Chicago School

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"Underlying most arguments against the free market is a lack of belief in freedom itself."

Chicago School, also known as Chicagoan Libertarianism, is a kind of libertarian, economically center right to far-right, and culturally centrist but sometimes left-leaning political ideology.

It is used quite often to refer to Neoliberalism, although only a few economists of this school have referred to themselves as neoliberals.

It is quite a simple ideology, it's Libertarianism based on the thought of the Chicago School of Economics, which is a Neoclassical school of economics associated with the University of Chicago, mostly known for the Libertarian economist of second generation, and Nobel prize winner, Milton Friedman.

Beliefs

Within the precise ideas on economic believes, it is associated with the rejection of Keynesian School in favor of Monetarism (which states that it's desirable to have a Monetary policy controlled by the government as long as it expands money supply consistent with GDP growth) until the mid-1970s when it turned to new classical macroeconomics strongly based on the concept of rational expectations. Specifically,  Neo-Keynesian economics was developed as a response to new classical economics and Friedman's critiques to Keynesianism, electing to incorporate the idea of rational expectations without giving up the traditional Keynesian focus on imperfect competition and sticky wages.

Chicago economists have also left intellectual influence in other fields, notably in pioneering public choice theory and law and economics, which have led to revolutionary changes in the study of political sciences. The school also has some research done that has left some impact in fields as diverse as social economics and economic history. Thus, there is not a clear delineation of the Chicago school of economics, a term that is more commonly used in the popular media to refer to Friedmanite economics rather than being used in actual academic circles.

History

Chicagoan Libertarianism derives from the Chicago School of Economics, mainly under the teachings of Milton Friedman, albeit there were several other acclaimed economists before Friedman, commonly known as the "First Generation," of the Chicago School of Economics. The most notable of these economists being, but not limited to, Frank Knight, Henry Simons, Jacob Viner, Aaron Director and Theodore Schultz, among others. These men laid the groundworks for what would soon become an Economic Revolution.

Milton Friedman was a student of Frank Knight who would go on to write several influential pieces, of which he'd win a Nobel Peace Prize in 1976, and go on to change the framework of not only Western, but Global Economic Policy. Friedman supported Free Trade, Small Government, Limited Economic Regulation, Central Banking, Fiat Currency and Monetary Caution, among others. Friedman is often cited as one of the most famous economists in World History, influencing conservatives, liberals and libertarians alike across the world from America to China, from Chile to Sweden. His teaching are felt throughout the world to this day, and is considered as one of the greatest economists of all time.

Friedman's Legacy still carries on to this day, with many of his students still carrying the Torch of his success. Even more leftist groups and institutions praise Friedman for his policies of limited regulation and Free Markets. He would tragically end up passing away due to Heart Failure on November 16th of 2006

Personality and Behaviour

Chicago Libertarians behave as an average kind of moderate Libertarian economist.

How to Draw

Chicago School's balls design is a combination of the Chicagoan and Gadsden flags.

Flag of Chicago School
  1. Draw a ball
  2. Color the ball white
  3. Add two horizontal stripes in the middle, leaving two small white bars at the top and bottom, and one large bar in the middle
  4. Draw two six-pointed red stars within the middle bar, on the left and right
  5. Between the stars, draw a black Gadsden snake
  6. Below the snake, in the lower white bar, draw some variation of the words "DON'T TREAD ON ME"
  7. Draw the eyes

You're done!

Color Name HEX RGB
Light Blue #B3DDF2 179, 221, 242
Red #FF0000 255, 0, 0
Black #141414 20, 20, 20
White #FFFFFF 255, 255, 255


Relationships

Friends

Frenemies

  • Pinochetism - I've already said it but I'll say it again; I never advised Pinochet, I never endorsed Pinochet. (However, I'll admit that there was indeed quite a miracle in Chile's economy!)
  • Anarcho-Capitalism - Government is very important in providing law and order, property rights, and even regulations, among others. Please open up a bit.
  • Third Way - Neolib, but too willing to compromise with Keynesians
  • Paleoconservatism - He used to be a cool guy back in the day, but now he's a protectionist that doesn't value free trade, and also way too statist.

Enemies

  • Keynesian School - Way too statist, and he doesn't even know the basics of economics. Your son is pretty cool though.
  • Social Democracy - They have corrupted the Western societies with their inefficient bureaucracy and their welfare states.
  • Libertarian Social Democracy - Don't tread on me, you filthy fake libertarian Keynesianism simp!
  • Market Socialism - Socialists cannot have a fair market, your worker's council bureaucracy makes me want to puke and too much worker power make it uncompetitive. Not to mention many of you simp for this c*mmunist.
  • Cybercommunism - AI commie that wants to get rid of me.
  • Marxism–Leninism - Socialist and authoritarian. No. Just no.
  • Nazism - They want to treat people differently before law, and killed several millions of people.

Further Information

Wikipedia

Literature

Articles

YouTube

Channels

Videos

Gallery

Navigation

  1. Some of the Chicago Boys, such as Álvaro Bardónand Sergio de Castro, even saw dictatorship as the ideal regime to ensure market neutrality. De Castro, who had a leadership role with the Chicago Boys, wrote that "a person's actual liberty can only be secured by an authoritarian regime that exercises violence by enforcing equal rules for all."