Put simply, Milton Friedman demonstrated in this interview, published in the February 1973 issue of Playboy, why he was so important then and why he remains so relevant today. Rarely has someone expressed in such clear, concise and easy to understand language, the reasons for the superiority of capitalism as an economic system. On issue after issue, he simply lays out the practicality behind the free market as the best option for maximizing both freedom and monetary benefits for citizenry operating under such a system.
Indeed, I was reminded of a statement attributable to, I believe, Harry Truman. When asked what book he would give a citizen of the Soviet Union to prove the superiority of the American system, his response was the Sears Roebuck catalogue! The proof is in the pudding, so they say. So it is with Friedman. This interview is short on esoteric theory, preferring instead to get to the practicality of people’s lives, with examples of how the free market is the best option for allowing people to get what they want.
Even when the interview touches on political topics of that time, such as Nixon’s price controls, Friedman’s responses still sound fresh. No doubt this is because the underlying issues, and alas, the underlying mentality advocating significant governmental intrusion into the marketplace, are still essentially the same. In fact, that interventionist mentality has taken the ascendency in current American society, with consequences Friedman could have stated with crystal clarity. This old essay could not be more timely.
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