This, he points out decidedly, is because a robust private economy will provide its own means to put checks on the government’s power naturally. From the introduction, Friedman portrays himself as person who advocates for dispersed and limited government authority, through which he goes on to define the relationship between political freedom and economic freedom. This paper will present a book review of Capitalism and Freedom.
Milton Friedman was born in Brooklyn, New York, in 1912 to Jewish immigrants from Ukraine. A high school graduate before reaching the age of 16, he won a Rutgers University scholarship to study economics and mathematics, and yet another one at the University of Chicago for a master’s degree. After failing to secure an academic profession at the time of the Great Depression, he chose to work as an economist in the administration of President Roosevelt (Bernanke 19). Initially, he was an adept believer of Keynesian economics but changed his stand and believed that the fixing of prices and wages by the government was a barrier to the recovery of the conditions caused by the Great Depression. Throughout the Second World War, he was working at Columbia University’s Division of War Research and in 1946, earned his PhD which also secured his teaching job at the University of Chicago. In a period of three decades, he established the Chicago School of Libertarian Economics, which was one of his key contributions towards the study of economics. He was also at one point a senior research fellow at the University of Chicago’s Paul Snowden Russell Distinguished Service Professor Emeritus of Economics and the Stanford University’s Hoover Institution. His experience in the field of economics was an influential factor during the presidential campaigns of Barry Goldwater and President Nixon, through which floating the dollar and fluctuating exchange rates were accepted.