As a young lawyer and trader in Manhattan in the 1990s, I began to understand why so many become disillusioned after college. The world appears too big a place. Rather than fight the relentless indifference of the universe, many of my saner peers retreated to tending their small gardens. The higher one’s IQ, the more pessimistic one became about free-market politics — capitalism simply is not that popular with the crowd. Among the smartest conservatives, this pessimism often manifested in heroic drinking; the smartest libertarians, by contrast, had fewer hang-ups about positive law and escaped not only to alcohol but beyond it.

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Peter Thiel

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As one fast-forwards to 2009, the prospects for a libertarian politics appear grim indeed. Exhibit A is a financial crisis caused by too much debt and leverage, facilitated by a government that insured against all sorts of moral hazards — and we know that the response to this crisis involves way more debt and leverage, and way more government. Those who have argued for free markets have been screaming into a hurricane. The events of recent months shatter any remaining hopes of politically minded libertarians. For those of us who are libertarian in 2009, our education culminates with the knowledge that the broader education of the body politic has become a fool’s errand.

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As a Stanford undergraduate studying philosophy in the late 1980s, I naturally was drawn to the give-and-take of debate and the desire to bring about freedom through political means. I started a student newspaper to challenge the prevailing campus orthodoxies; we scored some limited victories, most notably in undoing speech codes instituted by the university. But in a broader sense we did not achieve all that much for all the effort expended. Much of it felt like trench warfare on the Western Front in World War I; there was a lot of carnage, but we did not move the center of the debate. In hindsight, we were preaching mainly to the choir — even if this had the important side benefit of convincing the choir’s members to continue singing for the rest of their lives.