Classic reading in the traditional liberal tradition. Given the age of this, it's impressive to see the clarity of the argument here. The first half is really enjoyable and has that clarity. The second half makes some judgments that are rather unjustified and blinkered. Part of that is just the times he was writing in (don't expect modern political correctness here), but the reasoning also isn't as strong.

Hayek and Milton Freedman develop these ideas (though Freedman, in particular, politicizes things more.)