Date Book Review on, “Capitalism and Freedom” by Milton Friedman This discussion will focus on the book ‘Capitalism and Freedom’ by Milton Friedman, the book discusses the role that economic capitalism plays in a liberal society…
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The concepts of capitalism and freedom have been dominating societies across the world for centuries now. This discussion will provide a summary of the content of the book and the issues that the book is addressing. In order to do this effectively, the discussion will address the issues as they are addressed in each chapter. The introduction part of the book is focused on the role of citizens in economic, political, and social development of the United States. The author quotes from the Kennedy’s famous say on citizens asking themselves what they can do for their country rather than asking what the country can do to them. In the introduction, he shows that both the individuals and the state have a role to play in the economic development and improvement of the country’s general wellbeing (Friedman 4). Friedman has laid out his liberalism principles where it is evident that he supports limited governmental power, which is also dispersed. He defines capitalism as the organization of main economic activities of a society through private enterprises, which are operating in a free market. He views capitalism as a system that is not only essential for economic freedom, but also as a crucial condition for political freedom (Friedman 4-5). ...
Secondly, economic freedom acts a means through which political freedom can be attained (Friedman 7-8). This argument is because economic system is viewed as a way of achieving political freedom because of the importance that economic system puts on the dispersion or concentration of power. Competitive capitalism is therefore critical in bringing about and enhancing political freedom because it emphasizes on separation of political power from economic power. The author observes that history has evidence that free market is a good precondition of political freedom. However, the book cautions that this is not often so because history has evidence that economic freedom may not be adequate condition for political freedom. The author gives example of Japan prior to World Wars I and II, Germany around 1970s, Fascist Italy, and Fascist Spain are societies that could not be considered politically free at some point in their history, despite the fact that their economic system was dominated by free enterprises during those times (Friedman 10- 12). He therefore points out that even though the two concepts are related, their relationship can sometimes prove to be complex and difficult to establish some issues related them. This complexity is mostly because of intervening factors, which may be external to the concepts themselves. The second chapter in the book discusses the role of government in a free society. Friedman argues that both citizens and the government have a role to play in a country. Specifically, the government in a free society such as America has the responsibility of maintaining law and order and ensuring that private property is protected
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(“Capitalism and Freedom - book review Report/ Example | Topics and Well Written Essays - 1250 words”, n.d.)
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(Capitalism and Freedom - Book Review Report/ Example | Topics and Well Written Essays - 1250 Words)
“Capitalism and Freedom - Book Review Report/ Example | Topics and Well Written Essays - 1250 Words”, n.d. https://studentshare.org/macro-microeconomics/1393522-microeconomics.
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