Capitalism and Freedom (Phoenix Books) (Paperback)

by Milton Friedman (Author)

Editorial Reviews

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

Product Description
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

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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: 4.2 out of 5 stars See all reviews (131 customer reviews)
• Amazon.com Sales Rank: #82,133 in Books (See Bestsellers in Books)

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  #44 in	Books > Business & Investing > Economics > Free Enterprise

Customer Reviews

Most Helpful Customer Reviews

176 of 205 people found the following review helpful:

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

By	"ebreit42" (New Port Richey, Florida United States) - See all my reviews

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.

43 of 48 people found the following review helpful:

5.0 out of 5 stars Best Single Book on Economics available, March 20, 2000

By A Customer

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. At present, Professor Friedman heads up a foundation which promotes free enterprise within the public school system, referred to as School Choice and Vouchers. The intellectual foundations for this suggested improvement in our public schools were laid in Captialism and Freedom. Finally, Professor Friedman spells out the intellectual foundation for the results of his study of the history of monetary policy and the inevitable problems of the Federal Reserve Board. The problems of the Federal Reserve that were discussed in Professor Friedman's Monetary History of the United States are problems that are inherent in government enterprise, issues that are discussed in Capitalism and Freedom.

This book is a must read for any serious student of Politics or Economics. Also, because the book is written in a simple and straightforward manner, any lay person without training in economics will gain fundamental insight into the structure of the Capitalist system and the inevitable problems of Socialism.

76 of 89 people found the following review helpful:

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

By	Denis Benchimol Minev "Amazonia" (Manaus, Amazonas, Brazil) - See all my reviews

This review is from: Capitalism and Freedom: Fortieth Anniversary Edition (Paperback)

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.