Maria Irene
In a world where technology has started to outpace the traditional structures of governance, a burgeoning school of thought has gained traction: Libertarianism. Our collective past, punctuated by the fiefdoms and tribes, was characterized by smaller governmental structures. While certainly not utopian, there were merits in the simplicity and leanness of these entities. They did not have the bureaucratic red tape that often hampers progress today. The problems of hunger and poverty we witness now on a global scale, have led some to question: were we better off then?
In the contemporary milieu, large governments, bloated with over-regulation, seem to be struggling. The archaic fiat currencies are limping to keep pace with the dynamic changes in the financial sector. Conversely, decentralized systems, like cryptocurrencies, and democratizing forces of Web3, are chipping away at the monolithic institutions.
The cry for more efficient and less intrusive governance is loud and clear. We have the tech to facilitate this shift, so why don’t we? An anecdote by Jason Smith on Twitter sheds light on the pressures an average citizen faces due to government expenditures in Australia. The stacking fees and taxes without apparent accountability appear regressive, as opposed to progressive.
And, here lies the pivot towards Libertarianism. It posits that minimizing government interference and embracing free-market principles is the pathway to prosperity. Here’s how Libertarianism could hold the key to a future where emerging technologies thrive, and inflation is kept in check.
Firstly, Libertarianism fosters innovation. Emerging technologies such as AI and blockchain can flourish in a system where the bureaucratic shackles are loosened. The outdated systems, which often are protective of vested interests, need to be upended to give way to innovation. A nimble regulatory environment under Libertarianism could be just what the doctor ordered.
Take, for instance, the legal profession. AI has advanced to a point where simple legal tasks like drafting a letter can be handled efficiently without human intervention. Legal costs are prohibitively high, in part because of the monopolistic practices enabled by the current regulations. A Libertarian approach would embrace AI’s role in the legal industry, driving down costs and democratizing access.
Next, let’s talk about money – the lifeblood of the economy. The world is transitioning to a multi-polar financial system with cryptocurrencies like Bitcoin. Rather than resisting, governments should foster an environment conducive to innovation. A Libertarian approach welcomes alternative currencies which can lead to a more stable financial ecosystem, combating the inflationary pressures exerted by fiat currencies.
Additionally, Libertarianism argues for a government that is accountable to its citizens. The decision to go to war, which often leads to economic turmoil and inflation, should not be unilateral. The decentralized nature of a Libertarian society can be a bulwark against such actions.
Now, one might argue about essential services like utilities. The current monopolies, as Jason points out, are not only costly but often inefficient. Libertarianism would encourage competition, which could lead to better services and lower prices.
But it’s not all roses. The shift to Libertarianism needs to be measured. A sudden vacuum in governance could lead to chaos. What is needed is a gradual evolution, not a revolution.
As we stand at the crossroads of technological advancements and traditional governance, the Libertarian Phoenix beckons. By reducing the governmental footprint and embracing free-market principles, we can foster innovation, curb inflation, and create a more equitable society. Like the forests that need the occasional wildfire for rejuvenation, maybe it’s time for the government to feel the burn.
