Book Review: Capitalism and Freedom by Milton Friedman

Capitalism and Freedom is a key work by one of the 20^th century’s most influential economists

In Capitalism and Freedom, Milton Friedman argues in favor of competitive capitalism, which he sees as essential to both economic freedom and political freedom, two concepts which in his eyes are intrinsically linked. This clear and detailed summary and analysis is a valuable resource for anyone who wants to understand Friedman’s influential book: it features a thorough explanation of the author’s aims, the main concepts underpinning his work, such as the free market and liberalism, and the contextual background to his work, with a particular focus on the earlier work of Friedrich Hayek. It also provides an introduction to the application of Friedman’s theories in policy, the main criticisms of his ideas and the legacy of his work, giving you everything you need to understand this influential text in just 50 minutes.

This accessible and insightful 44-page summary and analysis is structured as follows:

• Capitalism and Freedom
• Context
  • The author: Milton Friedman
  • Context and background
• Summary of Capitalism and Freedom
  • Part one: theoretical exposition
  • Part two: policy applications
  • Conclusion
• Impact of Capitalism and Freedom
  • Reception
  • Criticism of Friedman’s approach
  • Legacy
• Summary

About Capitalism and Freedom

Capitalism and Freedom was first published in 1962, and has been described by The Times Literary Supplement as “one of the most influential books published since the war”. As well as a theoretical exposition of Friedman’s ideas, it draws attention to areas where these ideas could be applied. Indeed, a number of the suggestions put forward in Capitalism and Freedom have since been applied in various countries, such as school vouchers in Chile and Sweden and the flat income tax in Estonia and Slovakia.

About Milton Friedman

Milton Friedman was one of the most influential economists of the 20^th century. He taught for 30 years at the University of Chicago, making the department one of the most prominent economics departments in the world, and many of his students went on to become prominent economists in their own right, such as Neil Wallace, Gary Becker, Robert Fogel and Robert Lucas Jr. Friedman was awarded the Nobel Prize in Economics in 1976 and retired from the University of Chicago the following year, going on to become an influential public advocate for the views outlined in his work.