Capitalism And Freedom, By Nobel Milton Friedman Essay

1660 Words Oct 26th, 2016 7 Pages
In the first chapter of his book Capitalism and Freedom, Nobel Prize-winning economist Milton Friedman discusses several ideas such as the intimate and “by no means unilateral” correlation between politics and economics, the inefficiency of collectivism and central planning, and the essential role of economic freedom and capitalism in achieving political freedom (8). What all these ideas have in common, though, is that economic freedom precedes political freedom and, as a result, the latter depends on the implementation and survival of a capitalist economy. In addition, the author believes that in order to avoid concentration of power and therefore guarantee freedom, there must be a separation between political and economic power. The reason behind this logic is that separation of power, along with a capitalist economy, enables people to protest for radical change and, as a consequence, achieve political freedom. I agree that a free market facilitates political freedom. But, what Friedman doesn’t consider in his lecture about why capitalism is the most viable path to freedom, is that capitalism leads to concentration of power, capital and property among the wealthy. It creates a system in which the ones without capital have no other option but to sell their labor to the capitalists. Pardon my oversimplification, but it creates a system with two very distinctive social classes: the owners and the workers. Of course, through meritocracy, the system also offers some…

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