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It enables economic strength to be a check to political power rather than a reinforcement. 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…By removing the organization of economic activity from the control of political authority, the market eliminates this source of coercive power. Political freedom means the absence of coercion of a man by his fellow men. In a cogent but comprehensive analysis, Friedman explains that economic freedom is a crucial element of individual freedom in its own right, but is also crucial for supporting political freedom: Political freedom, both historically and logically, is inseparable from economic freedom. He calls the view “a delusion,” holding that there is “an intimate connection between economics and politics.” Though Friedman concedes the possibility of an economically free and politically repressed society, the opposite, he claims, is impossible. In his popular work, Capitalism and Freedom, in a chapter titled “The Relation between Economic Freedom and Political Freedom,” Friedman explains how a society cannot have the latter without the former.įriedman criticizes the notion that politics and economics can be regarded separately and that any combination of political and economic system is possible. As we approach what would be Milton Friedman’s 104 th birthday this Sunday, July 31 st, we should note the enduring significance of his evaluation of the connection between economic and political freedom.
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