Capitalism and Freedom (Phoenix Books) [Paperback]

Milton Friedman (Author)

Book Description

Publication Date: September 15, 1982 | Series: Phoenix Books

In the classic bestseller, Capitalism and Freedom, Milton Friedman presents his view of the proper role of competitive capitalism--the organization of economic activity through private enterprise operating in a free market--as both a device for achieving economic freedom and a necessary condition for political freedom. Beginning with a discussion of principles of a liberal society, Friedman applies them to such constantly pressing problems as monetary policy, discrimination, education, income distribution, welfare, and poverty.

"Milton Friedman is one of the nation's outstanding economists, distinguished for remarkable analytical powers and technical virtuosity. He is unfailingly enlightening, independent, courageous, penetrating, and above all, stimulating."-Henry Hazlitt, Newsweek

"It is a rare professor who greatly alters the thinking of his professional colleagues. It's an even rarer one who helps transform the world. Friedman has done both."-Stephen Chapman, Chicago Tribune

Editorial Reviews

Review

''Edwards is a straightforward narrator, and the essays lend themselves to reading aloud because they began as lectures.'' --Talking Book Review --This text refers to the MP3 CD edition.

From the Inside Flap

Selected by the Times Literary Supplement as one of the "hundred most influential books since the war"

How can we benefit from the promise of government while avoiding the threat it poses to individual freedom? In this classic book, Milton Friedman provides the definitive statement of his immensely influential economic philosophy—one in which competitive capitalism serves as both a device for achieving economic freedom and a necessary condition for political freedom. The result is an accessible text that has sold well over half a million copies in English, has been translated into eighteen languages, and shows every sign of becoming more and more influential as time goes on.

--This text refers to an out of print or unavailable edition of this title.

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Product Details

• Paperback: 208 pages
• Publisher: University of Chicago Press; 2 edition (September 15, 1982)
• Language: English
• ISBN-10: 0226264017
• ISBN-13: 978-0226264011
• Product Dimensions: 7.9 x 5.3 x 0.5 inches
• Shipping Weight: 6.4 ounces
• Average Customer Review: 4.3 out of 5 stars  See all reviews (199 customer reviews)
• Amazon Best Sellers Rank: #612,904 in Books (See Top 100 in Books)

Most Helpful Customer Reviews

169 of 196 people found the following review helpful

5.0 out of 5 stars CLASSIC ECONOMICS, FRIEDMAN'S BEST August 13, 2004

By Denis Benchimol Minev VINE™ VOICE

Format:Paperback|Amazon Verified Purchase

Milton Friedman is one fo the strongest proponents of freedom in society as the only way towards development (a concept later expanded by Amartya Sen). This book is not an economics textbook, since he does not spend much time on the basic concepts of economics such as price theory. He assumes a bit of knowledge and uses it to make the case for many different economic ideas ranging from macroeconomics (monetarism) to microeconomics (school vouchers).

For a book that was written in the 60s, it is amazing how current his ideas remain. It is perhaps the most important book on the libertarian philosophy, focusing on preventing the accumulation of power by any individual or group of individuals in society.

Overall, it is a great read for someone familiar with economics and social sciences, it will definitely expand your horizons of thought. However, if you are looking for an introduction to interesting eocnomic ideas, I would suggest you read Free to Choose, which Friedman wrote a dozen years later to reach a more general audience.

243 of 287 people found the following review helpful

5.0 out of 5 stars Compelling and informative November 18, 2000

By "ebreit42"

Format:Paperback

Milton Friedman, far from just paraphrasing Keynes, has given a grand refutation of Keynesian economics as well as argued persuasively for the free-market.

"Capitalism and Freedom" dispels the myths about capitalism that have become so prevalent in our society: that the free-market caused the depression (it was actually a tyrannical Federal Reserve), that socialism can be democratic, and others. Milton's prose is clear and the book is good for those who haven't majored in economics. He gives an unwavering defense of personal freedom and individual autonomy from a minimalist government perspective.

This book is an important contribution to public discourse and although written about 40 years ago, still has relevance today.

Friedman discusses public education, roads, minimum wage laws (which he calls, "the most anti-black law on the statute books," and rightfully so as you'll see if you read this book), as well as the how so-called "progressive" tax system and welfare actually hurt the poor.

Friedman's other great contribution is "Free to Choose," which was written about 20 years ago and expounds on the ideas in "Capitalism and Freedom" in a bit more depth. But this is a good, short, concise book to start with that'll get you asking questions.

40 of 44 people found the following review helpful

5.0 out of 5 stars Simply a great read. March 2, 2010

By Sareinhart

Format:Paperback

I bought this book because I understood that Milton Friedman was a leader in (classical) liberal (meaning libertarian) economic thinking. Now I see why. Pure genius. This book appears to be written to the general public, although I must say that if are a complete stranger to economics certain parts of this book may confound you. I am a beginning student of economics, and only 2 paragraphs were out of my grasp. It's true, some of this book was a little dry, but those sections were short. The scope of the book is surprisingly wide for it's size (202 pages in this edition)-yet it's level of detail is satisfying.

Friedman's arguments were compelling and well constructed.

If you are a progressive, (modern) liberal, socialist, statist, marxist (or whatever else) and want to know what free-trade libertarians believe-this is to book for you.

If you are an economic conservative or a libertarian (as I am) and you want to read a great book that will make you smile-this is the book for you.

Overall a fantastic book.

39 of 45 people found the following review helpful

4.0 out of 5 stars Classic Liberalism at its best June 24, 2006

By True Believer

Format:Paperback

An all-time favorite of mine, Capitalism & Freedom creates a framework of classic liberalism and argues forcefully in favor of free-markets and decentralization over the expansion of government involvement in economic and social affairs. Friedman builds his argument from the ground up by identifying coercion as the State's distinguishing feature over all other societal organizations. From the (classic) liberal's perspective, this aspect shapes the relationship between citizen and government, and strictly limits the appropriateness of State involvement in society, particularly with regard to well-intentioned programs and policy.

Friedman uses this foundation to build a case for limited government in economic matters, citing in particular the consequences of monetary and fiscal policy abuse. In an exceptionally apt comparison, Friedman argues that the same rationale that limits government interference with free speech should likewise apply to government interference in the economy: namely, that constraints be applied to monetary and fiscal policy to limit the potential for government to do harm in its pursuit of doing good. Friedman gives numerous examples in which government officials, exercising carte-blanche economic authority, have further aggravated economic crises by applying a case-by-case standardh to different economic scenarios.

Having clearly laid out his political philosophy, Friedman builds his case for free-markets, detailing control measures intrinsic of a laissez-faire economy.... From floating exchange rates to voucher-funded schooling, union contracts to charity, Friedman argues that the free-market harnesses the productive potential of millions of individuals and corporations, reconciling their preferences in a competitive process far more efficiently than any collective body. Throughout the book, Friedman debunks popular myths, disputes misunderstandings, and challenges the conventional wisdom prevalent among intellectuals and social elites of his day and ours.

The book's only drawback is its age and somewhat antiquated writing style that would certainly make it difficult for some readers to fully understand (particularly those who are victims of public school "education"). Friedman references several examples that would have been more easily recognized in the 1960s, but will not be immediately familiar to younger readers. Still, this brilliant work presents the core principles of laissez-faire capitalism and classic liberalism in a relatively clear manner, and is a must-read for anyone studying the dynamics of free-markets and free societies. Read more ›