Deirdre McCloskey on why liberalism works

In a time of populist upheaval, classical liberalism has come under fire from many directions. Many are concerned that it is based off of exploitation and promotes inequality. Others focus on those made worse off by creative destruction, or they fear the competition posed by an ascendant China. Deirdre McCloskey disagrees with liberalism’s critics. She argues that poverty and tyranny are the two biggest problems that face mankind. Classical liberalism is the only philosophy that sustainably combats both of them. She credits the rise of liberal ideas with starting what she calls the “Great Enrichment.” This enrichment dramatically increased the living standards and personal liberties of even the poorest among us. That enrichment led Britain, and then America, and then the West more broadly, to unprecedented prosperity. This prosperity continues today, and has even been lifting inhabitants of Asian and African countries out of extreme poverty. This is the case that Dr. McCloskey makes in her new book, Why Liberalism Works: How True Liberal Values Produce a Freer, More Equal, Prosperous World for All. Deirdre McCloskey is the Distinguished Professor of Economics, History, English, and Communication at the University of Illinois at Chicago. She has written over a dozen books on a wide range of topics including technical economics, the bourgeois virtues, statistical theory, and transgender advocacy. Recent publications include The Cult of Statistical Significance — co written with Stephen Ziliak — as well as her famous “Bourgeois Era” trilogy. Additionally, you can check out the full transcript of our conversation here, or read a shortened version here.