capitalism and freedom by Milton friedman

Title : Capitalism and Freedom Author : Milton Friedman Publisher : University of Chicago Press Publication Date : 1962 Media Type : Print (Hardback and back Genre : Nonfiction ISBN (4th anniv . ed Pages : 202 (4th anniv . ed Introduction An exposition of position and defense Insights on the appropriate responsibility of the government in a free society Economic theory was applied The author Prominent American Economist Laissez-faire capitalist Nobel Prize in Economics awardee Chapter 01 The Relation Between Economic Freedom and Political Freedom Capitalism as a method to make

economic liberty an essential state for political liberty If economic liberty is absent , political liberty is absent Chapter 02 The Role of Government in a Free Society Government should Uphold law and Defend the property rights Be in charge of the money supply Government handling money supply Acknowledged by the public Or declared in the constitution of the state Chapter 03 The Control of Money Progression of currency in America Federal Reserve Act of 1913 Federal Reserver Has authority to direct the supply of money Cannot direct the rate of interest Ill-supervised money supply 1930s Great Depression Should have unfailing regulation Chapter 04 International Financial and Trade Arrangements Elimination of fixed exchange rates (Bretton Woods system Substitution with floating exchange rates Elimination of all trade walls Elimination of voluntary ' export quotas Right answers to the stability of trade predicaments Chapter 05 Fiscal Policy The perpetual spending of the government To balance the wheel Give a hand to the economy Makes the economy less stable The increase in government expenditures brings about an equal increase in GDP Chapter 06 The Role of Government in Education Educational vouchers Students may utilize for education at any institution of their preference Permit underprivileged students to enroll in costly private schools Encourage competition Government should extend financial help to parents of children getting poor education Chapter 07 Capitalism and Discrimination It takes money to discriminate Complicated , given the unfriendly character of market dealings Government should not turn fair employment practices into laws Restrain the liberty to employ someone based on qualifications set by the employer Right-to-work laws must be stopped Chapter 08 Monopoly and the Social Responsibility of Business and Labor 3 forms of monopoly Public monopoly Private monopoly Public regulation All is unpleasant , is preferable Monopolies originate from sources Direct and indirect government involvement is the most frequent The principle of social responsibility Chapter 09 Occupational Licensure Conclusion of all types of state licensure of occupations Primary supporters for licensure are those who want to deny entry of prospective competitors Example No rationalization for licensing doctors since it makes the competence of a medical cartel inferior Chapter 10 The Distribution of Income Inspects the progressive income tax Establishes to redistribute income Discovers the rich benefit from many loopholes Reverses the redistributive effects Excessive to have a standardized flat tax with no deductions Chapter 11 Social Welfare Measures Outlook of Social Security Well-perceived , ill-planned Current system as neither moral nor fair to its contributors (Ponzi scheme Partaking in the Social...