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Start your free trialBlink 3 of 8 - The 5 AM Club
by Robin Sharma
The definitive statement of Friedman's immensely influential economic philosophy
Capitalism and Freedom by Milton Friedman is a classic on economics and political philosophy, arguing that free markets and minimal government intervention are essential for economic growth and individual freedom.
Economics and politics are often taught as separate subjects in school. We typically learn that economics is about material well-being, while politics is about individual freedom. Follow that approach to its logical conclusion and you soon end up with the idea that any political system can be combined with any economic system.
But that’s a mistake. In reality, you can’t mix the state-led socialist economy of the Soviet Union with the individual political freedoms of the US to create a kind of “democratic socialist” society. Why not? Well, economic and political freedoms are actually interdependent and, if you curtail the former, you also limit the latter.
Imagine a hypothetical British holidaymaker in the aftermath of the Second World War set on taking a vacation in the US. As he goes about booking his travel, he realizes he can’t afford the trip, because the government’s capital controls mean that sterling is undervalued relative to the dollar.
Now compare that to the case of an American citizen who isn’t allowed to visit the Soviet Union because she holds pro-capitalist views. In both cases, restrictions on economic and political freedoms have the same result: they prevent individuals freely pursuing their own dreams and destinies.
That means you need a system that guarantees both the economic and political liberties we need to thrive. That system is called free-market capitalism. Let’s take a closer look at how it works in practice.
The most important point is that the government’s role in this ideal society is strictly limited. Its purpose is to guarantee basic law and order rather than infringe upon our individual freedoms. Think of it as setting the rules of the game. Buying and selling is a basic economic freedom, and we’re at liberty to use it as we please. The government, on the other hand, has only one job: to enforce individuals’ property rights and protect them against theft and extortion.
When governments restrict themselves to this role, the free market can take care of the rest – how people want to live their lives, what they want to buy and sell and, ultimately, who they want to be.
Capitalism and Freedom (1962) is one of the most influential discussions of the relationship between economic and political freedom to have ever been put to paper. Written at the height of the Cold War between Soviet socialism and Western capitalism, Milton Friedman argues that only free markets can guarantee liberty. His theory remains every bit as relevant and thought-provoking today as when it was first published.
Capitalism and Freedom (1962) by Milton Friedman is a thought-provoking exploration of the virtues of economic and political freedom. Why should you read it? Here are three compelling reasons:
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Try Blinkist to get the key ideas from 7,500+ bestselling nonfiction titles and podcasts. Listen or read in just 15 minutes.
Start your free trialBlink 3 of 8 - The 5 AM Club
by Robin Sharma
What is the main message of Capitalism and Freedom?
The main message of Capitalism and Freedom is the importance of economic freedom as a foundation for political freedom.
How long does it take to read Capitalism and Freedom?
The reading time for Capitalism and Freedom varies depending on the reader. However, the Blinkist summary can be read in just 15 minutes.
Is Capitalism and Freedom a good book? Is it worth reading?
Capitalism and Freedom is a thought-provoking read. It provides insightful arguments for economic freedom and its impact on society.
Who is the author of Capitalism and Freedom?
Milton Friedman is the author of Capitalism and Freedom.