RADICALS FOR CAPITALISM is a remarkably thorough history of American libertarianism, beginning with the founding of the nation and progressing through modern times. Author Brian Doherty is a libertarian himself, but he is fair and balanced in evaluating the victories, failures, eccentricities, and evolution of the libertarian movement.
Although the book begins with "individual anarchists" who considered themselves part of the worldwide socialist movement of the nineteenth century, Doherty mostly focuses on the post-WWII libertarian movement, which he examines through the lives and thoughts of five eminent figures: Ludwig von Mises, F.A. Hayek, Ayn Rand, Milton Friedman, and Murray Rothbard. This is not to say that these are the only figures dealt with in depth - Rose Wilder Lane, Leonard Read, the Koches, etc. are also surveyed at length - but through the proxy of these five libertarian giants, Doherty does a remarkable job at encapsulating the movement's history.
The dominant themes of this 619-page tome (740 pages in all - but over a hundred pages are in footnotes, the index, etc.) are the external clash between libertarianism and conservatism, and the internal clash between anarchism and minarchism. Conservatives were natural allies of the libertarian movement during the New Deal, but time and time again, they proved to be duplicitous partners. I was surprised to learn that both the National Review and the even more right-wing Human Events were both originally (at least partially) libertarian organs, but were soon purged of independent thought by cold-warrior traditionalists. Especially telling is the 1960s clash between the "trads" and "rads" in the Young Americans for Freedom organization, in which libertarians ("radicals") were violently expelled by the conservatives ("traditionalists").
Within the movement, the dominant conflict is between anarchists - those who think that all government is illegitimate; and minarchists - those who believe in the necessity of a Constitutionally limited government. Going even further is the virulent debate between rights-based libertarians (who believe government is immoral) and utilitarian libertarians (who believe that government doesn't work). Ayn Rand, for example, was a minarchist but she would not tolerate anyone who even made utilitarian arguments - even if they were rights-based thinkers!
Ludwig von Mises is the oldest of the five giants and he influenced Hayek, Rand, and Rothbard. An economist, Mises was a pre-eminent Austrian theorist, a rights-based minarchist, and essentially non-political. He died before libertarians were truly a force in politics.
Rand excommunicated herself from the libertarian movement, called libertarians her "enemies," and was also essentially apolitical.
Murray Rothbard, known as "Mr. Libertarian," was easily the most political of the five giants - and he is also, by far, the least well known outside of the libertarian movement. He voted for Strom Thurmond in 1948, supported Adlai Stevenson in subsequent elections, opposed Goldwater in '64, ended up joining the socialist Peace and Freedom Party in the sixties, ran the billionaire Koches out of the Libertarian Party in the eighties, and ended up a "paleolibertarian" supporting Pat Buchanan in 1992. All the while, he claimed that his views never changed.
Friedman and Hayek, of course, are the most respected libertarians outside of the movement - but not surprisingly, given the movement's crabs-in-a-barrel attitude, many envious libertarians deny them the political distinction. Friedman is easily the most disconnected of the five giants from the others - even beyond Rand. Rand admired Mises and was acquainted with Rothbard. But Friedman's only connection to others in the movement was to his fellow scholar, Hayek. Friedman's Chicago School of economic thought was utilitarian, and he was dismissive of Austrian economics and rights-based moralists.
I picked up this massive book and wondered if I'd ever get through it, but once I began reading it, I couldn't put it down. On a final note, the book is also a wonderful vocabulary builder, as interesting words like Shibboleth, Portentously, Redoubt, Crepuscular, Vitupertation, Atavistic, Limned, Recondite, and Desultory pepper the pages. RADICALS FOR CAPITALISM is a thought-provoking and enjoyable book; one of the best I've read all year.