Fortieth Anniversary Edition - Capitalism and Freedom

Arguably the greatest economist of the 20th century makes complex concepts readily understandable. Easy to read, yet not "light reading," Friedman's book makes the basics of Political Economy understandable for even the novice.
Whether your interest is liberty, economics, or politics, this book is a must read.
I always enjoy watching a debate between someone who has read this book (or one of his others) with people who have not. Absolute slaughter...
Most highly recommended.

This book should be a requirement for anyone that votes. It explains in great detail the correlation between capitalism and our basic freedoms. Maybe I will send a copy to all members of Congress- if they would only read it.

Friedman has written a classic book on capitalism that has sold over half a million copy. The most interesting element of his book is that Friedman has accused the Federal Reserve Bank to be responsible for the depression of the 1930s due to their lack of interference by not helping the failed banks and by contracting the money supply. The Federal Reserve Bank is in charge of creating money whenever it is needed, in order to prevent such occurences as major recessions and depression.(The Federal Reserve Bank is embodied in five to six privately owned banks in Europe and America that took over the central financing of the United States in 1913 during the Woodrow wilson presidency when the Federal Reserve act was passed, which marked the beginning of the privatization of American financial and political institutions into the hands of the global corporate world).
Friedman has borrowed most of his concepts on capitalism and freedom from the father of free market economy the brilliant Austrian economist Friedrich Von Hayek, and made them his own.
This book will provide the reader with an interesting perspective on free market economy and the elusive concept of freedom.

"Capitalism and Freedom" is one of a series of books that Milton Friedman wrote with a more general audience in mind, as part of his battle against the pre-1980 economics consensus. Freidman was a believer in freedom, and to him, the free market was an essential part in ensuring that freedom. Today, his beliefs form the basis of most non-Marxist economic theory. Yet, when he wrote "Capitalism and Freedom", the consensus view following World Wars and economic disasters was that government intervention in the economy was not only beneficial, but was necessary. The world had seemed too complex, to uncertain for anything other than a heavily taxed and heavily regulated economy. The only disagreement was over the level of government intervention - a Keynesian state, an economy heavily directed by a Galbreaithian "new class" or a Marxian economy where the role of the private sector was practically non-existent.

Milton Friedman was one of a band of economists who challenged these views, not only in economics faculty lounges, but, more importantly, in the court of public opinion.

While this book is well written and persuasive, it is not as relevant today as some of his other works. This book was written at a time of a very different economy. For example, the book spends much time discussing the effect of the gold standard on economics and trade, something which has no relevance today.

In short, read the book for its historic value. If you want a Friedman book that is relevant for today, read "Free to Choose."

Essential read for anyone who loves liberty. The breadth of socio-economic issues covered in this book is great, and Friedman thoroughly analyzes all feasible solutions to problems before coming to his conclusions on which solutions are best. He remains very fair and logical in his arguments, with little bias on any particular issue. As a firm follower of the Austrian school of economics myself, I can't say I see totally eye-to-eye with Friedman on economic and monetary policy, but it is always wise to expand your knowledge and look at all perspectives, and this classic book is a must-read for anyone wanting to do just that. As a libertarian, I must say Friedman is a shining beacon for individual freedom.

Coming from Estonia, I can see Friedman's ideas in life by looking at the direction our small country is heading. Whilst our neighbor Finland has followed socialism, Estonia chose capitalism.

The results speak for themselves and for that reason I give this book 5 stars.

This book is written by a true genius of economics, history, and politics. Milton Friedman has illustrated the freedom's gained from free trade and the problems with the US governments involvement in the economy. Milton Friedman has shown that socialism and communism do NOT work and the only way to freedom is free trade!

Milton Friedman is a...no, 'the' consistent and articulate conservative economist. I think I enjoy what some may call a dull drudgery read about a mystical art - economics, as explored by Friedman because, as I read, a question will arise of fact or logic, and almost invariably Friedman will respond to the question in the next paragraph. I go back to him to refresh facts and arguments I think I have captured but because of a notorious bad memory, am uncomfortable to "assume".

I invite you to enjoy his Capitalism and Freedom: Fortieth Anniversary Edition.

This classic, written by one of the founding fathers of modern economy discusses "competitive capitalism". As Milton explains it is: "The organization of the bulk of economic activity through private enterprise operating in a free market - as a system of economic freedom and a necessary condition for political freedom." In doing so, he addresses the role that the government should and needs to play in such an economic system - a minor role (in comparison to today's role) - that relies on the free market to organize economic activity.

In this context, Milton goes on to discuss the following: The Relation between Economic Freedom and Political Freedom, The Role of Government In a Free Society, The Control of Money, International Financial and Trade Arrangements, Fiscal Policy, The Role of Government In Education, Capitalism and Discrimination, Monopoly and the Social Responsibility of Business and Labor, Occupational Licensure, The Distribution of Income, Social Welfare Measures and Alleviation of Poverty.

What distinguishes this books in the mix of theory and abstract concepts, with the real-life applications and implications. The arguments presented are objective and rational, and defy a lot of the conventional and political wisdom. This is despite the fact that a number of these topics are "hot" political/social debate items such as social security. Milton discusses in depth how such items can be addressed within the competitive capitalism framework, the bigger role the private sector can play, and a retraction in the role of government.

A truly timeless classic, and a must read for anyone interested in the field of economics, the interlude between politics and economics, and liberalism. Highly recommended![...]

Capitalism and Freedom is an excellent book for someone who is looking an introduction to liberalism. Milton Friedman debunks many Statist policies that most people think are doing good with facts and logic. I recommend this book to all the liberal (in the classical sense) minded people.

