain threshold . . . the state should move to minimize its involvement." Gaurav Goel opined, "I think Galbraith will be more relevant in the first half of this century. . . . For markets to act in coherence with society, it is necessary for government to put some checks in place. . . . Friedman's view may be more applicable in economically uniform societies. I hope that the later part of this century will be more suitable for Friedman's views." Ruth Rama was more succinct: "Friedman will prevail in the U.S.; Galbraith will prevail in Europe."
These comments emphasize the influence of context on the continuing importance of the views of these two influential figures of the past century. How are the issues we will face in this century different from those of the twentieth century? Will they require more or less attention to common as well as individual needs? Will they best be addressed by individuals free to choose, communities (represented by governments) interested in influencing choice, or a combination of both? What do you think? 