Sunday, 18 September 2011

Milton Friedman- Capitalism and Freedom

How can one live in assurance that his personal freedom is secured with power being exercised in political hands? Milton Friedman through a set of revolutionary statements and several renowned books answers such a question with avid support towards Capitalism. Capitalism has appealed to me more than any other economic system through Friedman's influence and it seems it is the only approach worthy of the ideals of free men in a free society. It has occurred to me on both the personal and professional fronts that the free enterprise means of ownership, production and fiscal policy is the very definition of freedom. One may challenge such a prospect, arguing that such a system is abundant with the tenets of greed, inequality and corruption.
Such a problem can be approached from two standpoints, firstly the fact that there exists no economic system free from greed. A system that fosters competitiveness and prosperity is often viewed as frugal, gluttonous  and self-indulgent.
Secondly the belief that through a political platform such as government one can exercise policy and strategy to preserve ones individual freedom.
It also becomes overt the fact that Economic freedom and Political freedom are intimately related. Nevertheless, the human society, regardless of Friedman's influence ,assumes their own position in a highly competitive world market. The similitude  such a stance by the working class citizens of the world is that of a transistor on a silicon chip, a mere cog in the system.

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