Milton Friedman

Capitalism and Freedom

1. IDEA 1

   Economic and political freedom are linked

   Friedman argues that economic freedom, the ability to buy, sell and work freely, is necessary for political freedom. When markets are free, power is spread out, making it harder for governments to become oppressive.

2. IDEA 2

   Government should be limited

   Friedman argues that government should focus on protecting rights, enforcing contracts and providing a stable framework. Beyond that, he believes, markets usually work better than state control. Power should be spread out.

3. IDEA 3

   Money supply should follow rules

   Friedman argues that central banks should follow a steady rule for increasing the money supply. He believes this would prevent inflation and avoid the mistakes of discretionary policy. Rules, he says, beat guesswork.

All 8 ideas from Capitalism and Freedom →