Free to Choose
Encyclopedia
Free to Choose is a book (ISBN 978-0-15-633460-0) and a ten-part television series broadcast on public television by economists Milton
and Rose D. Friedman
that advocates free market
principles.
Milton Friedman won the Nobel Memorial Prize in Economics in 1976. Contrary to normal practice the book was written after the TV series was produced, although the line "Basis for the acclaimed public television triumph" is written on the front cover, using the program transcripts as reference. The book was on the United States
best sellers list for 5 weeks.
PBS
telecast the series, beginning in January 1980; the general format was that of Dr. Friedman visiting and narrating a number of success and failure stories in history, which Dr. Friedman attributes to capitalism or the lack thereof (e.g. Hong Kong
is commended for its free markets, while India
is excoriated for relying on centralized planning especially for its protection
of its traditional textile industry
). Following the primary show, Dr. Friedman would engage in discussion with a number of selected debaters drawn from trade unions, academy and the business community, such as Donald Rumsfeld
(then of G.D. Searle & Company) and Frances Fox Piven
of City University of New York
. The interlocutors would offer objections to the proposals put forward by Friedman, who would in turn respond.
The series was rebroadcast in 1990 with Linda Chavez
moderating the episodes. Arnold Schwarzenegger
, Ronald Reagan
, Steve Allen
and others give personal introductions for each episode in the series. This time, after the documentary part, Friedman sits down with a single opponent to debate the issues raised in the episode.
economic policies, often criticizing interventionist government policies and their cost in personal freedoms and economic efficiency in the United States and abroad. The authors argue against government taxation on gas
and tobacco and government regulation of the public school systems. The Friedmans argue that the Federal Reserve exacerbated the Great Depression
by neglecting to prevent the decline of the money supply
in the years leading up to it.
On the subject of welfare
, the Friedmans argue that current welfare practices are creating "wards of the state" as opposed to "self-reliant individuals" and suggest a negative income tax
as a less harmful alternative. The Friedmans also argue for abolishing the Food and Drug Administration
, tighter control of Fed money supply, and the repeal of laws favoring labor unions
.
Milton Friedman
Milton Friedman was an American economist, statistician, academic, and author who taught at the University of Chicago for more than three decades...
and Rose D. Friedman
Rose Friedman
Rose Director Friedman , also known as Rose D. Friedman and Rose Director was a professor at the University of Chicago Law School. She was the wife of Milton Friedman , the winner of the 1976 Nobel Prize in Economics, and sister of Aaron Director...
that advocates free market
Free market
A free market is a competitive market where prices are determined by supply and demand. However, the term is also commonly used for markets in which economic intervention and regulation by the state is limited to tax collection, and enforcement of private ownership and contracts...
principles.
Overview
Free to Choose: A Personal Statement maintains that the free market works best for all members of a society, provides examples of how the free market engenders prosperity, and maintains that it can solve problems where other approaches have failed. Published in January 1980, the 297 page book contains 10 chapters.Milton Friedman won the Nobel Memorial Prize in Economics in 1976. Contrary to normal practice the book was written after the TV series was produced, although the line "Basis for the acclaimed public television triumph" is written on the front cover, using the program transcripts as reference. The book was on the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
best sellers list for 5 weeks.
PBS
Public Broadcasting Service
The Public Broadcasting Service is an American non-profit public broadcasting television network with 354 member TV stations in the United States which hold collective ownership. Its headquarters is in Arlington, Virginia....
telecast the series, beginning in January 1980; the general format was that of Dr. Friedman visiting and narrating a number of success and failure stories in history, which Dr. Friedman attributes to capitalism or the lack thereof (e.g. Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
is commended for its free markets, while India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
is excoriated for relying on centralized planning especially for its protection
Protectionism
Protectionism is the economic policy of restraining trade between states through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations designed to allow "fair competition" between imports and goods and services produced domestically.This...
of its traditional textile industry
Textile industry
The textile industry is primarily concerned with the production of yarn, and cloth and the subsequent design or manufacture of clothing and their distribution. The raw material may be natural, or synthetic using products of the chemical industry....
). Following the primary show, Dr. Friedman would engage in discussion with a number of selected debaters drawn from trade unions, academy and the business community, such as Donald Rumsfeld
Donald Rumsfeld
Donald Henry Rumsfeld is an American politician and businessman. Rumsfeld served as the 13th Secretary of Defense from 1975 to 1977 under President Gerald Ford, and as the 21st Secretary of Defense from 2001 to 2006 under President George W. Bush. He is both the youngest and the oldest person to...
