jbgotmar

270
LEGACIES
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cemented Rand’s appreciation of his friendship, and he in turn made no
secret of his involvement with her philosophy. Greenspan’s rise within
Republican circles had been meteoric, aided by his alliance with Martin
Anderson, whom he had met through the New York NBI. Once a regular
at NBI lectures and a visitor to Rand’s private salons, Anderson had
been swept out of the Objectivist orbit when he joined Richard Nixon’s
fi rst presidential campaign. But he remembered both his Objectivist
principles and friends, bringing Greenspan on board the campaign and
urging Nixon to oppose the draft on libertarian grounds. 64 Anderson
and Greenspan were both appointed to the Gates Committee, which
eventually recommended abolition of the draft. From there Greenspan’s
economic expertise made him a valued consultant to the president and
set him on the path toward his eventual chairmanship of the Federal
Reserve.
Greenspan was only the fi rst of many high-profi le economists to
break out of the libertarian ghetto, broadening the libertarian focus
beyond Rand. After decades of honing their approach, academic libertarians
were ready to take advantage of opportunities created by the
economic doldrums of the 1970s. The long struggle for acceptance paid
off when both F. A. Hayek and Milton Friedman were awarded Nobel
Prizes in economics in 1974 and 1976, respectively. Their ascent to the
top of the economics profession refl ected a major intellectual shift away
from Keynesianism. The failings of socialist economies and the appearance
of “stagfl ation,” which Friedman had famously predicted, made
economists and policymakers alike more interested in libertarian arguments.
Although Rand despised Hayek, his classical liberal views were a
species of libertarianism to all but the purists, and his public recognition
was an index of the increased respectability of antistatism. Hayek’s prize
also brought attention and prestige to his overlooked mentor, Ludwig
von Mises, who remained a favorite of Rand’s, and gave a boost to the
fourth-generation Austrian School clustered around NYU. During this
time the libertarian-infl ected law and economics movement, an outgrowth
of the Chicago School, made inroads at several important law
schools. 65
In 1975 libertarians won another coveted prize when Harvard Professor
Robert Nozick was awarded the National Book Award for Anarchy, State,
and Utopia, a philosophic defense of the limited state. Nozick had been
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