Capitalism and Freedom (Phoenix Books) by Milton Friedman

By Milton Friedman

Within the vintage bestseller, Capitalism and Freedom, Milton Friedman provides his view of the right kind function of aggressive capitalism--the association of financial job via deepest company working in a unfastened market--as either a tool for attaining financial freedom and an important for political freedom. starting with a dialogue of ideas of a liberal society, Friedman applies them to such regularly urgent difficulties as financial coverage, discrimination, schooling, source of revenue distribution, welfare, and poverty."Milton Friedman is among the nation's extraordinary economists, individual for striking analytical powers and technical virtuosity. he's unfailingly enlightening, self sustaining, brave, penetrating, and chiefly, stimulating."-Henry Hazlitt, Newsweek"It is a unprecedented professor who enormously alters the contemplating his specialist colleagues. it is a good rarer person who is helping rework the area. Friedman has performed both."-Stephen Chapman, Chicago Tribune

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Our legal structure is full of such distinctions among kinds of issues that require different kinds of majorities. At the extreme are those issues embodied in the Constitution. These are the principles that are so important that we are willing to make minimal concessions to expediency. Something like essential consensus was achieved initially in accepting them, and we require something like essential consensus for a change in them. The self-denying ordinance to refrain from majority rule on certain kinds of issues that is embodied in our Constitution and in similar written or unwritten constitutions elsewhere, and the specific provisions in these constitutions or their equivalents pro- Page 25 hibiting coercion of individuals, are themselves to be regarded as reached by free discussion and as reflecting essential unanimity about means.

The economic decline was more severe than during the first year of most contractions, possibly in response to the stock market crash plus the unusually tight monetary conditions that had been maintained since mid-1928. But it showed no qualitatively different characteristics, no signs of degenerating into a major catastrophe. Except on naïve post hoc ergo propter hoc reasoning, there is nothing in the economic situation as it stood in, say, September or October, 1930 that made the continued and drastic decline of the following years inevitable or even highly probable.

At the extreme are those issues embodied in the Constitution. These are the principles that are so important that we are willing to make minimal concessions to expediency. Something like essential consensus was achieved initially in accepting them, and we require something like essential consensus for a change in them. The self-denying ordinance to refrain from majority rule on certain kinds of issues that is embodied in our Constitution and in similar written or unwritten constitutions elsewhere, and the specific provisions in these constitutions or their equivalents pro- Page 25 hibiting coercion of individuals, are themselves to be regarded as reached by free discussion and as reflecting essential unanimity about means.

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