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Capitalism and Freedom (Phoenix Books) Paperback – September 15, 1982


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Product Details

  • Series: Phoenix Books
  • Paperback: 208 pages
  • Publisher: University of Chicago Press; 2 edition (September 15, 1982)
  • Language: English
  • ISBN-10: 0226264017
  • ISBN-13: 978-0226264011
  • Product Dimensions: 8 x 5.3 x 0.4 inches
  • Shipping Weight: 6.4 ounces
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (255 customer reviews)
  • Amazon Best Sellers Rank: #865,346 in Books (See Top 100 in Books)

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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Customer Reviews

Friedman's arguments were compelling and well constructed.
Sareinhart
This makes capitalism or free markets, the most likely path to freedom and the most likely protector of freedom.
"ronlv"
This book should be REQUIRED reading for all high school, or at the very least, college students.
Hunter J. Martinez

Most Helpful Customer Reviews

190 of 223 people found the following review helpful By Denis Benchimol Minev on August 13, 2004
Format: Paperback 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.
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253 of 302 people found the following review helpful By Eric Breitenstein on November 18, 2000
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.
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29 of 33 people found the following review helpful By A Customer on September 24, 1999
Format: Paperback
This book quite concisely demonstrates Milton Friedman's gift as an economist. It, however, also depicts his inferiority to Hazlitt in terms of writing ability. While many of his essays and points are very interesting and precise, the book is VERY dry. One should not let the small size fool them when purchasing this book, it takes quite a commitment and interest in the subject to make it through the book. That said, Friedman elucidates just what capitalism is and should be. He does believe in some government, however, he argues (and quite successfully) that it should be as limited and nonactivist as possible. I certainly recommend this for anyone interested in just why Milton Friedman (and other laissez-faire capitalists) thinks the way he does. Henry Hazlitt's, "Economics in One Lesson" is a less difficult read and is also better constructed. I would recommend that as prerequisite for tackling this book.
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17 of 19 people found the following review helpful By Craig Matteson HALL OF FAMETOP 500 REVIEWER on July 6, 2004
Format: Paperback
This is a foundation text that should be widely read and studied. Whether you agree with Friedman or not is not the point. These are ideas you need to actually consider and wrestle with. If you end up disagreeing with him and can state why, you will be the stronger for it. It is not enough to rail against them emotionally or call them lies. They are not lies; they are ideas and arguments that ask for debate. Personally, I have always been a fan of Friedman and am ever grateful that he stood against the tide of the postwar political movements with these powerful arguments for freedom.
People often caricature Friedman to their own discredit. His arguments here are not simply that government is bad, but that using government is often a poor way to get at a desirable social end. He certainly does not need me to speak for him, but if you think he is for huge corporations and letting the poor without help to fend for themselves, you misunderstand him and should read this work carefully. Big corporations, he argues several places in this book, are the result of taxation schemes that encourage the retention and reinvestment of earnings that would otherwise have gone to the shareholders to reinvest as they see fit - in other enterprises, consumption, or charity (as well as in taxes). This is only one example among many of popular prejudices against Friedman that do him real injustice.
The book is only a couple of hundred pages, is not hard to read, but does pay off the most dividends if you take your time reading it and consider what he has to say rather than jumping to conclusions without wrestling with your own thoughts (whether you agree with the author or not). It was written in 1962, so some of the context of the book will require some understanding on the part of the reader.
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58 of 72 people found the following review helpful By A Customer on March 20, 2000
Format: Paperback Verified Purchase
No other book anywhere is more important for the student of economics. Compared to other books on economics, it is very concise and well written. You will gain more insight per minute of time expended than from almost any other text.
The book is timeless because the principles Professor Friedman explains are bedrock foundations of the Capitalist economic system. In almost all universities you are taught a system of thought that inevitably leads to an emphasis and reliance upon Government and the State, basically, socialism as a solution to our economic problems. Professor Friedman clearly spells out better solutions in which markets can solve our problems more efficiently than Government and Socialism. More important, Friedman shows that only Capitalism is consistent with the concepts of Liberty that motivated the Founding Fathers of the United States, principles that led to the drafting of the Constitution. The book Captialism and Freedom has stood the test of time, and still represents the single best source to obtain an understanding of economic markets and how they work, without jargon or mathematics. Instead, Friedman goes directly to the essence of market economics, and liberty, in a simple and straightforward manner. This book will show you how you can use the economic system to make yourself an independent person, capable of taking advantage of the liberty that free markets promote.
This book will help you understand why the institutions of Government, such as the public schools, the Post Office, and the Federal Reserve Board, inevitably become inefficient and problematic compared to private enterprise solutions.
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