Free to Choose

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For other uses of "Freedom of choice", see Freedom of choice (disambiguation).
Free to Choose: A Personal Statement
LC Class
HB501 .F72

Free to Choose: A Personal Statement is a 1980 book by economists

public television, that advocates free market principles. It was primarily a response to an earlier landmark book and television series The Age of Uncertainty, by the noted economist John Kenneth Galbraith
.

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. The book was on top of the United States best sellers list for 5 weeks.

Lawrence Spivak
.

Guest debaters

Guest debaters included:

1990 rebroadcast

The series was rebroadcast in 1990 with Linda Chavez moderating the episodes. Arnold Schwarzenegger, George Shultz, Ronald Reagan, David D. Friedman, and Steve Allen, each give personal introductions for one episode. This time, after the documentary segment, Milton Friedman sits down with a single discussion participant to debate the points raised in the episode.

Positions advocated

The Friedmans advocate

Federal Reserve exacerbated the Great Depression by neglecting to prevent the decline of the money supply in the years leading up to it. They further argue that the American public falsely perceived the Depression to be a result of a failure of capitalism rather than the government, and that the Depression allowed the Federal Reserve Board
to centralize its control of the monetary system despite its responsibility for it.

On the subject of

wards of the state" as opposed to "self-reliant individuals." They also argue that the Social Security System is fundamentally flawed, that urban renewal and public housing programs have contributed to racial inequality and diminished quality of low-income housing, and that Medicare and Medicaid are responsible for rising healthcare prices in the United States. They suggest completely replacing the welfare state with a negative income tax
as a less harmful alternative.

The Friedmans also argue that declining academic performance in the United States is the result of increasing government control of the

wage-price spiral. In the final chapter, they take note of recent current events that seem to suggest a return to free-market principles in academic thought and public opinion, and argue in favor of an "economic Bill of Rights
" to cement the changes.

Video chapters (1980 version)

  1. The Power of the Market
  2. The Tyranny of Control
  3. Anatomy of Crisis
  4. From Cradle to Grave
  5. Created Equal
  6. What's Wrong with Our Schools?
  7. Who Protects the Consumer?
  8. Who Protects the Worker?
  9. How to Cure Inflation
  10. How to Stay Free

Video chapters (1990 version)

  1. The Power of the Market – Introduction by Arnold Schwarzenegger
  2. The Tyranny of Control – Introduction by George Shultz
  3. Freedom and Prosperity (featured only in the 1990 version) – Introduction by Ronald Reagan
  4. The Failure of Socialism (original title: "What's Wrong With Our Schools?") – Introduction by David D. Friedman
  5. Created Equal – Introduction by Steve Allen

See also

References

External links
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