Capitalism and Freedom: Fortieth Anniversary Edition by Milton Friedman Summary and Reviews
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Book Reviews of Capitalism and Freedom: Fortieth Anniversary Edition
Book Review: Friedman is an advocate for freedom!!
Summary: 5 Stars
This is not the most readable book that Friedman wrote (Read "Free to Choose") but it still highlights his passion for freedom.
In this book Friedman warns us of the dangers of corporations and industries aided by governments: the social ills and the displacement of workers that will always arise from too much concentrated central power. Friedman warns us of letting Capitalists operate in an environment without sufficient rule of law or in an environment where the state favors (with subsidies or mandates) one group over another: Friedman is very clear that government does have a role to play in a free economy:
"The existence of a free market does not of course eliminate the need for government. On the contrary, government is essential both as a forum for determining the `rules of the game' and as an umpire to interpret and enforce the rules decided on."
Friedman was not an anarchist. He understood that anti-trust law enforcement is a principle role of government. Otherwise, monopolies would sprout and lessen choices, diversity and freedom. This wonderful book is still relevant after all these years. Today, we still face many of the challenges that Friedman worked so hard to address in a clear and concise manner. If only we would heed his call.
Highly recommended
Book Review: Fantastic Examples of "Freedom!"
Summary: 1 Stars
Yes, there's nothing quite like reading about the Absence of Freedom written by a privileged white male because, really, who else in American society is less free than white men? Funny, isn't it, how the very same people who rally their readers with calls for "Freedom!" are the very same people advocating for a return to the most inhibiting form of capitalism available. How is this relevant, given its monumental failures throughout South America during the 70's and across the world in the past two decades?
Cut taxes? Trickle-down economics? Deregulate and let the rich create more jobs with their excessive wealth? Why didn't it work after Reagan cut the highest tax bracket by a whopping 20 percent? Why did the number of charitable contributions by the wealthiest Americans drop during this time? Why did the middle class begin dropping out? Why are free market capitalists so unwilling to relate any of these questions to the exact same occurances in Chile during the 70's when Pinochet put Friedman's disciples in charge of his economic policy?
Do yourself a favor and pick up a copy of Naomi Klein's "Shock Doctrine." Educate yourself on the massive failures of the free market system that have already occurred. This is nothing new. Free Market capitalism is a tired re-tread of laissez-faire capitalism, with the exact same results.
Book Review: A Program For Change
Summary: 5 Stars
I was just re-reading this book and find Friedman's arguments to be rigorous and logical. Friedman mercilessly questions the assumptions of the rigid ideologues of the left and of progressive-liberalism, and offers a program for change. When Friedman wrote this book in the 1960s, his ideas were ridiculed. Today, they are widely known and respected, but sadly still ignored by both major political parties. Were every prescription Friedman offers adopted, there would be much less income inequality; the country would be several times wealthier; there would be much more innovation; and the country have much greater economic stability. There would be far more job opportunities for the young, and far greater economic security for the old. It is truly a tragedy that Friedman's ideas have been read, misunderstood and largely ignored in favor of the rigidly ideological opinions of our reactionary progressive-liberals.Book Review: Friedman's first book on the link between freedom and economics
Summary: 4 Stars
This book is the first I had ever read by the late great economist Milton Friedman. I had first heard about him in an article by Ben Buranke I had to read for my economics class that had to do with monetary factors and the Great Depression. I had little idea that as I read more of what he wrote that he would have such a great impact on my way of thinking. It would be a stretch for me to see he changed my way of thinking. I have always been for free markets. However, I had always thought of capitalism as simply a means toward material prosperity while it was democratic political institutions and certain rights such as freedom of speech and of the press that were the sole means of measuring how free a society was.
In this book, Friedman explains that while democracy and civil rights are necessary for a free society, they aren't sufficient. This is especially true for the democracy part. He explains using many examples how capitalism is the best means available for achieving both material prosperity and human freedom.
The most striking example from this book is the hollywood blacklist case. Here were people that were discriminated against by the government because they were communists yet it was the economic system they seeked to destroy that allowed them to find work and continue to live free. Communists also were able to publish their works since the publisher only cared about making profit. He then asks how someone favoring capitalism could have published their views given the state is dominant over every aspect of life in a communist country. The book has some flaws but these are corrected in his more mature work Free to Choose.
Book Review: The Hobo Philosopher
Summary: 3 Stars
I hate to be so outspoken on a review of a book. But I find this gentleman elemental, childish and silly. On top of all of that I do not believe that he is entirely sincere. This man was a statistician and "accountant" not a theoretician. He actually won the Nobel Prize. This I find very hard to believe. I have not given up on him though. But I have yet to find anything that he has written that I can get past the introduction. The more I read of what he has to say the worse it gets.
PS - It does seem that the current state of affairs substantiates the above attitude. This guy was a puppet for the crooked establishment and an overall bad economic joke.