The Economist's Blog "Free Exchange" began its Summer Book Club on Milton Friedman's Captialism and Freedom, a somewhat shorter, easier to read version of Free to Choose.

Whether you've it already (I haven't, but I did read "Free to Choose") or are curious to see first hand what Friedman actually said (as opposed to what others say he said), you may find the discussion and accompanying commentary fruitful and interesting during the slow blog season of summer.

The intro to the book is covered here where Friedman opens by engaging the famous line from JFK's inaugural address about you can do for your country as opposed to what your country can do for you.

Friedman rejects that entire paradigm saying government is merely a tool and its long term ability to serve truly free people remains in ability of those free people to limit its encroachments by keeping it small and distributed.

Says the moderator:

Next is keeping it distributed...AKA...federalism. Many smaller state governments are easily for people to manage and reject.

The next installment is a closer look at one of the comments from the intro post.

The comment:

See post for discussion.

Next is Chapter 1.

This chapter lays out the concept of the connection between economic freedom and political freedom....a key driver of Friedman's vision.

moderator:

The worst fear (and it's a very real fear that lies at the heart of the REAL argument of libertarian-minded people) is that consolidated political power to encroach exerts itself in the economic realm. High stakes fighting for political power is therefore NOT something those who fear economic oppression should engage by futilely attempting to consolidate power in a powerful government that they can use to encroach on economic freedom of other interests. This doesn't work. The goal should instead be to roll back power and curb its use...by ANYONE.

Exploration of chapter one comments is here.

Chapter 2 is here.

The heart of chapter 2 is summarized by the moderator in this Friedman quote:

This is a lead in to a discussion on the proper role of government.

This is, by far, one of the most under-appreciated, unnoticed and unexplored aspects of freer markets by the Left...who value social nonconformity as I do.

The moderator, here, criticizes Friedman a bit for, as the moderator sees it, underestimating people's willingness to live with some rules that encroach on freedom. Interesting take. Though provoking.

Great posting. DO read the whole thing.

exploration of comments on Chapter 2 can be found here.

Supplemental post on Chapter 2 here.

I'll update the club developments in future posts.

Do share your thoughts. This is far reaching stuff.

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