Home > Uncategorized > Great Cochrane 2008 Letter on the Milton Friedman Institute Objection Letter

Great Cochrane 2008 Letter on the Milton Friedman Institute Objection Letter

Comments on the Milton Friedman Institute Protest letter

John Cochrane

July 12 2008

(A group of University of Chicago faculty wrote a petition to our President opposing the foundation of a Milton Friedman Institute to support economic research. The full letter is here. These are my personal comments on that letter. I do not speak for or represent the Institute, the faculty committee, the University, or anyone else.)…


“Many colleagues are distressed by the notoriety of the Chicago School of Economics, especially throughout much of the global south, where they have often to defend the University’s reputation in the face of its negative image.”

If you’re wondering “what’s their objection?”, “how does a MFI hurt them?” you now have the answer. Translated, “when we go to fashionable lefty cocktail parties in Venezuela, it’s embarrassing to admit who signs our paychecks.” Interestingly, the hundred people who signed this didn’t have the guts even to say “we,” referring to some nebulous “they” as the subject of the sentence. Let’s read this literally: “We don’t really mind at all if there’s a MFI on campus, but some of our other colleagues, who are too shy to sign this letter, find it all too embarrassing to admit where they work.” If this is the reason for organizing a big protest perhaps someone has too much time on their hands.

“Global south”

I’ll just pick on this one as a stand-in for all the jargon in this letter. What does this oxymoron mean, and why do the letter writers use it? We used to say what we meant, “poor countries. ” That became unfashionable, in part because poverty is sometimes a bit of your own doing and not a state of pure victimhood. So, it became polite to call dysfunctional backwaters “developing.” That was already a lie (or at best highly wishful thinking) since the whole point is that they aren’t developing. But now bien-pensant circles don’t want to endorse “development” as a worthwhile goal anymore. “South” – well, nice places like Australia, New Zealand and Chile are there too (at least from a curiously North-American and European-centric perspective). So now it’s called “global south,” which though rather poor as directions for actually getting anywhere, identifies the speaker as the caring sort of person who always uses the politically correct word.

“The effects of the neoliberal global order that has been put in place in recent decades….”

Notice the interesting voice of the verb. Let’s call it the “accusatory passive.” “Has been put in place…” By who, I (or any decent writer) would want to know? Unnamed dark forces are at work.

“Many would argue that they have been negative for much of the world’s population… weakening … struggling local economies”

I can think of lots of words to describe what’s going on in, say, China and India, as well as what happened previously to countries that adopted the “neoliberal global order” like Japan, Hong Kong, and South Korea. Billions of people are leading dramatically freer, healthier, longer and more prosperous lives than they were a generation ago. “Weakening…struggling local economies” is just factually wrong about events on this planet….

This is just the big lie theory at work. Say something often enough and people will start to believe it. It helps especially if what you say is vague and meaningless. Ok, I’ll try to be polite; a lie is deliberate and this is more like a willful disregard for the facts. Still, if you start with the premise that the last 40 or so years, including the fall of communism, and the opening of China and India are “negative for much of the world’s population,” you just don’t have any business being a social scientist. You don’t stand a chance of contributing something serious to the problems that we actually do face.

“the service of globalized capital..”

I was wondering who the subject of all these passive sentences is. Now I’m beginning to get the idea. This view has a particularly dark history. A hint: “Globalized capital” has names like Goldman and Sachs. …

The letter starts with two paragraphs of meaningless throat-clearing. (“This is a question of the meaning of the University’s investments, in all senses.” What in the world does that sentence actually mean?) I learned to delete throat-clearing in the first day of Writing 101. It’s all written in the passive, or with vague subjects. “Many” should not be the subject of any sentence. You should never write “has been put in place,” you should say who put something in place. You should take responsibility in your writing. Write “we,” not “many colleagues.” The final paragraphs wander around without saying much of anything.

The content of course is worse. There isn’t even an idea here, a concrete proposition about the human condition that one can disagree with, buttress or question with facts. It just slings a bunch of jargon, most of which has a real meaning opposite to the literal. “Global South,” “neoliberal global order,” “the service of globalized capital,” “substitution of monetization for democratization.” George Orwell would be proud.

Categories: Uncategorized Tags:
  1. No comments yet.
  1. No trackbacks yet.

Warning: Illegal string offset 'solo_subscribe' in /home/erasmuse/rasmusen.dreamhosters.com/b/wp-content/plugins/subscribe-to-comments.php on line 304

Subscribe without commenting