Capitalism and Freedom

Capitalism and Freedom

Author	Milton Friedman
Cover artist	Steven Cheung
Country	United States
Language	English
Genre	Nonfiction
Publisher	University of Chicago Press
Publication date	1962
Media type	Print (Hardback & Paperback)
Pages	202 (Fortieth anniversary edition)
ISBN	(40th anniversary edition)
OCLC	49672469
Dewey Decimal	330.12/2 21
LC Class	HB501 .F7 2002

Capitalism and Freedom is a book by Milton Friedman originally published in 1962 by the University of Chicago Press which discusses the role of economic capitalism in liberal society. It sold over 400,000 copies in the first eighteen years and more than half a million since 1962. It has been translated into eighteen languages. Friedman argues for economic freedom as a precondition for political freedom. He defines "liberal" in European Enlightenment terms, contrasting with an American usage that he believes has been corrupted since the Great Depression. Many North Americans usually categorized as conservative or libertarian have adopted some of his views. The book finds several realistic places in which a free market can be promoted for both philosophical and practical reasons, with several surprising conclusions. Among other concepts, Friedman advocates ending the mandatory licensing of doctors and introducing a system of vouchers for school education.

Capitalism and Freedom was published nearly two decades after World War II, a time when the Great Depression was still in collective memory. Under the Kennedy and preceding Eisenhower administrations, federal expenditures were growing at a quick pace in the areas of national defense, social welfare, and infrastructure. Both major parties, Democratic and Republican, supported increased spending in different ways. This, as well as the New Deal, was supported by most intellectuals with the justification of Keynesian economics. Capitalism and Freedom introduces the idea of how competitive capitalism can help to achieve economic freedom.