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1978, which went in part:"The idea that there may be an inescapable connection between capitalism and democracy has recently begun to seem plausible to a number of intellectuals who once would have regarded such a view not only as wrong but even as politically dangerous." My contribution consisted of an extensive quotation from Capitalism and Freedom, a briefer one from Adam Smith, and a closing invitation: "Welcome aboard."1Even in 1978, of the 25 contributors to the symposium other than myself, only 9 expressed views that could be classified as sympathetic to the central message of Capitalism and freedom.
The change in the climate of opinion was produced by experience, not by theory or philosophy. Russia and China, once the great hopes of the intellectual classes, had clearly gone sour. Great Britian, whose Fabian socialism exercised a dominant influence on American intellectuals, was in deep trouble. Closer to home, the intellectuals, always devotees of big government and by wide majorities supporters of the national Democratic party, had been disillusioned by the Vietnam War, particularly the role played by Presidents Kennedy and Johnson. Many of the great reform programssuch guidons of the past as welfare, public housing, support of trade unions, integration of schools, federal aid to education, affirmative actionwere turning to ashes. As with the rest of the population, their pocketbooks were being hit with inflation and high taxes. These phenomena, not the persuasiveness of the ideas expressed in books dealing with principles, explain the transition from the overwhelming defeat of Barry Goldwater in 1964 to the overwhelming victory of Ronald Reagan in 1980two men with essentially the same program and the same message.
What then is the role of books such as this? Twofold, in my opinion. First, to provide subject matter for bull sessions. As we wrote in the Preface to Free to Choose: "The only person who can truly persuade you is yourself. You must turn the issues over in your mind at leisure, consider the many arguments, let them simmer, and after a long time turn your preferences into convictions."
Second, and more basic, to keep options open until circumstances make change necessary. There is enormous inertiaa
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1Commentary, April 1978, pp. 2971.

 
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