While reasonable people can disagree about the effects of Friedman’s ideas in the real world, no one can deny their influence.
Over the past 40 years, governments across the Western Hemisphere have reoriented their economic strategies toward more market-based solutions, including reducing marginal tax rates, all but eliminating tariffs, privatizing public monopolies, and even introducing choice and competition in public education. Today, however, it is hard to overstate the extent to which Friedman’s once-controversial ideas have triumphed. In that era, the Keynesian economic policy consensus dominated the postwar United States, advocating for a robust and activist role for government in the management of the economy and the redistribution of incomes. For capitalism to function best, it must be as free of government interference as possible.Īlthough these ideas have become mainstream in western policy and intellectual circles in the nearly 60 years since the publication of Milton Friedman’s Capitalism and Freedom, they were highly controversial-even fringe-at the time. Friedman argues that a society cannot maintain liberal democracy and representative institutions without a robust commitment to free-market capitalism. Milton Friedman’s Capitalism and Freedom is Nobel Prize-winning economist Milton Friedman’s classic 1962 treatise on economic freedom. Read more about Milton Freidman, Capitalism and Freedom, and his ideas. Friedman explains that capitalism is the answer to poverty, inequality, and more.
In Milton Friedman’s Capitalism and Freedom, he outlines his ideas for a free market economy and how it can improve society. What is the Milton Friedman Capitalism and Freedom book about? What are Milton’s key ideas?
Like this article? Sign up for a free trial here. Shortform has the world's best summaries and analyses of books you should be reading. This article is an excerpt from the Shortform book guide to "Capitalism and Freedom" by Milton Friedman.
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