Knowra Capitalism and Freedom Capitalism and Freedom A 1962 book by Milton Friedman arguing that economic freedom supports political freedom. It advocates limited government, competitive markets, and voluntary exchange.
Economic freedom : The ability to choose how to earn, spend, save, invest, and exchange within an economic system. Friedman treats choice in markets as a foundation for political independence.
Milton Friedman : An American economist known for research on monetary economics and advocacy of free markets. He wrote the book and developed its arguments about markets and government.
School vouchers : Publicly funded certificates that families can use toward tuition at eligible schools. Friedman proposed vouchers as a way to introduce choice into education.
The Road to Serfdom : A 1944 book by Friedrich Hayek warning that extensive economic planning threatens political liberty. Hayek’s earlier argument helped frame Friedman’s connection between economic control and political power.
Chicago school of economics : A group of economists associated with the University of Chicago and market-oriented economic analysis. Friedman’s arguments became closely associated with this school’s public identity.
Political freedom : The ability to participate in public life and act without undue state coercion. The book argues that economic freedom helps sustain this freedom.
Classical liberalism : A political tradition emphasizing individual liberty, private property, limited government, and markets. The book’s defense of liberty and restricted state power draws on this tradition.
Conscription : Compulsory service in a country’s armed forces. The book criticizes the draft and favors voluntary military service.
Great Depression : A worldwide economic collapse beginning in 1929 and lasting through much of the 1930s. The crisis intensified disputes over markets, state intervention, and economic stability.
Neoliberalism : A political and economic movement favoring markets, privatization, and limits on state economic management. The book is often discussed in accounts of the movement’s intellectual roots.
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