Capitalism and Freedom

Outline

Capitalism and Freedom (1962) argues that economic freedom is essential to political freedom. Milton Friedman makes the case for free markets and a limited role for government, and proposes ideas such as school vouchers, a volunteer army, floating exchange rates, and a negative income tax. The book became one of the most influential works of free-market economics and shaped policy debates for decades.

• Friedman argues that economic freedom is essential to political freedom, so the two cannot be easily separated.
• The book makes the case for free markets and a limited role for government.
• It proposes specific ideas, including school vouchers, a volunteer army, floating exchange rates, and a negative income tax.
• Capitalism and Freedom (1962) became one of the most influential works of free-market economics.
• The book shaped policy debates for decades, which is why it is still read and argued over.

Milton Friedman (1912–2006) was an American economist and professor at the University of Chicago who received the Nobel Memorial Prize in Economic Sciences in 1976. He was a leading advocate of free markets and monetarism, and advised political leaders around the world. His other books include A Monetary History of the United States and Free to Choose.