Book recommendation
Capitalism and Freedom
Greetings Prosperous Souls,
Last month I took the plunge and read a book from one of America’s great intellectuals, Milton Friedman. A Nobel-prize winning economist, Friedman is one of the most influential thinkers of the 20th century.
I was born in 1989, so Friedman’s heyday was before my time. He lived well into the 2000s, but I was too young to truly appreciate his economic philosophy. Nevertheless, I found his insights enlightening, and was glad to discover this person I’d heard so much about.
Capitalism and Freedom reads more like a philosophy book. Friedman makes a compelling case for lean government. He warns against the tendency of public institutions to become tyrannical, or in his words, “coercive.”
Friedman writes: “the fundamental threat to freedom is power to coerce, be it in the hands of a monarch, a dictator, an oligarchy, or a momentary majority.”
If you enjoy free market sentiments, you can thank Friedman for mainstreaming this philosophy in the 60s, first with Barry Goldwater’s presidential campaign, and later in the 80s with Reagan’s tenure in the White House. If anything, Friedman’s influence has helped Americans question the role of government in their lives.
Throughout the book, Friedman echoes his desire to equip individuals with as much freedom as possible. It’s rooted in an underdog aesthetic, and Friedman’s anti-establishment rhetoric feels like a breathe of fresh air.
Although Friedman argued for limited government, he did acknowledge “the existence of a free market does not of course eliminate the need for government.” Friedman recognized that government is inevitable. It simply needs to be checked, lest it wreaks havoc on the very people it claims to protect.
On the opposing side, an argument I hear lobbed at Friedman’s philosophy is Trickle Down Economics — the idea that “tax breaks and benefits for corporations and the wealthy will trickle down and eventually benefit everyone.”
But to my surprise, Trickle Down Economics isn’t real. It’s a made up fallacy. Almost like calling someone a unicorn and hoping that label will stick. Consider these words by economist Thomas Sowell:
“There is no such theory [Trickle Down Theory]… I defy anybody to name any economist of any school of thought outside of an insane asylum who had ever advanced that theory. I pointed out that Joseph Schumpeter in his 1,260 page book on the history of economic analysis, printed in very small letters, has no mention of any trickle down... It’s a straw man that’s been created… You show me that theory and I’ll give you a $1,000 down payment toward [some charity]…”
I’ll leave you with this quote by Friedman: “The power to do good is also the power to do harm; those who control the power today may not tomorrow; and, more important, what one man regards as good, another may regard as harm. The great tragedy of the drive to centralization, as of the drive to extend the scope of government in general, is that it is mostly led by men of goodwill who will be the first to rue its consequences.”
In summary, Friedman’s perspective is a refreshing take on the role of government. I pray his philosophy of personal freedom makes a resurgence in America.
Embracing limited government,
Cory De Silva
About: Cory De Silva is an American poet, singer/songwriter, screenwriter, actor, and filmmaker. He has released two studio albums, acted in three feature-length films, and published a small book of poetry. He is a graduate of CSU Long Beach, and lives in Northern California with his wife, Colleen, and their son, Bryght.
I thank you SO MUCH for this writing prompt. I just came out of a City of Green Bay (WI) Redevelopment Authority Zoom meeting. The work of bureaucrat City Planners to develop a city parking lot into luxury apartments, in order to generate needed tax revenue for the city, has been ongoing behind the scenes. Last month it was presented to the City Councli redevelopment authority right before the expiration of a 'planning' deadline that included an option on the land. The citizen elected officials and mayoral appointees were given ONLY an 'up/down' vote on the project. They have to go on record with a vote FOR or AGAINST economic development. Today was their first meeting since the public unveiling of plans that have been under-wraps until now. There was a lot of reaction to those plans since it created an 8 story solid concrete wall hiding an internal parking ramp facing and in some points only 5 feet from the front door of affordable housing lofts plus a church building that was created from a repurposed mall. The Redevelopment Authority members only were able to give an up/down vote for luxury apartments in our downtown. The positive rationale is that it both develops taxable development AND helps offload housing pressure by providing an upper end apartments for those who can afford them (thus freeing up lower end more affordable housing.)
In the end - it's the employed bureaucrats who held the power of process, and who refused to meet with anyone involved, despite repeated requests, from January until April when plans were revealed.
Government had vested interest in more tax base, a capitalistic proposition in and of itself, and in order to get it, ignored, and some say violated, rights on existing property holders. Those existing property holders just so happened to be a church and non-profit mixed use partly privately subsidized housing project. Some made the point that if similar impacts to property had been made to a bank or other private enterprise, everyone would be up in arms, but since it was a non-profit and a church, they were easy to impact.
It is indeed the hearts of ALL CITIZENS no matter their employer, that drives how they engage. It may also be relative economic power and ability (and willingness) to engage in law to bring a lawsuit that drives how they they engage with others, more than whether they are employed by free enterprise, or government. Maybe you see other points - but your post is much more skillfully written and tighter. Thank you for the chance to share a story.