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Friedman's counterpart Keynes believed people would modify their household consumption expenditures to relate to their existing income levels. [65] Friedman's research introduced the term "permanent income" to the world, which was the average of a household's expected income over several years, and he also developed the permanent income ...
The effects of Capitalism and Freedom were great yet varied in the realm of political economics. Some of Friedman's suggestions are being tested and implemented in many places, such as the flat income tax in Estonia (since 1994) and Slovakia (since 2004), a floating exchange rate which has almost fully replaced the Bretton Woods system, and ...
Monetarism is mainly associated with the work of Milton Friedman, who was an influential opponent of Keynesian economics, criticising Keynes's theory of fighting economic downturns using fiscal policy (e.g. government spending).
Many neoliberal thinkers advance the view that economic and political freedom are inextricably linked. Milton Friedman argued in his book Capitalism and Freedom that economic freedom , while itself an extremely important component of absolute freedom , is also a necessary condition for political freedom .
The Political-Economic Transformation of Late Twentieth Century Capitalism. Cambridge, MA: Blackwell Publishers. ISBN 0-631-16294-1. Hayek, Friedrich A. (1975). The Pure Theory of Capital. Chicago: University of Chicago Press. ISBN 0-226-32081-2. Hayek, Friedrich A. (1963). Capitalism and the Historians. Chicago: University of Chicago Press.
The general format was that of Milton Friedman visiting and narrating a number of success and failure stories in history, which he attributes to free-market 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 ...
Once that happens, the government also has the power to subvert the democratic process by punishing any political opposition economically. Venezuela’s socialism started out democratically with ...
For Friedman, economic freedom needed to be protected because it ensured political freedom. [18] Friedman appeals to historical examples that demonstrate where the largest amount of political freedom is found the economic model has been capitalist. In Friedman's words, "history suggests...that capitalism is a necessary condition for political ...