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1962ModernBeginnerBook

Capitalism and Freedom

Milton Friedman

Classical liberalism / libertarian economics

A major accessible defense of market capitalism as connected to political freedom.

About the author

American economist (1912–2006), professor at the University of Chicago and Nobel laureate in Economics (1976). Along with Hayek, Friedman was the 20th century's most influential critic of Keynesian macroeconomics and defender of market liberalism. His policy influence ran from the Pinochet economic reforms in Chile to the Reagan tax and deregulation agenda. Capitalism and Freedom (1962) made his economic arguments accessible to a general audience; Free to Choose (1980), written with his wife Rose Friedman, extended that reach further through a companion television series.

Synopsis

A defense of economic freedom, limited government, markets, and the relationship between capitalism and political liberty.

Core passage idea

Paraphrase · Modern copyrighted work

Friedman argues that economic freedom is both valuable in itself and necessary for political freedom.

This is central to pro-market political thought: economic control and political control are deeply connected.

To avoid a bubble

Pair with Polanyi, Rawls, or socialist critiques of market society.

Reading note

Useful as a clear pro-market entry point, especially when paired with serious critics.

Best paired with

Karl Polanyi, The Great Transformation.

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Reading paths that include Capitalism and Freedom

LibertarianismFreedomMarket liberalismConservative economicsDemocracy and capitalismNeoliberalism

Compare these traditions

Liberalism vs ConservatismSocialism vs CapitalismLiberalism vs SocialismLiberalism vs LibertarianismLibertarianism vs ConservatismNationalism vs LiberalismDemocracy vs RepublicanismLiberalism vs RepublicanismCapitalism vs ConservatismNationalism vs ConservatismDemocracy vs LiberalismSocial justice and equality vs LibertarianismReligion and politics vs LiberalismAnarchism vs LibertarianismConservatism vs SocialismFeminism vs ConservatismDemocracy vs Social justice and equalityCapitalism vs DemocracyFreedom vs Social justice and equalityAnarchism vs LiberalismFeminism vs LiberalismSocialism vs DemocracyNationalism vs DemocracyRace and politics vs LiberalismFreedom vs SocialismState and power vs LiberalismPolitical economy vs CapitalismCapitalism vs LibertarianismAnarchism vs DemocracyLibertarianism vs SocialismSocial justice and equality vs LiberalismFeminism vs DemocracyReligion and politics vs ConservatismFreedom vs NationalismState and power vs DemocracySocial justice and equality vs CapitalismCapitalism vs LiberalismLibertarianism vs DemocracyNationalism vs LibertarianismSocial justice and equality vs ConservatismAnarchism vs ConservatismFreedom vs DemocracyLiberalism vs FreedomCapitalism vs FreedomConservatism vs DemocracyDemocracy vs Race and politicsState and power vs CapitalismLiberalism vs Political economyDemocracy vs Political economyConservatism vs RepublicanismFreedom vs State and powerConservatism vs FreedomLibertarianism vs FreedomFeminism vs CapitalismCapitalism vs NationalismDemocracy vs Religion and politicsLibertarianism vs State and powerCapitalism vs Religion and politicsEmpire and colonialism vs LiberalismPopulism and elites vs DemocracyWar and international order vs LiberalismLaw and constitutionalism vs DemocracyRace and politics vs Conservatism