This is the Cato Daily Podcast for Friday, August 13, 2010.

I'm Caleb Brown.

There are many differences among liberals, conservatives, and libertarians in terms of political

philosophy, the proper role of government in our and libertarians in terms of political philosophy.

The proper role of government in our lives is chief among them.

Cato Institute Chairman Bob Levy, speaking at Cato University in California,

detailed these differences and provided the key insight to the US Constitution.

I want to set a framework and some brief comments on liberals and conservatives and how their views of the Constitution

and public policy differ from the Libertarian views embraced by my colleagues at the Cato Institute.

Of course, when I talk about libertarianism,

as this audience certainly knows,

I'm not talking about the Libertarian political party,

but to libertarianism as a political philosophy that focuses on free markets and private property,

individual liberty, and strictly limited government.

So we don't endorse candidates, as you know at Cato or endorse parties and as you're going to

soon here we're equally critical of both the Democrats and the Republicans.

What we do have is a consistent, I'd call it a minimalist view of the proper role of government.

Conservatives will agree with us on some issues, domestic economic regulatory tax, fiscal issues,

liberals on other issues, social issues, liberals on other issues,

social issues, immigration, some foreign policy issues.

Now, the reason for that disagreement

is because liberals and conservatives

...