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Milton Friedman and Free-Market Capitalism Milton Friedman is known worldwide for his belief in defending free-market capitalism and his faith that it can proficiently and impartially distribute wealth throughout a nation Most of Friedmans peers are not able to put that same amount of confidence in the ability of the market as he Friedman has suspicions of government interference in the business of a nations economy These suspicions are based on his belief in a limited government and that a capitalist economy free of government interference would provide the best choices for a consumer Instead of being so involved in the market he believes that the government has a responsibility to keep a high standard of living through certain functions like defense education and public utilities and set certain laws regarding economic policy in order to keep in check the game of economics Friedman 25 Friedman suggests that the government pass a legislated rule instructing the monetary authority to achieve a specified rate of growth in the stock of money Friedman 54 Besides serving this purpose Friedman believes the governments interference is detrimental Friedmans Suspicions of Government Interference The United States government portrays the idea that without government intervention societys economic growth would stagger According to Friedman economic growth and stability are due to the reduction of government interference Friedman has many reasons for why he believes that government interference in the economy is not good He believes that the government creates monopolies and impedes on personal freedoms and liberties He argues that although the government has to take care of basic essentials of its people it should have as small a role as possible Friedmans attitude is similar to that of Adam Smith who believed in Laissez-faire a capitalistic economy free of governmental restrictions and regulations Smith also believed that the government was supposed to promote well-being not to sustain or accelerate economic growth Heilbroner Milberg 117 Monopoly
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