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Why This Book Matters:

Capitalism and Freedom is an ongoing discussion about economic and political liberty.

The Big Takeaways:

  1. Economic and political liberty function on small government.
    1. If Free markets can thrive when the government limits itself.
  2. An increase in government expenditure does not necessarily generate economic development.
    1. The Great Depression saw that people saved their money instead of spending it when the government decided to increase spending.
  3. The government should limit the position they play in monetary policy.
    1. Increasing the supply of money should be set to a fixed total each year.
  4. The government should play a small role in education.
    1. In an ideal situation, schools would receive funding based on the number of students they have instead of property taxes.
  5. Inept welfare plans should be substituted for a negative income tax.
    1. Individuals can protect their individual freedom if they are able to choose what they spend their excess income on.

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