The Power and Poverty of Libertarian Thought

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A celebration of the fall of communism as somehow a vindication of libertarianism, but also some good criticisms of libertarian failings. Especially with regard to organization of capital enterprises.

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Working people are far, far freer than slaves or indentured servants, but they are not as free as their bosses and not nearly as free as they might be. [...] In a society that is forever boasting of its dedication to democratic ideals, employees are, however affluent they may have become, members of a subordinate, unmistakably lower, class.
Richard Cornuelle, "The Power and Poverty of Libertarian ThoughtThe Power and Poverty of Libertarian Thought", Cato Policy Report Volume XIV Number 1, pp. 12-13.
Libertarian thought is wonderfully sound as far as it goes, but there are two gaping holes in it that that are now taking on a decisive importance. For one thing, there is no very distinct libertarian vision of community -- of social as distinct from economic process -- outside the state; the alluring libertarian contention that society would work better if the state could somehow be limited to keeping the peace and enforcing contracts has to be largely taken on faith. Nor have libertarians confronted the disabling hypocrisy of the capitalist rationale, which insists that while capitalists must have extensive freedom of action, their employees may have much less. Their analysis of how an invisible hand arranges economic resources rationally without authoritarian direction stopped abruptly at the factory gate. Inside factories and offices, the heavy, visible hand of management continues to rule with only token opposition.
Richard Cornuelle, "The Power and Poverty of Libertarian ThoughtThe Power and Poverty of Libertarian Thought", Cato Policy Report Volume XIV Number 1, pg. 10.
As the dust settles on the ruins of the socialist epoch, a second crippling deficiency of libertarian thought is becoming more visible and embarrassing. The economic methodology that the Russians have lately found unworkable still governs the internal affairs of capitalist and socialist countries alike. An economy presumably works best if it is not administered from the top; a factory presumably works best if it is.
Richard Cornuelle, "The Power and Poverty of Libertarian ThoughtThe Power and Poverty of Libertarian Thought", Cato Policy Report Volume XIV Number 1, pg. 12.