Very well written and clear explanations for the concepts. I think this is on e of the pros for liberal theories: unlike marxist theory, which is obscure and hard to understand, liberal ideas are very simple and clear.

some heavy commentary to digest... might appeal more to accounting professionals or something, but was a yawn for me. some stuff said made me rethink a lot of my opinions on aspects of the economy- nothings simple...but still think it could be

Overview / Review: Milton Friedman, like him or hate him, is an essential economic theorist to tackle if one is interested in that field or in theories of economic justice. Having a progressive bias, I disagree strongly with many Friedman's theories. Having said that, for anyone interested in getting the essentials of his "liberal" (used in the older, more classic sense) economic views would do well to read this book. Friedman is opposed to state intervention in individual freedom, so many see Friedman as a modern counterpart to Adam Smith. Friedman advocates a free-market economy, with minimal taxation and government interference, because he believes the free market approach assures the greatest measure of freedom, justice, and overall affluence. Many modern conservatives have echoed the arguments he makes herein.
Friedman is actually convincing in his review on a few counts - the abuse of licensure, the problems of tax loopholes, and the fact that there are frequent shortcomings of the well-intended social welfare state. Having said that, however, Friedman does seem unduly biased in favor of a society so individualistic it is therefore almost atomistic, with little to no social cohesion. Some of his arguments are more assertions and claims than full-blown arguments, and one wishes he had addressed major issues in more detail (perhaps he does elsewhere). The book's virtue is that it is brief, but its weakness is also that its arguments are often too brief, and too compact. Karl Marx for example, has many faults in his theory that can be found, but Friedman too casually blows off Marx in about one page of analysis (Chapter 10, p. 167-8). Friedman's argument for a very limited government, and against socialism/communism, would have been more convincing if he had devoted a full chapter to Marx for one, and more attention to other matters of social justice, inequality, and oppression.
In a nutshell: this book encapsulates Friedman's "liberal" or laissez-faire approach to a wide range of issues on economics, government, and capitalism. The free individual is given utmost importance, and government that governs best is that which governs (or interferes) least in his Friedman's view. Not convincing from the standpoint of those interested in progressive social justice (Niebuhr's views on selfishness and power are more cogent), but essential to read and analyze if one is interested in economics and ethics.

Three stars mainly because I disagree with a number of his assertions about the behavior of an unregulated market. Plenty of historical and temporary evidence that demonstrates that the market does not look after the commonweal nor the commons themselves. Nonetheless, they are interesting ideas that should inform policy making of democratic governments hoping to foster and preserve thriving capital economies.

Three stars mainly because I disagree with a number of his assertions about the behavior of an unregulated market. Plenty of historical and temporary evidence that demonstrates that the market does not look after the commonweal nor the commons themselves. Nonetheless, they are interesting ideas that should inform policy making of democratic governments hoping to foster and preserve thriving capital economies.

No other book anywhere is more important for the student of economics. Compared to other books on economics, it is very concise and well written. You will gain more insight per minute of time expended than from almost any other text.
The book is timeless because the principles Professor Friedman explains are bedrock foundations of the Capitalist economic system. In almost all universities you are taught a system of thought that inevitably leads to an emphasis and reliance upon Government and the State, basically, socialism as a solution to our economic problems. Professor Friedman clearly spells out better solutions in which markets can solve our problems more efficiently than Government and Socialism. More important, Friedman shows that only Capitalism is consistent with the concepts of Liberty that motivated the Founding Fathers of the United States, principles that led to the drafting of the Constitution. The book Captialism and Freedom has stood the test of time, and still represents the single best source to obtain an understanding of economic markets and how they work, without jargon or mathematics. Instead, Friedman goes directly to the essence of market economics, and liberty, in a simple and straightforward manner. This book will show you how you can use the economic system to make yourself an independent person, capable of taking advantage of the liberty that free markets promote.
This book will help you understand why the institutions of Government, such as the public schools, the Post Office, and the Federal Reserve Board, inevitably become inefficient and problematic compared to private enterprise solutions. At present, Professor Friedman heads up a foundation which promotes free enterprise within the public school system, referred to as School Choice and Vouchers. The intellectual foundations for this suggested improvement in our public schools were laid in Captialism and Freedom. Finally, Professor Friedman spells out the intellectual foundation for the results of his study of the history of monetary policy and the inevitable problems of the Federal Reserve Board. The problems of the Federal Reserve that were discussed in Professor Friedman's Monetary History of the United States are problems that are inherent in government enterprise, issues that are discussed in Capitalism and Freedom.
This book is a must read for any serious student of Politics or Economics. Also, because the book is written in a simple and straightforward manner, any lay person without training in economics will gain fundamental insight into the structure of the Capitalist system and the inevitable problems of Socialism.

This book was written almost fifty years ago, but by God, if we all read it a bit more, then I feel certain that the country and the world at large would be in a better place. Milton Friedman doesn't just talk about economics here (the study of the human monetary interactions) but he comes down as a consistent, brilliant, but not extreme defender of individual or familial liberty. He's the man that, when acting as adviser to President Nixon, described compulsory military service as "repugnant" except in cases of dire emergencies.

This book is excellent as an introduction to libertarianism. Dr. Friedman does not come off as radical or extreme in anyway--instead, what he offers are a number of ways to transition the US to becoming a more free country. All libertarians or people interested in the ideas of individual as opposed to collective or national liberty ought to read this book very thoroughly.