Free to Choose, Essay Example

The book written by Milton and Rose Friedman called “Free to Choose” is a personal statement about economics, free markets and capitalism. This is an introduction to economics commentary concerning the concepts of political philosophy based on human freedom and economic freedom. The premise is capitalism is driven by an phenomena of “price” which all people involved in the process automatically do what is best for the economy but for self-centered reasons that contribute to millions of people working to economic success. The goal of the paper is to discuss each chapter as it relates to economic and human freedom.

Chapter 1

The first chapter discusses how people can work together from different lands, countries, languages and backgrounds yet they find a way to achieve economic success without being told how to do it. The question is asked how to men that work as loggers from France, England, Germany, United States and other foreign countries work in perfect harmony based on the price system.

Chapter 2

The chapter two discussion concerns the tyranny of controls which put restrictions on the economic and human processes to gain an advantage for the merchants and business owners. The business point of view that the taxes and tariffs are for the protection of the products, conversely the merchants are protecting their business from competition. The market uses the price to most fit the economic success of the business not the economy. The best product for the lowest prices is circumvented by the merchants to protect their interest not the interest of the entire economic health.

Chapter 3

The chapter two discuss talks about the anatomy of crisis as the “Great Depression” as the example of the unstable system that requires government intervention. This chapter explains that the Great Depression was not a market failure because the 1929 stock market crash but because the government for not regulating the price of the current market currency.

Chapter 4

The chapter 4 discusses the problems with government entitlement programs that started as humanitarian actions to ensure the American people would have a program that would help them survive for a life time. However, the Friedman’s explain the problems such as social security has more people taking out then more people paying into social security which cannot be sustained.

Chapter 5

The chapter five discussion makes the point that in American all things are not create equal but capitalism does benefit the poor and the wealthy. However, without controls on the economic process the gap between the upper class and poor continues to grow exponentially.

Chapter 6

The chapter 6 discusses how the free market principle has destroy the United States educational system. The bottom line is the government has too much involvement and responsibility given to the government to guide our children’s educational futures. According to the Friedman’s the process is flawed because government determines the quality of education not the schools and universities.

Chapter 7

The chapter 7 discusses how the government protects the state, the country, legislations, governors and the President of the United States, however no one protects the people. The best by the authors is the pharmaceutical companies protect their interest at the cost of the American people.

Chapter 8

The chapter 8 discusses how the business market of employment and wages does not protect the employee because the free market systems allows the stockholders and business owners gain the most from the profits. The higher wages paid to the employees come at the cost of lower paid employees who drive the capital process.

Chapter 9

In chapter 9 the Friedman’s give a simply explanation for inflation from the Great Depression to the existing market this rule can be applied. The government prints more money regardless of the type of national deficits it causes. All the money that the United States prints is just a tax on the money already in circulation.

Chapter 10

The chapter 10 discusses how the tide is turning that people no longer believe that more government is less freedom is working. The people want more control and input in the decisions that are made by the government. The government elected officials are too far removed from the people making decisions that do not represent the will of the people.