By Milton Friedman
Within the vintage bestseller, Capitalism and Freedom, Milton Friedman offers his view of the right kind function of aggressive capitalism--the association of monetary job via inner most company working in a unfastened market--as either a tool for reaching financial freedom and an important for political freedom. starting with a dialogue of ideas of a liberal society, Friedman applies them to such regularly urgent difficulties as financial coverage, discrimination, schooling, source of revenue distribution, welfare, and poverty."Milton Friedman is without doubt one of the nation's impressive economists, exceptional for notable analytical powers and technical virtuosity. he's unfailingly enlightening, self sufficient, brave, penetrating, and primarily, stimulating."-Henry Hazlitt, Newsweek"It is a unprecedented professor who significantly alters the contemplating his expert colleagues. it truly is a fair rarer one that is helping rework the realm. Friedman has performed both."-Stephen Chapman, Chicago Tribune
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Extra resources for Capitalism and Freedom (Phoenix Books)
In other cases, the answer is difficult. In the economic area, a major problem arises in respect of the conflict between freedom to combine and freedom to compete. What meaning is to be attributed to "free" as modifying "enterprise"? In the United States, "free" has been understood to mean that anyone is free to set up an enterprise, which means that existing enterprises are not free to keep out competitors except by selling a better product at the same price or the same product at a lower price.
But it is not feasible for them, acting individually, to avoid the exchange or to enforce appropriate compensation. A less obvious example is the provision of highways. In this case, it is technically possible to identify and hence charge individuals for their use of the roads and so to have private operation. However, for general access roads, involving many points of entry and exit, the costs of collection would be extremely high if a charge were to be made for the specific services received by each individual, because of the necessity of establishing toll booths or the equivalent at all entrances.
Tariffs and other restrictions on international trade, high tax burdens and a complex and inequitable tax structure, regulatory commissions, government price and wage fixing, and a host of other measures give individuals an incentive to misuse and misdirect resources, and distort the investment of new savings. What we urgently need, for both economic stability and growth, is a reduction of government intervention not an increase. Such a reduction would still leave an important role for government in these areas.