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Milton Friedman, Capitalism and Freedom

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Milton Friedman, Capitalism and Freedom THE BEST OF THE OLL #17 Milton Friedman, “Capitalism and Freedom” (1961) “Economic freedom is an end in itself to a believer in freedom. In the second place, economic freedom is also an indispensable means toward the achievement of political freedom.” Milton Friedman (1912-2007) The Best of the Online Library of Liberty <oll.libertyfund.org/title/2465> The Best of Bastiat <oll.libertyfund.org/title/2477> [March, 2013] 1 Editor’s Introduction Milton Friedman (1912-2007) was a member of the Chicago School of free market economics. He not only made significant contributions to monetary theory (the theory of “monetarism”) but also to economic “It is widely believed that economic history with his monumental A Monetary History of the arrangements are one thing and United States (1963, coauthored with with A. J. Schwartz). Friedman won the Nobel Prize in political arrangements another, that Economics in 1976. In addition to his expertise in any kind of economic arrangement can technical economic matters he was also a gifted popularizer of economics and reached a large audience be associated with any kind of political with his book (with Rose D. Friedman) Capitalism and arrangement. This is the idea that Freedom (1962), weekly columns for Newsweek magazine (1966–84), and TV documentaries (with Rose D. underlies such a term as “democratic Friedman) Free to Choose (1980) and Tyranny of the Status Quo (1984). socialism.” The essential thesis, I This extract is an article he wrote in 1961 for a believe, of a new liberal is that this graduate student run libertarian magazine at the University of Chicago, The New Individualist Review, idea is invalid, that “democratic edited by the historian Ralph Raico. In this essay socialism” is a contradiction in terms, Friedman makes the claim, unusual for the time, that economic and political liberties are intimately linked that there is an intimate connection and that modern day “liberals” were wrong in thinking that they could have political liberties without between economic arrangements and economic liberties being protected as well. political arrangements, and that only He identified himself as being in the 19th century “classical liberal” tradition and strongly rejected what certain combinations are possible.” he called the “orthodox and indeed reactionary” “liberalism” of the late 20th century. Although Friedman thought that economic liberties were valuable in their own right he was appealing to his (social democratic) “liberal” rivals that their much desired political liberties such as freedom of speech and the right to participate in elections would become meaningless in a socialist society where the state was the main employer and where most meetings halls and newspaper presses were owned by the state. In other words, he believed that “economic freedom is ... an indispensable means toward the achievement of political freedom.” 2 “Capitalism and Freedom” (1961)1 federal government. The 19th century liberal is likely to resolve any doubt in the other direction and to emphasize a decentralization of power. IN DISCUSSING the principles of a free society This use of the term liberalism in these two quite it is desirable to have a convenient label and this has different senses renders it difficult to have a convenient become extremely difficult. In the late 18th and early label for the principles I shall be talking about. I shall 19th centuries, an intellectual movement developed resolve these difficulties by using the word liberalism in that went under the name of Liberalism. This its original sense. Liberalism of what I have called the development, which was a reaction against the 20th century variety has by now become orthodox and authoritarian elements in the prior society, emphasized indeed reactionary. Consequently, the views I shall freedom as the ultimate goal and the individual as the present might equally be entitled, under current ultimate entity in the society. It supported laissez faire at conditions, the “new liberalism,” a more attractive home as a means of reducing the role of the state in designation than “nineteenth century liberalism.” economic affairs and thereby avoiding interfering with the individual; it supported free trade abroad as a means of linking the nations of the world together “It is widely believed that economic peacefully and democratically. In political matters, it arrangements are one thing and supported the development of representative government and of parliamentary institutions, political arrangements another, that reduction in the arbitrary power of the state, and any kind of economic arrangement can protection of the civil freedoms of individuals. Beginning in the late 19th century, the intellectual be associated with any kind of political ideas associated with the term liberalism came to have arrangement. This is the idea that a very different emphasis, particularly in the economic area. Whereas 19th century liberalism emphasized underlies such a term as “democratic freedom, 20th century liberalism tended to