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Capitalism and Freedom by Milton Friedman: An Imaginary Debate

Capitalism and FreedomCapitalism and Freedom by Milton Friedman

My Rating★★★★☆

Friedman is definitely one of the most eloquent economists ever to have ventured into public discourse and also one of the most influential. And his arguments are powerful and almost impossible to argue against without stripping oneself of intellectual integrity. No doubts about that. But the imaginary debating partner cannot help but wonder if staking a claim to the moral high ground in an argument is not exactly the most liberal way of conducting one. Friedman puts a lot of stock into how true liberalism must be determined and the gist is that it is about letting people choose what is best for them. Now, having agreed with that, the imaginary debating partner would begin to feel slightly discomfited as Friedman begins to assert that given everything else his school has the right to define how this ‘freedom’ of expression should be exercised and defined.

This second definition feels discomfiting because the imaginary debater cannot quite get how Friedman can claim the authority to dictate that the natural tendency of all democracies towards being welfare states is not really in keeping with the best interests of people. The imaginary debater tries to argue that with universal franchise, surely we can allow the economic system to explore its welfare limits and see how it works, just as we have explored mercantile limits earlier. But Friedman takes no note and sticks to the stand that his school knows best what ‘freedom’ really is and how it is to be best expressed.

The imaginary debater makes one last attempt to try and point out that this is in contrast to Friedman’s basic philosophy in life that underpins all his theories – a basic distrust of all authority.

Seeing the futility, the debate ends.

Disclaimer: The book is a great read (as reflected in the rating). The reviewer is not to be held responsible for random debates that ensues in the reading.

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Posted by on October 1, 2013 in Book Reviews, Books, Thoughts

 

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