Capitalism And Freedom Friedman Summary

Milton Friedman, in his novel Capitalism and Freedom, describes the necessities of economic freedom and the qualities of a nation that advocates economic freedom for its citizens. Friedman, in the introduction, begins the novel with the fact that centralized government has not created the great modern achievements of civilization. He theorizes that individuals, through personal gain and venture, have created and discovered great institutions and inventions that make our society unique. In his words, “government can never duplicate the variety and diversity of individual action.” The individual is a proponent for change, not the government; and through this theory, a government cannot direct an individual to create a change, because the government commanding such an order compromises the individual’s freedom to redefine antiquated ideas and discover “new frontiers in human knowledge and understanding.” Friedman argues that prerequisites for economic freedom must be small government and a free market economy. He notes that

Friedman was one of the leading economists in America during his time, and even received the 1976 Nobel Memorial Prize in Economic Sciences for his research on monetary history and theory and his revolutionary policies on the world economy. The author lays the foundation for an amicable relationship with his audience. His primary goal appears to be to educate the public and change their opinions on the current economic policies America follows. The writer genuinely expresses concern for the financial situation thousands of Americans find themselves in, and the status of American economic prosperity. References to the Great Depression are plentiful, and bolster the idea of Friedman’s interest in others and the country by demonstrating his want to avert the “tight monetary conditions” caused by the