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Milton Friedman's Capitalism and Freedom: A Binary Economic Critique

  • Robert Ashford
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    This 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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    File URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=DP07417V65351785
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    Article provided by M.E. Sharpe, Inc. in its journal Journal of Economic Issues.

    Volume (Year): 44 (2010)
    Issue (Month): 2 (June)
    Pages: 533-542

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    Handle: RePEc:mes:jeciss:v:44:y:2010:i:2:p:533-542
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