Capitalism and Freedom (Fortieth Anniversary Edition) by Milton Friedman

By Milton Friedman

Selected by way of the days Literary complement as one of many "hundred so much influential books because the war"

How will we enjoy the promise of presidency whereas fending off the probability it poses to person freedom? during this vintage booklet, Milton Friedman offers the definitive assertion of his immensely influential financial philosophy—one within which aggressive capitalism serves as either a tool for attaining monetary freedom and an important for political freedom. the result's an available textual content that has bought good over part one million copies in English, has been translated into eighteen languages, and exhibits each signal of changing into progressively more influential as time is going on.

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"Milton Friedman is without doubt one of the nation's awesome economists, exclusive for notable analytical powers and technical virtuosity. he's unfailingly enlightening, self sustaining, brave, penetrating, and notably, stimulating." - Henry Hazlitt, Newsweek

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Additional info for Capitalism and Freedom (Fortieth Anniversary Edition)

Sample text

Whether the original or the new neighborhood effects are the more serious can only be judged by the facts of the individual case, and even then, only very approximately. Furthermore, the use of government to overcome neighborhood effects itself has an extremely important neighborhood effect which is unrelated to the particular occasion for government action. Every act of government intervention limits the area of individual freedom directly and threatens the preservation of freedom indirectly for reasons elaborated in the first chapter.

This list is far from comprehensive. Chapter III + The Control of Money and "economic growth" have in the past few decades become primary excuses for widening the extent of government intervention in economic affairs. A private freeenterprise economy, it is said, is inherently unstable. Left to itself, it will produce recurrent cycles of boom and bust. The government must therefore step in to keep things on an even keel. in this country and comparable extensions of governmental intervention in others.

If money consisted wholly of a physical commodity of this type, there would be, in principle, no need for control by the government at all. The amount of money in society would depend on the cost of producing the monetary commodity rather than other things. Changes in the amount of money would depend on changes in the technical conditions of producing the monetary commodity and on changes in the demand for money. This is an ideal that animates many believers in an automatic gold standard. Actual commodity standards have deviated very far from this simple pattern which requires no governmental intervention.

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