Milton friedman freedom6/29/2023 Capitalism and Freedom introduces the idea of how competitive capitalism can help to achieve economic freedom. This, as well as the New Deal, was supported by most intellectuals with the justification of Keynesian economics. Both major parties, Democratic and Republican, supported increased spending in different ways. Under the Kennedy and preceding Eisenhower administrations, federal expenditures were growing at a quick pace in the areas of national defense, social welfare, and infrastructure. Among other concepts, Friedman advocates ending the mandatory licensing of physicians and introducing a system of vouchers for school education.Ĭapitalism and Freedom was published nearly two decades after World War II, a time when the Great Depression was still in collective memory. The book identifies several places in which a free market can be promoted for both philosophical and practical reasons. He defines " liberal" in European Enlightenment terms, contrasting with an American usage that he believes has been corrupted since the Great Depression. It has sold more than half a million copies since 1962 and has been translated into eighteen languages.įriedman argues for economic freedom as a precondition for political freedom. Capitalism and Freedom is a book by Milton Friedman originally published in 1962 by the University of Chicago Press which discusses the role of economic capitalism in liberal society.
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