Genre: Nonfiction--Political Philosophy & Economics
My Rating: 9.5
Summed Up:
As a libertarian, economist Milton Friedman attempts to find the right level of government that is able to accomplish its valid purposes and duties without destroying the very freedom it is set up to protect. A government’s major function should always be first and foremost to protect freedom, to preserve law and order, to enforce private contracts, and foster competitive markets.
Government power must be checked by private economic activity and by decentralization of government power. During times of limited government the greatest advances in human prosperity, technology, and advancement in general have occurred. Rather than “uniform mediocrity” which is what occurs during big government due to restrictions on individual initiative and risk, freedom allows variety and experimentation which benefits all.
After
introducing the book by presenting the case for freedom, Friedman explores how
economic freedom is an essential part of a free society in general, especially
through the protection of political freedom which economic freedom provides.
Economic freedom is of itself an important part of freedom. When a man is
taxed, he is losing the freedom to spend that confiscated money as he so
chooses. In regard to political freedom, economic freedom, i.e. competitive
capitalism, protects it by dispersing power and preventing concentration thereof.
Also, economic freedom separates political power from economic power, also
safeguarding liberty within a society.
In
short, there are only two ways of coordinating the economic activities and
choices of millions. The first is central direction and control using coercion
and force, e.g. as is employed in totalitarian and Marxist states. The only
other option is the voluntary cooperation of individuals, e.g. as occurs in
competitive capitalism. As long as freedom of exchange is maintained, this
prevents one man from interfering in the choices and desires of another.
A free
market prevents undue strain on societies by not forcing conformity. The more
options people have to pursue their wants and desires, the fewer the times
where political decisions must be made forcing people to agree on one option.
It is
important not to forget that the typical state of mankind is “tyranny,
servitude, and misery.” Freedom is a “striking exception” in the history of
mankind. Therefore, we must remain vigilant to protect it. The believer of
freedom believes that ethical problems are best left to the individual to
wrestle with and come to conclusions acceptable to their conscience.. The
challenge to those who believe in freedom is reconciling this right of
individuals to do as they see fit with the freedom of others to do the same.
Thus a basic tenet of a free society is the maintenance of and enforcement of
laws that prevent the physical coercion of one by another and enforces private
contracts that are entered into voluntarily.
Indeed, any form of coercion has no place in a free society.
Some
object to a free society for precisely the reason that Friedman advocates for
it, i.e. because it allows people to make their own choices, and mistakes. In
other words, a free society allows people to get what they want, rather than
what a select group of people think they need.
Friedman
lays out what he deems the functions that are appropriate for a government to
perform in a free society. These include acting as a rule maker and umpire as
well as acting in times of technical monopolies and neighborhood effects.
Throughout the rest of the book Friedman explores how a limited role of
government fits in with various specific issues including monetary policy,
international trade, distribution of incomes, and welfare measures.
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