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 workFriedman 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.