Discuss Milton Friedman's ideas about capitalism.

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Ashley Kannan eNotes educator| Certified Educator

Milton Friedman was once quoted as saying that "Governments never learn" for "only people do."  This might reflect much about Friedman's fundamental belief about capitalism.  Friedman is the classical liberal who believes the government interference and intrusion is not the way to develop economic stability.  He is a strong advocate for a decrease of government intervention, and a believer that market dynamics are the best corrective measures to economic challenge.  Friedman's view of capitalism is one where the role of the government is strongly minimal, if not outright absent.  Friedman believes that government waste and bureaucracy translates into something that is far off what capitalist beliefs in the market economy desires.  It is here where Friedman speaks intensely about the idea that the economy sustains and prospers when individuals are responsible enough to monitor their own conditions.  An external body like the government is not needed to provide market regulation, for a thinker like Friedman.  His thinking is highlighted by the strong and zealous support he has for the market regulating itself and for individuals to embrace a pure form of capitalism and not one that is predicated upon government intrusion into market regulatiries in the form of laws and external intervention.