Capitalism and Freedom: Fortieth Anniversary Edition First edition

by Milton Friedman (Author)

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ISBN-13: 978-0226264219

ISBN-10: 0226264211

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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.

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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.

From the Back Cover

Paperback: 230 pages
Publisher: University of Chicago Press; First edition edition (November 15, 2002)
Language: English
ISBN-10: 0226264211
ISBN-13: 978-0226264219
Product Dimensions: 7.9 x 5.2 x 0.6 inches
Shipping Weight: 8.8 ounces (View shipping rates and policies)
Customer Reviews: 603 customer ratings
Amazon Best Sellers Rank: #6,936 in Books (See Top 100 in Books)
- #12 in Free Enterprise & Capitalism
- #4 in Political Ideologies
- #3 in Economic Theory (Books)

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Paul

Freidman on Freedom

Reviewed in the United States on September 2, 2017

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This early work of Friedman (and famously his wife, Rose) is a seminal book and tutorial about the uniqueness of capitalism, and how that contrast with competing economic models. I think Friedman's writing lacks the punch and humor of his later, more mature work. But for anyone seeking a quick and tidy insight, and a general understanding of why freedom contributes to, rather than detracts from, liberty, this is the place to start. In an era when, wealth redistribution, tax the rich rhetoric, supply side hyperbole, and embraced deficits, are in vogue, Freidman tosses the baby out with the bath water, in arguing that the only responsibility of a person in a capitalist society is to earn as much as his thoughts and energies will allow. And in so doing improve the lot of all. He also argues rather brilliantly, that underclasses who come to embrace entitlements instead of opportunity are selling them selves and society short, as settling for a handout is nothing compared to the rewards and example, of rising on one's merit. Finally he demonstrates how collectivist society's come to be riddled with inefficiency, plagued by corruption and leveraged towards elite's at the expense of individuality, and the right to live as one see's fit.

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SoundSpongeTop Contributor: Cycling

Must Read if one wishes to live in Freedom

Reviewed in the United States on March 19, 2019

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For those who think capitalism is not superior to socialism.... please leave my freedom alone. Thanks a bunch.

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Vladimir Antimonov

A school of thought that aged well. Good foundation but lacks some important recent insights

Reviewed in the United States on January 2, 2020

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First of all if you're new to Milton Friedman, you should know that his talent as a public speaker and debater is even greater that his talent as a writer. I’ve heard most of the key ideas explained in this book in MF's lectures that he delivered during his later speaking tour called "Freedom to Choose" (and which are now available on YouTube and DVD), and enjoyed them more in that format. So if you haven't watched them, maybe you should start from there.

Secondly, if you're looking not so much for Milton Friedman's ideas per se, but rather for the best libertarian / classical liberal's arguments, I'd recommend the excellent Paul Graham's (YCombinator's founder) blog and in particular his long "Economic Inequality" essay from January, 2016. When Milton Friedman was writing his book, the most pressing topics around inequality were monopolies, labor unions, differential taxation rates, import barriers, and public education. True, some of these issues are still being ruminated in the news, but now there are some new forces and insights that are covered neither in this book nor in MF’s lectures.

The chief among these new trends is that modern technology enables people with very high intelligence to become uber wealthy quickly. In 1950s most college graduates with very high IQs chose to become professors, engineers, doctors or lawyers and then proceed to earn their upper middle class salaries. In 2019, many of the equally gifted people create tech, biotech or fintech startups instead, becoming super rich and sometimes automating away some previous jobs in the process. While this changes none of MF’s arguments, this new economic reality and its implications are well described in the aforementioned essay.

The second modern trend, which some scholars (Yuval Harari) and politicians (Andrew Yang) believe exists and some scholars (Bryan Caplan) and most politicians deny, is the emergence of the “useless class”: people who will in principle become unemployable because their current professions will become obsolete (for instance, truck, cab drivers, and most of warehouse and retail workers), but there will be no new jobs for their level of skills and abilities. This was not a concern in 1950s so there is nothing in MF’s book about it. For a comprehensive analyses of this new phenomenon look for Andrew Yang’s excellent book “The War on Normal People”.

The third recent trend is also connected to technology. Whereas one of the grounds on which MF advances against monopolies and governments controlling the industries is the insuperable lack of information processing power that can be had in a particular place, it is becoming less and less true with the proliferation of weak AI’s. Using software, modern monopolies are probably providing better options to their customers than competitive industries did when MF was righting this book.

When you overlay these three recent trends and add to it the advances in mass media & surveillance technologies and the insatiable appetite of some people for power, you can make a compelling argument that in the future capitalism is likely to be superseded by some technocratic dictatorship(s). This again was not on the table in 1950s, but if you’re interested to understand why the chances of it are well above zero. Grab a copy of Yuval Harari’s “Homo Deus”.

9 people found this helpful

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Richard

Well done, more balanced than I expected it to be.

Reviewed in the United States on May 4, 2015

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A surprisingly in-depth look (for such a short book) at various market factors that capitalism affects and is affected by. I didn't expect to find any justifications for ANY government intervention in the market, but Friedman spells out many situations that he feels it would be justified, how it would affect the situation and what the alternatives would be. On the whole, this is an expertly written treatise on free market economics, or as free as rationally viable (given the political climate of the time).

