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Essay / Research Paper Abstract
6 pages in length. In his book entitled "Capitalism and Freedom," Milton Friedman describes competitive capitalism as a system based on the elementary - yet frequently denied - proposition that both parties to an economic transaction benefit from it, provided the transaction is bi-laterally voluntary and informed. Employing a combination of theoretical or empirical arguments, Friedman asserts the need for a guaranteed income, to supersede centralized
bureaucratized social welfare services, which he states are counterproductive to the priorities of individualism, human incentive and productivity. No additional sources cited.
Page Count:
6 pages (~225 words per page)
File: LM1_TLCfried.doc
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proposition that both parties to an economic transaction benefit from it, provided the transaction is bi-laterally voluntary and informed" (Friedman PG). Employing a combination of theoretical or empirical arguments,
Friedman asserts the need for a "guaranteed income, to supersede centralized bureaucratized social welfare services" (Friedman PG), which he states are counterproductive to the priorities of individualism, human incentive and
productivity. Because of Americas declining "classical" liberal traditions which gave birth to her, the nation is losing many of its individual rights within
what is called a free society, ultimately serving to erode the capitalistic base - the only economic system which can truly uphold and protect these rights. In Capitalism and
Freedom, Friedman contends competitive capitalism has a pertinent role in society when most economic activity travels through private enterprise within a free market environment (Friedman PG). Friedman questions the
assumption that the will of the majority is always the correct one and implies that the goal of government should be to secure freedom, equality, and justice for all within
the state, regardless of the will of the majority. One of the most important principles of Friedmans political philosophy the reader can surmise is that politics and morality should
not be separated. Friedmans implication is that when a state fails to act in a morally acceptable fashion, it ceases to function in the proper manner and ceases to
exert genuine authority over the individual. According to Friedman, competitive capitalism remains powerful and persistent because of its rationality, a concept that the
author notes as being typically characteristic of Western capitalism. Influenced by cultural superiority and class stature, Friedman also alludes to the fact that a biological basis had much to
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