Capitalism and Freedom

Milton Friedman was arguably the single most influential economist of the 20th-century.

His influence, particularly on conservative politics in America and Great Britain, substantially helped ?

€“ as both supporters and critics agree ?

€“ to shape the global economy as it is today.

Capitalism and Freedom (1962) is a passionate but carefully reasoned summary of Friedman?

€™s philosophy of political and economic freedom, and it has become perhaps his most directly influential work.

Friedman?

€™s argument focuses on the place of economic liberalism in society: in his view, free markets and personal economic freedom are absolutely necessary for true political freedom to exist.

Freedom, for Friedman, is the ultimate good in a society ?

€“ the marker and aim of true civilisation.

And, crucially, he argues, real freedom is rarely aided by government.

For Friedman, indeed, ?

€œthe great advances of civilization, whether in architecture or painting, in science or literature, in industry or agriculture, have never come from centralized government?

€.

Instead, he argues, they have always been produced by ?

€œminority views?

€ flourishing in a social climate permitting variety and diversity.

?

€

In successive chapters, Friedman develops a well-structured line of reasoning emerging from this stance ?

€“ leading him to some surprising conclusions that remain persuasive and influential more than 60 years on.