Capitalism and Freedom Book Review - 1347 Words

Warren Bryan 3/5/12 Book Review: Capitalism Freedom Author: Milton Friedman Milton Friedman’s Capitalism amp; Freedom is one of the most important books regarding economics of the 20th century. His thoughts laid the groundwork for the emerging modern conservative movement, which was an evolution of the 19th century beliefs surrounding liberalism. Friedman’s major themes of his most famous work consist of the roles of competitive capitalism, as well as the role that government should play in a society â€Å"dedicated to freedom and relying primarily on the market to organize economic activity.† The book touches on a multitude of other economic issues; however, his first two chapters regarding the major themes of the book are most†¦show more content†¦He concludes on this thought stating, â€Å"What the market does is to reduce greatly the range of issues that must be decided through political means, and thereby minimize the extent to which government need participate directly in the game.† Friedman more narrowly believed the government should intervene with â€Å"indivisible matters.† A problem with this claim regarding indivisible matters is he never clarifies what constitutes an indivisible matter. The example he gives is in relation to national defense, â€Å"I cannot get the amount of national defense I want and you a different amount. With respect to such indivisible matters we can discuss, argue, and vote. But having decided we must conform.† Thus, we shall let the government deal with indivisible matters where we must meet a consensus on basic things such as defense. How do we know that a flat tax, a tax reform mentioned by Friedman, counts as a matter that government should control whereas a tax for social security does not? The criteria must be explained for the difference between the two. Friedman believed that the market allows better proportional representation than the democratic process. â€Å"The market allows the voluntary exchange of goods between individuals w ithout coercion.† â€Å"Exchange can therefore bring about co-ordination without coercion†¦no exchange will take place unless both parties do benefit from it. Cooperation is thereby achieved without coercion.† This implies that the freeShow MoreRelated Democracy and Capitalism Essay1719 Words   |  7 PagesDemocracy and Capitalism Those who live in America enjoy freedom because America is a democratic nation in which the people hold the power. Is this statement truly a reality? One must consider the fact the United States is also a capitalist society and this has changed the face of democracy. Can we honestly say that the citizens of the United States hold the power when we consider the actual state of the political system? Upon closer examination, it appears that the majority of decisionsRead MoreHamiltons Curse Book Review1464 Words   |  6 PagesBook Review: Hamilton’s Curse: How Jefferson’s Arch Enemy Betrayed the American Revolution- and what it means for America Today What kind of country is the United States of America? Is it really the land of the free or are the Americans controlled by an imperial presidency? 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