Top-rated
1980
Government planning and detailed control of economic activity lessens productive innovation, and consumer choice. Good, better, best, are replaced by "approved" or "authorized." Friedman shows how "established" industries or methods, seek government protection or subsidization in their attempts to stop or limit product improvements which they don't control. Friedman visits India, Japan and U.S.
Top-rated
1980
The welfare state arises from the attempt to do good with other people's money. Such attempts always fail because: Nobody spends somebody else's money as carefully as his own. Welfare is supply driven. Those spending the money use force to collect it and to insure those receiving it use it for "right" purposes. Good intentions are corrupted by bad means. Friedman visits U.S. and Britain.
Top-rated
1980
The Declaration of Independence says, "all men are created equal." Friedman explains that this did not mean all persons should or will have equal talents or income. Equal opportunity to better one's self, and the right to personally benefit from the gains realized, are consistent with freedom. Taking from some to give to others destroys freedom and removes the incentive for creating new wealth.
Top-rated
1980
Parental choice and parental responsibility in the education of children is a U.S. tradition and is consistent with a free society. Centralized government control has eroded freedom and adversely affected the quality of education. The poor help pay for education for the future rich. Friedman has long advocated using vouchers to solve the problem. He explains why as he visits the U.S. and Britain.
Top-rated
1980
Various government agencies have been created on the claim that they will protect the consumer. These agencies restrict freedom, stifle beneficial innovation, and become agents for the industries or groups they are intended to regulate. Friedman explains how the apparent chaos of the market place, the competition of many suppliers for business, is the best protection of consumer interests.
Top-rated
1980
Unions sometimes protect some workers - their members - but usually at the expense of other workers. Government protects its employees and special groups of workers at the expense of other workers. Both unions and government restrict freedom. Friedman explains how the competition of employers for the talents of workers leads to the highest wages and best working conditions.
Top-rated
1980
Inflation results when the amount of money printed or coined increases faster than the creation of new goods and services. Money is a "token" of the wealth of a nation. If more tokens are created than new wealth, it takes more tokens to buy the same goods. Friedman explains why politicians like inflation, and why wage and price controls are not solutions to the problem.