by Ronald Hamowy, The Conservative Press in Twentieth-Century America, 1999
"In the fall of 1960, Ralph Raico, then a graduate working under F. A. Hayek at the University of Chicago, conceived the idea of starting an independent journal dedicated to promoting an open society and individual liberty. ... Hayek, Milton Friedman of the economics department, and Richard Weaver of the English department, agreed to serve as editorial advisers to the new review. ... In April 1961, the New Individualist Review was launched with Raico acting as editor in chief, Hamowy as book review editor, and McCarthy, Schuettinger, and Weicher as associate editors."