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| | Description | Selected by the Times Literary Supplement as one of the "hundred most influential books since the war"
How can we benefit from the promise of government while avoiding the threat it poses to individual freedom? In this classic book, Milton Friedman provides the definitive statement of his immensely influential economic philosophy—one in which competitive capitalism serves as both a device for achieving economic freedom and a necessary condition for political freedom. The result is an accessible text that has sold well over half a million copies in English, has been translated into eighteen languages, and shows every sign of becoming more and more influential as time goes on. | |
| | Product Details | | Author: | Milton Friedman | | Paperback: | 230 pages | | Publisher: | University Of Chicago Press | | Publication Date: | November 15, 2002 | | Language: | English | | ISBN: | 0226264211 | | Product Width: | 131.0 centimeters | | Product Height: | 204.0 centimeters | | Product Weight: | 0.48 pounds | | Package Length: | 7.9 inches | | Package Width: | 5.2 inches | | Package Height: | 0.7 inches | | Package Weight: | 0.5 pounds | | Average Customer Rating: |  based on 111 reviews |
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| | Customer Reviews | Average Customer Review: ( 111 customer reviews )
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Most Helpful Customer Reviews
129 of 151 found the following review helpful:
 CLASSIC ECONOMICS, FRIEDMAN'S BEST Aug 13, 2004
By Denis Benchimol Minev
"Amazonia"
Milton Friedman is one fo the strongest proponents of freedom in society as the only way towards development (a concept later expanded by Amartya Sen). This book is not an economics textbook, since he does not spend much time on the basic concepts of economics such as price theory. He assumes a bit of knowledge and uses it to make the case for many different economic ideas ranging from macroeconomics (monetarism) to microeconomics (school vouchers).
For a book that was written in the 60s, it is amazing how current his ideas remain. It is perhaps the most important book on the libertarian philosophy, focusing on preventing the accumulation of power by any individual or group of individuals in society.
Overall, it is a great read for someone familiar with economics and social sciences, it will definitely expand your horizons of thought. However, if you are looking for an introduction to interesting eocnomic ideas, I would suggest you read Free to Choose, which Friedman wrote a dozen years later to reach a more general audience.
19 of 20 found the following review helpful:
Simply a great read. Mar 03, 2010
By Sareinhart
I bought this book because I understood that Milton Friedman was a leader in (classical) liberal (meaning libertarian) economic thinking. Now I see why. Pure genius. This book appears to be written to the general public, although I must say that if are a complete stranger to economics certain parts of this book may confound you. I am a beginning student of economics, and only 2 paragraphs were out of my grasp. It's true, some of this book was a little dry, but those sections were short. The scope of the book is surprisingly wide for it's size (202 pages in this edition)-yet it's level of detail is satisfying.
Friedman's arguments were compelling and well constructed.
If you are a progressive, (modern) liberal, socialist, statist, marxist (or whatever else) and want to know what free-trade libertarians believe-this is to book for you.
If you are an economic conservative or a libertarian (as I am) and you want to read a great book that will make you smile-this is the book for you.
Overall a fantastic book.
30 of 35 found the following review helpful:
Classic Liberalism at its best Jun 24, 2006
By True Believer
An all-time favorite of mine, Capitalism & Freedom creates a framework of classic liberalism and argues forcefully in favor of free-markets and decentralization over the expansion of government involvement in economic and social affairs. Friedman builds his argument from the ground up by identifying coercion as the State's distinguishing feature over all other societal organizations. From the (classic) liberal's perspective, this aspect shapes the relationship between citizen and government, and strictly limits the appropriateness of State involvement in society, particularly with regard to well-intentioned programs and policy.
Friedman uses this foundation to build a case for limited government in economic matters, citing in particular the consequences of monetary and fiscal policy abuse. In an exceptionally apt comparison, Friedman argues that the same rationale that limits government interference with free speech should likewise apply to government interference in the economy: namely, that constraints be applied to monetary and fiscal policy to limit the potential for government to do harm in its pursuit of doing good. Friedman gives numerous examples in which government officials, exercising carte-blanche economic authority, have further aggravated economic crises by applying a case-by-case standardh to different economic scenarios.
Having clearly laid out his political philosophy, Friedman builds his case for free-markets, detailing control measures intrinsic of a laissez-faire economy. From floating exchange rates to voucher-funded schooling, union contracts to charity, Friedman argues that the free-market harnesses the productive potential of millions of individuals and corporations, reconciling their preferences in a competitive process far more efficiently than any collective body. Throughout the book, Friedman debunks popular myths, disputes misunderstandings, and challenges the conventional wisdom prevalent among intellectuals and social elites of his day and ours.
The book's only drawback is its age and somewhat antiquated writing style that would certainly make it difficult for some readers to fully understand (particularly those who are victims of public school "education"). Friedman references several examples that would have been more easily recognized in the 1960s, but will not be immediately familiar to younger readers. Still, this brilliant work presents the core principles of laissez-faire capitalism and classic liberalism in a relatively clear manner, and is a must-read for anyone studying the dynamics of free-markets and free societies.
80 of 101 found the following review helpful:
 Decent, but Consider his Better Books Apr 06, 2007
By T. Carlsen
I liked his other books more. "Capitalism and Freedom" has many of the downfalls of dry, boring academic writing. Also, Friedman makes rigidly-ideological attacks without support which, in retrospect, are clearly distorted and embarrassing, hurting the authority of his ideas. Instead, Milton Friedman's best book for general readers is Free to Choose: A Personal Statement. I recommend that book instead. He wrote that book later in his career and, mercifully, gets straight to his message and is easier to read.
Readers interested in free markets should read the outstanding introduction to economics called Naked Economics: Undressing the Dismal Science (Fully Revised), which is easy to read for general readers. Also consider the masterpiece economic history of the United States and capitalism called Empire of Wealth: The Epic History of American Economic Power
For a contrary view from Friedman (but still based on economics), read Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism, which shows that actual business history shows that government investments in the economy and protections have been needed to create abundant wealth.
15 of 17 found the following review helpful:
Must have if you are interested in social science Sep 12, 2005
By Ilya Mazayev
"A really nice guy ;)"
This book is extremely important! Together with another classical von Hayek's "Road to Serfdom" and Amartya Sen's "Development as Freedom" it gives a basic argument for thinking about politics and economics.
In today's Russia both common people and scientists/politicians are involved in post-planned economy discourse. They look at the free markets as something chaotic, uncotrolled and therefore - bad. They are thinking in terms of state intervention and paternalism and that's a big mistake.
This book won't give concrete recipies for recovey in transitional or developing countries. But it will give a framework for thinking about resource allocation, taxation and spending, monetary policy and other stuff from the right point. A point where free society stands.
See all 111 customer reviews on Amazon.com
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