06 Juli 2010

Capitalism and Freedom by Milton Friedman

Milton Friedman was an American economist and statistician. He was born on July 31, 1912 and passed away on November 16, 2006. He was an economic advisor to U.S. President Ronald Reagan. His restatement of a political philosophy that extolled the virtues of a free market economic system with little intervention by government is practicing by many government. He is best known among scholars for his theoretical and empirical research, especially consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy. All of his thought has been wrote on book with title "CAPITALISM AND FREEDOM". He is best known also on a broad range of topics of microeconomics, macroeconomics, economic history, and public policy issues.
Inflation is always and everywhere a monetary phenomenon.
— Milton Friedman, A Monetary History of the United States 1867-1960 (1963)

Friedman also argued for the cessation of government intervention in currency markets, i think he believe on "market power" and "free market" without "invisible hand". This contradicts with the communist economy with the provision that the economy is regulated by the state.

At the end of his Preface on his book, he wrote :
Partly because of my reluctance to surrender the term to proponents of measures that would destroy liberty, partly because I can not find a better alternative, I shall resolve these difficulties by using the word liberalism in its original sense - as the doctrines pertaining to a free man.
Capitalism and Freedom, page 6.


On his book, he devide it onto 13 chapter, as follow :
  1. The Relation Between Economic Freedom and Political Freedom
  2. The Role of Government in a Free Society
  3. The Control of Money
  4. International Financial and Trade Arrangements
  5. Fiscal Policy
  6. The Role of Government in Education
  7. Capitalism and Discrimination
  8. Monopoly and the Social Responsibility of Business and Labor
  9. Occupational Licensure
  10. The Distribution of Income
  11. Social Welfare Measures
  12. Allevation of Poverty
  13. Conclusion




Source :
CAPITALISM AND FREEDOM
MILTON FRIEDMAN
With the assistance of Rose D. Friedman
With a new Preface by the Author
The University of Chicago Press, Chicago 60637
The University of Chicago Press, Ltd, London
1982




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