Capitalism & Friedman

November 16, 2006

One of the greatest economists of the latter half of the 20th Century has passed.

Milton Friedman will be remembered among free-market, small-government advocates, always and everywhere. I have in mind a specific quote which, if memory serves me right, is from Friedman, but perusing the pages of Capitalism & Freedom has not helped me find the source, so I’ll jot something down, the source of which I’m quite certain:

Political freedom mens the absence of coercion of a man by his fellow men. The fundamental threat to freedom is power to coerce, be it in the hands of a monarch, a dictator, an oligarchy, or a momentary majority. The preservation of freedome requires the elimination of such concentration of power to the fullest possible extent and the dispersal and distribution of whatever power cannot be eliminated - a system of checks and balances. By removing the organization of economic activity from the control of political authority, the market eliminates this source of coercive power.

Anyhow, old video of Friedman is available on the net, through Google video and probably there is some on Youtube, as well. This episdoe is Friedman’s impeccable logic & rhetoric, at his best.

Capitalists everywhere could still learn a thing or three from the late Milton Friedman. It is my hope that they make the effort.


Posted in: Potpourri

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