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.
"Underlying most arguments against the free market is a lack of belief in freedom itself."
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.
- Draw a ball
- Color the ball white
- Add two horizontal stripes in the middle, leaving two small white bars at the top and bottom, and one large bar in the middle
- Draw two six-pointed red stars within the middle bar, on the left and right
- Between the stars, draw a black Gadsden snake
- Below the snake, in the lower white bar, draw some variation of the words "DON'T TREAD ON ME"
- 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
Classical Liberalism - My moderate Grandpa.
Neoliberalism - My best known son.
Monetarism - My forgotten son.
Georgism - You're the least bad tax.
Hayekism - My more radical nephew who wants to completely free the banking sector.
Social Libertarianism - A bit too regulationist, but UBI is pretty cool.
Libertarianism - My father who's got almost the same beliefs as me.
Paleolibertarianism - My traditionalist sibling.
Reactionary Liberalism - My very old-school pal. LDP, Morsi and JAK are especially based.
Pinochetism - I helped run your economy.
Scientocracy - "The Chicago approach is to start out with essentially the same intuitions, you use them to form plausible conjectures, but because the world is a very complicated place, you recognize that your conjecture might be wrong."[3]
Frenemies
Austrian School - Good guy! Wish he liked my monetary policies and 
empiricism more though.
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. And I think illegal immigration is nice.
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
- Chicago school of economics
- Milton Friedman
- David D. Friedman
- Thomas Sowell
- Anna Schwartz
- Permanent income hypothesis
- Natural rate of unemployment
- Negative income tax
- Quantity theory of money
- Monetary disequilibrium theory
- School voucher
Literature
- A Positive Program for Laissez-Faire by Henry Calvert Simons
- Capitalism and Freedom by Milton Friedman
- A Program for Monetary Stability by Milton Friedman
- The Optimum Quantity of Money: And Other Essays by Milton Friedman
- Basic Economics by Thomas Sowell | Audiobook
Articles
YouTube
Channels
Videos
- Steelmanning and then "destroying" LIBERTARIANISM (Milton Friedman's Chicago School) by
PF Jung - Austrian vs. Chicago economics by
ReasonTV
References
- ↑ 1.0 1.1
- ↑ 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."
- ↑ https://www.youtube.com/watch?v=R0qzmgRozL0&t=1946
