![]() Instead, he argues, they have always been produced by “minority views” flourishing in a social climate permitting variety and diversity.” In successive chapters, Friedman develops a well-structured line of reasoning emerging from this stance – leading him to some surprising conclusions that remain persuasive and influential more than 60 years on. For Friedman, indeed, “the great advances of civilization, whether in architecture or painting, in science or literature, in industry or agriculture, have never come from centralized government”. And, crucially, he argues, real freedom is rarely aided by government. ![]() ![]() Friedman’s argument focuses on the place of economic liberalism in society: in his view, free markets and personal economic freedom are absolutely necessary for true political freedom to exist.įreedom, for Friedman, is the ultimate good in a society – the marker and aim of true civilisation. His influence, particularly on conservative politics in America and Great Britain, substantially helped – as both supporters and critics agree – to shape the global economy as it is today.Ĭapitalism and Freedom (1962) is a passionate but carefully reasoned summary of Friedman’s philosophy of political and economic freedom, and it has become perhaps his most directly influential work. ![]() Milton Friedman was arguably the single most influential economist of the 20th-century. In 1976, he was awarded the Nobel Prize in Economics for his achievements in the fields of consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy. ![]()
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