23 people found this helpful

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Jesse C. Cornelison

Laissez Faire

Reviewed in the United States on September 28, 2015

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This is an old text, written in the 60’s, and a lot has since changed and therefore some is out of date. Regardless, there are many good points. i.e. corporate tax reduction, part of the suggested licensing changes, some on market intervention. But holistically this book espouses laissez faire economics and close to a 100% and unregulated free market. It certainly makes you think, but accepting it holistically would be catastrophic and ridiculous. Reading it today provides a great economic history lesson, tremendous food for thought and many good ideas, some of which should be implemented.. This is highly recommended reading!

10 people found this helpful

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A rational position on the value of free markets

Reviewed in the United States on January 30, 2016

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A rational and well thought out view on the value of free markets and voluntary exchange for modern economies. With today's shift toward bigger government and ever further redistribution, Friedman's ideas are more important than ever. Economic decisions made by a society of individuals is what allowed the US become an economic powerhouse, not a government induced separation of work and reward. Bernie Sanders would NOT approve this message.

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J. lee

Hasn't stood the test of time

Reviewed in the United Kingdom on June 28, 2019

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As a left-leaning political thinker, this book clearly wasn't written for me. I've chosen to buy and read it to expand my mind, and its probably one of the best books I've seen in describing the libertarian/conservative economic mindset of liberal markets, low taxes etc. I've tried to go in with an open mind, but I've failed to be convinced.

While being aimed at the lay reader, the book gets incredibly technical during some of the earlier chapters. Many of Friedmann's arguments are simple (many are VERY simple), and he often provides no evidence for them. This is consistent with other books I've read by other modern economists, who have confirmed this about Friedmann-refusing to believe their evidence based arguments, dismissing them off-hand with pure conjecture.

I'm still glad I read it, I'd recommend everyone interested in the economic side of politics does, but don't expect a well-reasoned justification for the positions proposed here

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Alze

A book for all times

Reviewed in the United Kingdom on November 10, 2018

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This is a fantastic book. Having studied Friedman extensively for his work on transaction cost economics, I wanted to read more of his work. I found this book to be incredibly insightful, whilst some of the language is now a little dated, none of the concepts presented within it are, if anything they have more poignancy than ever before.
Even if you have only the subtlest interest in economics, politics and social study's, then book will be a great read and time well spent, it really is an eye opener and gives the reader real insights and powerful positive arguments of the benefits of the capitalist system.

9 people found this helpful

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Fawzi

One Of The Best Books Ever Written - And Still Applicable Today

Reviewed in the United Kingdom on April 15, 2020

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Honestly one of my favourite books ever. By today’s standards, much of what Friedman has to say would be considered as being very extreme. But Friedman’s coherent style of writing, combined with his well thought out arguments, create ideas that are honestly undeniable. Friedman argues his points very well, and I often found it hard to disagree. What surprised me the most was the fact that much of Freidman’s arguments are extremely easy to understand (excluding, perhaps, the chapter on monetary policy) - his principles are fairly basic, although this shouldn’t be interpreted negatively.

This book truly changed by perspective on a lot of issues that I thought were rather obvious. Very well written, and I’d encourage people from both sides of the political aisle to read. Truly eye-opening, and a book that I will never forget.

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Alice Blogg

Fantastic - compelling

Reviewed in the United Kingdom on July 21, 2018

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Fantastic - compelling, thought-provoking and really well written. Don't get lost in the monetary bit if you're not an economist - I struggled with that section but most of it is not so technical.

3 people found this helpful

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Tom Brown

Everyone in the free world should read this book + Hayek

Reviewed in the United Kingdom on July 22, 2019

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Still the best book on economics ever written.

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Dean Thornton

This looks a good book!

Reviewed in the United Kingdom on July 24, 2019

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I'm pleased with this purchase. Thanks.

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Amazon Customer

Five Stars

Reviewed in the United Kingdom on July 1, 2016

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Perfect, thank you. No Issues to report

2 people found this helpful

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James

Five Stars

Reviewed in the United Kingdom on May 24, 2018

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Great book, would recommend!

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Ali

Fantastic thank you

Reviewed in the United Kingdom on October 31, 2019

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Fantastic thank you

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Milkman

engaging and easily accessible language

Reviewed in the United Kingdom on September 1, 2015

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Laissez-faire economist very similar to Hayek, who presents his arguments in enthusiastic, engaging and easily accessible language. Highly entertaining read.

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Jonathan Christopher

Highly Recommended 10/10

Reviewed in the United Kingdom on May 31, 2019

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A brilliant book that keeps you wanting to learn more.

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Steve Morris

Very well written look at politics and economics

Reviewed in the United Kingdom on December 20, 2013

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A classic. Friedman gives answers to questions that are just as relevant today as when it was written, decades ago. Extremely lucid writing.

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Marco Fanicchi

Five Stars

Reviewed in the United Kingdom on March 6, 2015

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Fast delivery - Good value for money

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C. NAKOS

100% satisfied

Reviewed in the United Kingdom on April 25, 2015

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100% satisfied

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bobrayner

Five Stars

Reviewed in the United Kingdom on May 6, 2015

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Essential reading.

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