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Essay / Research Paper Abstract
A five page paper which looks at Friedman’s philosophy and arguments in Capital and Freedom and investigates his central theme with regard to the free market and the role of government in business. The writer considers how the concept of enterprise monopoly is refuted by Friedman and under what circumstances such monopolies might be successful.
Bibliography lists 1 source.
Page Count:
5 pages (~225 words per page)
File: JL5_JLfriedman1.doc
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Unformatted sample text from the term paper:
relative unimportance from the point of view of the economy as a whole" (Friedman 121) it is necessary to look at Friedmans economic philosophy as a whole and identify the
central themes of his argument in Capitalism and Freedom. The central ideology which underpins all his writing is a firm belief in the responsibility
of each individual for themselves. He asserts that our freedoms are granted by the constitution and we should be able to exercise our rights without hindrance from governments or other
external organizations. The system which he asserts will come the closest to achieving this aim is the establishment of a representative government which exercises
minimal restraint over individuals in order to allow the freedom for each person to exercise maximum creativity and fulfill their own potential. He concluded that in economic terms, the best
way of promulgating this was by way of capitalism and a free market economy - namely, one in which the market found its own level through competition and was not
hampered or constrained by government intervention. He was strongly against any system which devolved too much power and control to the State, feeling
that political power was a corrupting influence which would negate even the best ethical intentions of individuals granted too much power and ruling influence. (The rapid transition from communism to
Statism in Russia after the revolution is a good example of this, in the way in which power was not in the hands of the people as Marxist theory would
suggest, but rather in the hands of an inner circle of the Party who came to exert undue and repressive influence over the majority of the population.)
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