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Capitalism and Freedom
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| Words: 1593 | Submitted: 05-Dec-2011
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DescriptionThe essay is about how capitalist idea has influenced the freedom of choice to different consumers.
Capitalism and Freedom:
According to the dictionary.com, capitalism can be conventionally defined along economic terms as the economic system whereby the production and distribution means are corporately or privately owned. The development is proportional to the reinvestment and accumulation of profits gained in a free market. Politically, it can be defined as a social system based on the code of individual rights. For an economic system to prosper, both the privately and corporately owned channels of distribution and production must have the individual and property rights as scheduled. The only avenue to having an economic system that fits the first definition is to have a political system that fits the second definition. The first being an implication onto the second one. The second is fundamental and since it is the cause of the first one, it is the more useful definition and is preferable (Goodman 2005).
Capitalism is the solitary morally upright political system since it is the one and only system devoted to the protection of rights, which is needed for human endurance and success. It is the one and only proper role of the government. Capitalism must be shielded heartily on a moral basis. It should not be done on an economic or utilitarian basis. On the other hand, freedom can be defined as the condition of being free of restraints or the liberation of an individual from slavery, detention, or oppression. In simple terms, it refers to the political independence which is the exemption from the subjective exercise of power in the performance of a definite action for example the civil liberty or the freedom of assembly.
The major and very dramatic theme in Milton Friedman’s book Capitalism and Freedom is the role of competitive capitalism. This book contains classical and very informative libertarian thoughts which strongly influence the defense of the idea of the capitalism. The competitive capitalism strongly influences and dictates the political environment in a country. The minor theme portrayed in the book is the role of government in a free society where the markets determine the economic activities. He claims that there are only certain combinations of both economic and political arenas which could be possible, others cannot take place. For instance, a socialist society cannot at the same time be a democratic one because it does not guarantee individuals’ freedom at all. This therefore implies that a capitalist society is a very necessary prerequisite for the development and attainment of democracy.
Economic freedom refers to the freedom of exchange. This is the ability to sell or buy without any legal restriction. Friedman considers this as a necessary constituent of freedom since it is a restriction of a range of actions and ...
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