Capitalism and Freedom
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.