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Capitalism and Freedom
 
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Capitalism and Freedom [Special Edition] (Paperback)

by Milton Friedman (Author)
4.4 out of 5 stars  See all reviews (11 customer reviews)
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Product details

  • Paperback: 230 pages
  • Publisher: Chicago University Press; 40th Anniversary edition edition (17 Dec 2002)
  • Language English
  • ISBN-10: 0226264211
  • ISBN-13: 978-0226264219
  • Product Dimensions: 20.2 x 13 x 1.6 cm
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (11 customer reviews)
  • Amazon.co.uk Sales Rank: 10,891 in Books (See Bestsellers in Books)

    Popular in these categories:

    #1 in  Books > Business, Finance & Law > Economics > Political Economy
    #7 in  Books > Business, Finance & Law > Economics > Economic Systems
    #7 in  Books > Society, Politics & Philosophy > Government & Politics > Economics

Product Description

Review

"Milton Friedman is one of the nation's outstanding economists, distinguished for remarkable analytical powers and technical virtuosity. He is unfailingly enlightening, independent, courageous, penetrating, and above all, stimulating." - Henry Hazlitt, Newsweek


Product Description

It is a rare professor who greatly alters the thinking of his professional colleagues. It's an even rarer one who helps transform the world. Friedman has done both." - Stephen Chapman, Chicago Tribune How can we benefit from the promise of government while avoiding the threat it poses to individual freedom? In his classic book, Capitalism and Freedom, Milton Friedman presents his view of the proper role of competitive capitalism - the organization of the bulk of economic activity through private enterprise operating in a free market - as both a device for achieving economic freedom and a necessary condition for political freedom. He also outlines the role that government should play in a society dedicated to freedom and relying primarily on the market to organize economic activity. Friedman begins with a discussion of the principles of a truly liberal society. He then applies those principles to a range of pressing problems, including monetary policy, discrimination, education, income distribution, welfare, and poverty. The result is a book that has sold well over half a million copies in English, has been translated into eighteen languages, and has become increasingly influential in recent years as more and more governments have moved from highly planned economies to embrace free market economics.

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11 Reviews
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4 star:
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Average Customer Review
4.4 out of 5 stars (11 customer reviews)
 
 
 
 
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7 of 8 people found the following review helpful:
5.0 out of 5 stars Correlating economic freedom with political freedom, as only Friedman could have!, 21 Sep 2008
By Gaurav Sharma (London, UK) - See all my reviews
(REAL NAME)      
This book, printed in various formats and languages, is some indication of the fact that Milton Friedman's arguments have not lost currency in the 21st century, even though many people hotly contest their rights and wrongs. The old master of economics hardly wastes time in triggering a debate by stating in the very first chapter: "History suggests only that capitalism is a necessary condition for political freedom. Clearly it is not a sufficient condition."

Capitalism and Freedom has been derided, criticised and lauded in equal measure and for Friedmanites it remains the bible. Love him or hate him, the author himself was never one to shy away from controversy. In this book he has pened his thoughts on issues such as the control of money, fiscal policy, role of government in educating the masses, distribution of income, social welfare measures and alleviation of poverty, among others.

Some of his one-liners and thoughts here are hugely engaging. Despite being vehemently opposed to Government intervention in free market economies, he writes that "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 rule of the game and as an umpire to interpret and enforce the rules decided on."

The book is also packed with what some might interpret as below the belt remarks, if not properly contextualised. For instance, he writes, "With respect to teachers' salaries .... Poor teachers are grossly overpaid and good teachers grossly underpaid. Salary schedules tend to be uniform and determined far more by seniority." (Chapter 6: Role of Education in Government).

Overall, Friedman has made a case for what he construed as competitive and constructive capitalism and I immensely enjoyed reading the Nobel laureate's thoughts. The longevity of his chain of thought is perhaps what makes this book a valuable reference point. That aside, it has been written is an easy to read format which still fans its popularity over forty years after the first edition went to press.
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24 of 33 people found the following review helpful:
5.0 out of 5 stars Highly Recommended!, 14 Jun 2004
By Rolf Dobelli "getAbstract.com" (Switzerland) - See all my reviews
(TOP 50 REVIEWER)    (REAL NAME)   
This review is from: Capitalism and Freedom (Hardcover)
This is a new edition of Milton Friedman's classic 1962 capitalist manifesto. As such, it was ignored, spurned and hated for decades by the intellectual, post-Keynesian establishment. In the 60s, Friedman once found himself debating a liberal who attacked him by simply reciting Friedman's views of the proper role of government. This was working rather well with the audience of college students until he quoted Friedman's opposition to the military draft. Friedman suddenly found himself awash in the unexpected cheers of students. Perhaps it was a foreshadowing of his career. Friedman won the Nobel Prize in Economics in 1976, and his ideas gained some degree of mainstream acceptance in the Reagan years - although many of his thoughts remain controversial. To the extent that Friedman debunks myths about the Great Depression that are widely accepted as fact, perhaps he has a point about the semi-privatization of education. We strongly recommend this volume to those who seek a deeper understanding of government's role in a free-market economy.
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15 of 24 people found the following review helpful:
5.0 out of 5 stars Vintage, yet compact, Friedman, 24 May 1999
By A Customer
In the tradition of Hayek, Friedman's Capitalism and Freedom attempts to show the dangers of centralized power. Although it is rather short, much like the Road to Serfdom, and lacks the comprehensiveness of a Free to Choose (also by Milton and Rose Friedman) it still comes across rather forcefully. His attention to principle's, something lacking in our 'pragmatic' politics of today, and his ability to come to logical conclusions is remarkable.

I gave the book five stars because I welcome such analysis and believe the book to have achieved what it set out to do (at varying points in the book Friedman would point out that this book is not meant to be 'thorough' in the sense of a complete exposition and refers the reader to alternate books for further discussion). A must read for all politicians and government types alike (whether in Canada or abroad).

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Most Recent Customer Reviews

3.0 out of 5 stars A warning for our times, if a bit late...
Now is the time to get this book. If you wondered about how Big Ideas work in reality first look at communism, then read this book and look around you. Big Ideas do not work!
Published 3 months ago by Conor Murphy

5.0 out of 5 stars Capitalism: a prerequisite for freedom
This is a small book so I thought it would be a quick read. However it took me quite a while to get through. Read more
Published 4 months ago by Ryopinion

5.0 out of 5 stars A manifesto for liberty.
This is the work of classical liberal considering how a free society should operate and what role the state has in a free society. Read more
Published 9 months ago by Ross

5.0 out of 5 stars Liberty, Equality, Fraternity - Incompatible Ideals?
I became vaguely aware of Milton Friedman in the 1980s, when he was often referred to as the favourite economic guru of Thatcher and Reagan, the founder of "monetarism" as a new... Read more
Published 16 months ago by Mr. Nicholas Dougan

5.0 out of 5 stars Outstanding
Friedman is a very intuative economist, of this there can be no doubt. However, his correct intuition, in my opinion, stretches no further than economics. Read more
Published on 16 Oct 2005 by Geoffrey

4.0 out of 5 stars Excellent. A classic relevant today.
It is surprising how relevant this book is to the present state of affairs having been written originally in the 60s. Read more
Published on 29 May 2005

2.0 out of 5 stars all 100% correct except for one glaring ommission
Mr. Friedman is certainly the greatest living economist and this book is the best there is for an introduction to what capitalism really is. Read more
Published on 11 Aug 1999

4.0 out of 5 stars Good
Milton Friedman is a great economist and a good man. His books, especially his Monetary History, have been a great contribution to 20th century thought. Read more
Published on 23 Aug 1998

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