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 4,7

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One of TIME magazine’s All-TIME 100 Best Nonfiction BooksOne of Times Literary Supplement’s 100 Most Influential Books Since the WarOne of National Review’s 100 Best Nonfiction Books of the Century​One of Intercollegiate Studies Institute’s 50 Best Books of the 20th CenturyHow can we benefit from the promise of government while avoiding the threat it poses to individual freedom? In this classic book, Milton Friedman provides the definitive statement of an immensely influential economic philosophy—one in which competitive capitalism serves as both a device for achieving economic freedom and a necessary condition for political freedom.​First published in 1962, Friedman’s Capitalism and Freedom is one of the most significant works of economic theory ever written. Enduring in its eminence and esteem, it has sold nearly a million copies in English, has been translated into eighteen languages, and continues to inform economic thinking and policymaking around the world. This new edition includes prefaces written by Friedman for both the 1982 and 2002 reissues of the book, as well as a new foreword by Binyamin Appelbaum, lead economics writer for the New York Times editorial board.

At this time of writing, The Ebook Capitalism and Freedom has garnered 9 customer reviews with rating of 5 out of 5 stars. Not a bad score at all as if you round it off, it’s actually a perfect TEN already. From the looks of that rating, we can say the Ebook is Good TO READ!

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First of all if you're new to Milton Friedman, you should know that his talent as a public speaker and debater is even greater that his talent as a writer. I’ve heard most of the key ideas explained in this book in MF's lectures that he delivered during his later speaking tour called "Freedom to Choose" (and which are now available on YouTube and DVD), and enjoyed them more in that format. So if you haven't watched them, maybe you should start from there.Secondly, if you're looking not so much for Milton Friedman's ideas per se, but rather for the best libertarian / classical liberal's arguments, I'd recommend the excellent Paul Graham's (YCombinator's founder) blog and in particular his long "Economic Inequality" essay from January, 2016. When Milton Friedman was writing his book, the most pressing topics around inequality were monopolies, labor unions, differential taxation rates, import barriers, and public education. True, some of these issues are still being ruminated in the news, but now there are some new forces and insights that are covered neither in this book nor in MF’s lectures.The chief among these new trends is that modern technology enables people with very high intelligence to become uber wealthy quickly. In 1950s most college graduates with very high IQs chose to become professors, engineers, doctors or lawyers and then proceed to earn their upper middle class salaries. In 2019, many of the equally gifted people create tech, biotech or fintech startups instead, becoming super rich and sometimes automating away some previous jobs in the process. While this changes none of MF’s arguments, this new economic reality and its implications are well described in the aforementioned essay.The second modern trend, which some scholars (Yuval Harari) and politicians (Andrew Yang) believe exists and some scholars (Bryan Caplan) and most politicians deny, is the emergence of the “useless class”: people who will in principle become unemployable because their current professions will become obsolete (for instance, truck, cab drivers, and most of warehouse and retail workers), but there will be no new jobs for their level of skills and abilities. This was not a concern in 1950s so there is nothing in MF’s book about it. For a comprehensive analyses of this new phenomenon look for Andrew Yang’s excellent book “The War on Normal People”.The third recent trend is also connected to technology. Whereas one of the grounds on which MF advances against monopolies and governments controlling the industries is the insuperable lack of information processing power that can be had in a particular place, it is becoming less and less true with the proliferation of weak AI’s. Using software, modern monopolies are probably providing better options to their customers than competitive industries did when MF was righting this book.When you overlay these three recent trends and add to it the advances in mass media & surveillance technologies and the insatiable appetite of some people for power, you can make a compelling argument that in the future capitalism is likely to be superseded by some technocratic dictatorship(s). This again was not on the table in 1950s, but if you’re interested to understand why the chances of it are well above zero. Grab a copy of Yuval Harari’s “Homo Deus”.

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