(then of G.D. Searle & Company) and Frances Fox Piven
Frances Fox Piven
Frances Fox Piven is an American professor of political science and sociology at The Graduate Center, City University of New York, where she has taught since 1982.-Life and education:...
of City University of New York
City University of New York
The City University of New York is the public university system of New York City, with its administrative offices in Yorkville in Manhattan. It is the largest urban university in the United States, consisting of 23 institutions: 11 senior colleges, six community colleges, the William E...
. The interlocutors would offer objections to the proposals put forward by Friedman, who would in turn respond.
The series was rebroadcast in 1990 with Linda Chavez
Linda Chavez
Linda Chavez is an American author, commentator, and radio talk show host. She is also a Fox News analyst, Chairman of the Center for Equal Opportunity, has a syndicated column that appears in newspapers nationwide each week, and sits on the Board of Directors of two Fortune 1000 companies:...
moderating the episodes. Arnold Schwarzenegger
Arnold Schwarzenegger
Arnold Alois Schwarzenegger is an Austrian-American former professional bodybuilder, actor, businessman, investor, and politician. Schwarzenegger served as the 38th Governor of California from 2003 until 2011....
, Ronald Reagan
Ronald Reagan
Ronald Wilson Reagan was the 40th President of the United States , the 33rd Governor of California and, prior to that, a radio, film and television actor....
, Steve Allen
Steve Allen
Steve Allen may refer to:*Steve Allen , American musician, comedian, and writer*Steve Allen , presenter on the London-based talk radio station LBC 97.3...
and others give personal introductions for each episode in the series. This time, after the documentary part, Friedman sits down with a single opponent to debate the issues raised in the episode.
Positions advocated
The Friedmans advocate laissez-faireLaissez-faire
In economics, laissez-faire describes an environment in which transactions between private parties are free from state intervention, including restrictive regulations, taxes, tariffs and enforced monopolies....
economic policies, often criticizing interventionist government policies and their cost in personal freedoms and economic efficiency in the United States and abroad. The authors argue against government taxation on gas
Fuel tax
A fuel tax is an excise tax imposed on the sale of fuel. In most countries the fuel tax is imposed on fuels which are intended for transportation...
and tobacco and government regulation of the public school systems. The Friedmans argue that the Federal Reserve exacerbated the Great Depression
Great Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
by neglecting to prevent the decline of the money supply
Money supply
In economics, the money supply or money stock, is the total amount of money available in an economy at a specific time. There are several ways to define "money," but standard measures usually include currency in circulation and demand deposits .Money supply data are recorded and published, usually...
in the years leading up to it.
On the subject of welfare
Welfare state
A welfare state is a "concept of government in which the state plays a key role in the protection and promotion of the economic and social well-being of its citizens. It is based on the principles of equality of opportunity, equitable distribution of wealth, and public responsibility for those...
, the Friedmans argue that current welfare practices are creating "wards of the state" as opposed to "self-reliant individuals" and suggest a negative income tax
Negative income tax
In economics, a negative income tax is a progressive income tax system where people earning below a certain amount receive supplemental pay from the government instead of paying taxes to the government. Such a system has been discussed by economists but never fully implemented...
as a less harmful alternative. The Friedmans also argue for abolishing the Food and Drug Administration
Food and Drug Administration
The Food and Drug Administration is an agency of the United States Department of Health and Human Services, one of the United States federal executive departments...
, tighter control of Fed money supply, and the repeal of laws favoring labor unions
Trade union
A trade union, trades union or labor union is an organization of workers that have banded together to achieve common goals such as better working conditions. The trade union, through its leadership, bargains with the employer on behalf of union members and negotiates labour contracts with...
.
Video chapters (1980 version)
- The Power of the Market (Abstract)
- The Tyranny of Control (Abstract)
- Anatomy of Crisis (Abstract)
- From Cradle to Grave (Abstract)
- Created Equal (Abstract)
- What's Wrong with Our Schools? (Abstract)
- Who Protects the Consumer? (Abstract)
- Who Protects the Worker? (Abstract)
- How to Cure Inflation (Abstract)
- How to Stay Free (Abstract)
Video chapters (1990 version)
- The Power of the Market - Intro by Arnold Schwarzenegger (Abstract)
- The Tyranny of Control - Intro by George Shultz (Abstract)
- The Failure of Socialism - Intro by Ronald Reagan (Abstract)
- What's Wrong With Our Schools - Intro by David Friedman (Abstract)
- Created Equal - Intro by Steve Allen (Abstract)