Capitalism And Freedom

“Freedom is a rare and delicate plant. Our minds tell us, and history confirms, that the great threat to freedom is the concentration of power.”

As the title of Capitalism and Freedom suggests, the concept of freedom is a central element of Friedman’s argument. As such, it makes sense that Friedman starts the book by defining freedom and noting some of its key characteristics. By calling freedom “a rare and delicate plant,” he emphasizes that it is something to be nurtured and treasured. Freedom should not be taken for granted; it must be treated with great care. To do so, a society that values freedom must take action to protect it. Since the greatest threat to freedom is concentrated power, people should be wary of it. They must also take steps to disperse power, for instance by advocating small and decentralized governments.

Friedman’s point that history confirms the danger of concentrated power is also meaningful. Throughout the book, he uses historical evidence to illustrate problems that can arise when too few people make an important decision with wide-ranging consequences. One example of this can be found in Chapter 3, in Friedman’s argument that the Fed is largely to blame for the Great Depression.

“Government can never duplicate the variety and diversity of individual action.”

Friedman believes that humankind’s most important achievements, from scientific innovations to advances in industry, agriculture, and the arts, “have never come from centralized government” (3).