Milton Friedman was born on 1912, during the early 20th century. He made major contributions to the fields of macroeconomics, microeconomics, economic history and statistics (Wikipedia). He has been awarded prizes for the demonstration of his theories. The 20th century can be described as a time where politics were truly centralized. Dictatorships and autocratic governments were being formed all over the world, and with that it created some unpleasant living conditions for some nations. Not only does political power has its influence during the 20th century, but also the upheaval of modern economics. Economics has always been around when there was money or something in exchange for monetary value. However it flourished when thinkers such as Adam Smith and Karl Marx developed many theories that utilized economics in organizations and/or everyday life.
A portrait of Karl Marx.
Capitalism
ABUSES OF CAPITALISMFriedman observed these economic movements in history and incorporated the theories into 20th century politics. Friedman wrote the book "Capitalism and Freedom". In this book we can see that he is a promoter of the free market. His views are heavily influenced by the wronging of political interference. Friedman is against government intervention and he believes that government intervention produces more problems then it solves. Throughout the book he points out the many areas of economics where government intervention is a failure. Also how the government can severely limit freedom within individuals.
To name a few:Germany during WW2, South Korea, China, and a few Middle Eastern countries all share the similarities where government power is centralized thus limiting freedom.
The book starts off talking about the relationship between the political and economical freedom. He suggests that the power of government must be limited to protecting individuals and their rights. He further argues that to ensure security in governments abusing their power, their power should be...