Comparison Of Milton Friedman's Capitalism And Freedom

Milton Friedman is a conservative. Although in his work, Capitalism and Freedom he routinely refers to himself and others who think like him as liberals he is referring to liberals from the 19th century in Europe. During this time, liberal was called “Classical Liberalism” and this is equivalent to the modern day libertarian. For example, Classical Liberals believe in ending state involvement in religion, free trade, and freedom of speech. The switch in terms is specific with regards to the economy. Specifically, according to Joseph Schumpeter, “It came to be associated with a readiness to rely primarily on the state rather than on private voluntary arrangements to achieve objectives regarded as desirable. The catchwords became welfare and equality rather than freedom. The nineteenth-century liberal regarded an extension of freedom as the most effective way to promote welfare and equality; the twentieth-century liberal regards welfare and equality as either prerequisites of or alternatives to freedom” (Friedman, 13).

Milton Friedman believed that the vouchers system is a …show more content…
In Milton’s system, the minimum wage would be entirely decided by the companies who are employing people. Therefore, there would be no minimum wage and people would be making barely money at all since in this system of government, the main goal is to maximize the amount of profit one makes and this is done by having the cheapest labor for the greatest output (Bronner). Not only is he against the minimum wage in employment but he is also opposed to right to work laws because he believes that employers should be able to decide for themselves how to regulate their own businesses (Bronner). He also thinks unions are harmful and should be limited through the use of antitrust laws