emphasize welfare. I would say welfare instead of freedom though socialism.” The essential thesis, I the 20th century liberal would no doubt say welfare in believe, of a new liberal is that this addition to freedom. The 20th century liberal puts his reliance primarily upon the state rather than on private idea is invalid, that “democratic voluntary arrangements. socialism” is a contradiction in terms, The difference between the two doctrines is most striking in the economic sphere, less extreme in the that there is an intimate connection political sphere. The 20th century liberal, like the 19th century liberal, puts emphasis on parliamentary between economic arrangements and institutions, representative government, civil rights, and political arrangements, and that only so on. And yet even here there is an important difference. Faced with the choice between having the certain combinations are possible.” state intervene or not, the 20th century liberal is likely to resolve any doubt in favor of intervention; the 19th It is widely believed that economic arrangements century liberal, in the other direction. When the are one thing and political arrangements another, that question arises at what level of government something any kind of economic arrangement can be associated should be done, the 20th century liberal is likely to with any kind of political arrangement. This is the idea resolve any doubt in favor of the more centralized level that underlies such a term as “democratic socialism.” —the state instead of the city, the federal government The essential thesis, I believe, of a new liberal is that instead of the state, a world organization instead of a this idea is invalid, that “democratic socialism” is a 1 New Individualist Review, editor-in-chief Ralph Raico, introduction by Milton Friedman (Indianapolis: Liberty Fund, 1981). Chapter: Milton Friedman, Capitalism and Freedom. <oll.libertyfund.org/title/2136/195245 >. 3 contradiction in terms, that there is an intimate They tend to express contempt for what they regard as connection between economic arrangements and material aspects of life and to regard their own pursuit political arrangements, and that only certain of allegedly higher values as on a different plane of combinations are possible. significance and as deserving special attention. But for It is important to emphasize that economic the ordinary citizen of the country, for the great masses arrangements play a dual role in the promotion of a of the people, the direct importance of economic free society. On the one hand, “freedom” in economic freedom is in many cases of at least comparable arrangements is itself a component of freedom broadly importance to the indirect importance of economic understood, so “economic freedom” is an end in itself freedom as a means of political freedom. to a believer in freedom. In the second place, economic freedom is also an indispensable means toward the “Viewed as a means to the end of achievement of political freedom. The first of these roles of economic freedom needs political freedom, economic special emphasis. The citizen of Great Britain who arrangements are essential because of after World War II was not permitted, by law, to spend his vacation in the United States because of exchange the effect which they have on the control was being deprived of an essential freedom no concentration or the deconcentration of less than the citizen of the United States who was denied the opportunity to spend his vacation in Russia power.” on the grounds of his political views. The one was ostensibly an economic limitation on freedom and the VIEWED AS a means to the end of political other a political limitation, yet there is no essential freedom, economic arrangements are essential because difference between the two. of the effect which they have on the concentration or The citizen of the United States who is compelled the deconcentration of power. A major thesis of the by law to devote something like 10% of his income to new liberal is that the kind of economic organization the purchase of a particular kind of retirement that provides economic freedom directly, namely, contract, administered by the government, is being organization of economic activities through a largely deprived of a corresponding part of his own personal free market and private enterprise, in short through freedom. How strongly this particular deprivation may competitive capitalism, is also a necessary though not a be felt, and its closeness to the deprivation of religious sufficient condition for political freedom. The central freedom, which all would regard as “civil” or reason why this is true is because such a form of “political” rather than “economic,” was dramatized by economic organization separates economic power from the recent episode involving a group of Ohio or political power and in this way enables the one to be an Pennsylvania farmers of a particular religious sect. On offset to the other. Historical evidence speaks with a grounds of principle, this group regarded compulsory single voice on the relation between political and federal old age programs as an infringement on their economic freedom.
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