Milton Friedman Capitalism And Freedom Summary

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Milton Friedman: Capitalism and Freedom Milton Friedman wrote Capitalism and Freedom in 1962 and his intentions were to defend the libertarian approach to economic policy. Many of Friedman’s core economic ideas are explained in this book. In the beginning, we can clearly see Friedman’s conception of a liberal who clearly defends the decentralization of power, limited government, constitutionalism, private property rights, free enterprise economics, and liberal’s freedoms of speech. Chapter one is about economic freedom and political freedom. Friedman argues that economic freedom and political freedom are related. If one wants to preserve democratic institutions, then economic freedom is needed in the equation. Chapter two outlines the liberal conception of the role of government. What is this conception, class? To answer, it is to protect property, enforce the law, manage money, and support a social safety net. In chapter three he talks about the Federal Reserve and its failure to handle the money supply that caused the Great Depression. He then advises that there should be a price inflation rule as a policy. In chapter six, Friedman believes that the use of school vouchers should be used in the place of public schools.…show more content…
According to Friedman, liberals strongly defend the limiting of government, social creativity, individualism, constitutionalism, and the rule of law. Liberalism, in Friedman’s eyes, is not the philosophy of social freedom, the mixed economy, or the expansive social welfare programs. But rather, it is classical liberalism. So, How does Friedman define classical Liberalism? It essentially emphasizes the ending of state involvement in religion, representative government, free enterprise, free trade, freedoms of speech, etc. How do we see liberalism in the world today? I believe that the world is looking “less liberal” as Friedman today. We are no longer focusing on 18th and 19th century
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