Yesterday, the Institute of Economic Affairs hosted a lunch in honor of Dr. Tom G. Palmer, the Vice President of International Programs for the Atlas Economic Research Foundation and General Director of the Atlas Global Initiative for Free Trade, Peace, and Prosperity. Dr. Palmer has worked for many years promoting peace and individual rights through the use and implementation of classical liberal ideas such as free trade and open markets.
As part of the event Dr. Palmer spoke on “Realizing Freedom" and the more practical means of increasing freedom among struggling countries. Many of Dr. Palmer’s points are outlined in his book “Realizing Freedom: Libertarian Theory, History, and Practice". Dr. Palmer cites the lack of property rights, and personal liberties, as the primary causes for nations being unable to develop economically. He also stated that in order to establish basic freedoms and private property rights, countries must create political institutions designed to protect those rights and convince governments that a richer people equates to a richer government.
These institutions must be founded upon their own cultural and historical understandings so as to create a sense of belonging and allegiance among the people. By rooting these institutions within culture Dr. Palmer argues that private property rights will be more abundant and rational expectations among actors will result in increased freedoms and economic stimulation.
