Milton Friedman's Capitalism and Freedom: A Binary Economic Critique
AbstractThis article presents a binary economic critique of Milton Friedman's thesis that a competitive, free market, private enterprise, capitalist system is an essential condition for freedom. After identifying deficiencies in Friedman's understanding of private property and economics, this article explains how a market economy based on Friedman's flawed understanding concentrates economic power in a plutocracy, perpetuates chronic underemployment of labor and capital, and suppresses the freedom of most people. It advances a "binary economic approach" to create a more productive and democratic market system characterized by greater, more sustainable, and more widely-distributed prosperity, economic power, and individual freedom than prevails in any existing capitalist economy.
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Bibliographic InfoArticle provided by M.E. Sharpe, Inc. in its journal Journal of Economic Issues.
Volume (Year): 44 (2010)
Issue (Month): 2 (June)
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Web page: http://www.mesharpe.com/mall/results1.asp?acr=jei
growth; invisible hand; Keynes; property rights; wealth concentration;
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