What does it mean to be a libertarian? Ron Paul debates Charlie Rose

Free Market Champions: Hayek & Mises

Former Congressman Ron Paul appeared on Charlie Rose to discuss what it means to be a libertarian. Described as the “Intellectual Godfather” of the Tea Party movement, Paul breaks down what it means to believe in economic freedom and personal liberty. Paul describes it as non-intervention, meaning less government involvement in the affairs of individuals. He sees it as “Classical Liberalism”.

The three-time presidential candidate applies non-intervention not just to issues of foreign policy, but economic policy as well. He places rules on business people, however they aren’t instituted by government. He believes that no prior restraint would be necessary to do things like inspect drugs before they are released. He’d abolish the FDA because the market would demand a voluntary institution that would keep drugs safe. It would work more like insurance and firms would be held accountable for any damage they might do.

Paul doesn’t believe in a perfect society, or utopia. He argues that the government can’t create one either and that the marketplace would best provide for health and safety. He also thinks that regulations don’t work and they are immoral anyway. Prior restraint harms innovation, and it creates a disincentive to entrepreneurs.

Regulations, monetary policy, the crisis in Syria, and free market economics are discussed in this twenty-two minute long interview.

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