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Capitalism and Freedom: Fortieth Anniversary Edition
This excerpt from Milton Friedman's Capitalism and Freedom discusses the relationship between economic and political freedom. Friedman argues that competitive capitalism fosters individual liberty by dispersing power and creating a system of proportional representation, contrasting it with centrally planned economies. He critiques various government interventions, such as social welfare programs and price controls, demonstrating how they often lead to unintended negative consequences and limit freedom. He advocates for limited government with a focus on maintaining law and order, enforcing contracts, and protecting property rights, while emphasizing the importance of free markets in promoting both economic prosperity and political liberty. Finally, he proposes a negative income tax as a more efficient alternative to existing welfare programs.
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Published on 1 year ago