Milton Friedman

4.21127 learners

In *Capitalism and Freedom*, Nobel Prize-winning economist Milton Friedman dismantles the myth that politics and economics operate independently, arguing that economic freedom is not just a path to prosperity—it’s the bedrock of political liberty. He critiques decades of government overreach, from the New Deal’s interventionist policies to occupational licensing, mandatory Social Security, and progressive taxation, showing how these measures erode individual choice and stifle innovation. Friedman reframes the Great Depression as a failure of Federal Reserve policy, not inherent flaws in capitalism, and outlines a vision of limited government: acting as a rule-maker and referee, addressing only market failures like externalities or natural monopolies, while leaving most economic activity to voluntary exchange. He proposes concrete reforms—school vouchers to expand educational choice, a negative income tax to replace inefficient welfare programs, floating exchange rates for global trade—to restore freedom and equity, proving that free markets protect minorities, check concentrated power, and deliver greater prosperity than centralized control.

Milton Friedman；Anna Jacobson Schwartz

4.51098 learners

Co-authored by Milton Friedman and Anna J. Schwartz, *A Monetary History of the United States* is a landmark work spanning 93 years of U.S. economic and financial history (1867–1960). Through rigorous empirical analysis, the book traces fluctuations in the money supply and their profound, often underrecognized, impact on pivotal events—from the paradoxical Greenback Era where deflation coincided with rapid economic growth to bitter gold-silver debates, the creation of the Federal Reserve, the catastrophic policy failures of the Great Depression, and post-WWII monetary policy evolution. Challenging conventional wisdom, Friedman and Schwartz argue that changes in the money stock are independent drivers of economic booms and busts, not just passive responses to shifts. This seminal text redefined monetary policy’s role, offering timeless insights into how monetary decisions shape national prosperity and crisis.

John Steele Gordon

3.81075 learners

John Steele Gordon’s *The Great Game* delivers an electrifying, page-turning account of Wall Street’s evolution—from its gritty beginnings as a Dutch defensive wall in 17th-century New Amsterdam to its ascent as the world’s dominant financial hub. Gordon brings to life the larger-than-life figures who shaped its destiny: Alexander Hamilton, whose bold fiscal framework turned a fledgling nation into an economic powerhouse; Cornelius Vanderbilt, the tough-as-nails shipping tycoon who outmaneuvered Wall Street’s shadiest speculators to control railroads; and J.P. Morgan, the legendary banker who rescued America from catastrophic financial panics. He doesn’t sugarcoat the chaos: the tulip bubble’s lasting legacy, the 1929 stock market crash, the 2008 subprime crisis, and the endless battle between regulation and unbridled greed. More than a history of a street, this book is a chronicle of America itself—how financial innovation, ambition, and resilience forged the nation’s identity and global influence.