Home
/
RELIGION & LIBERTY ONLINE
/
6 quotes: Milton Friedman on woke capitalism, racism, and equality
6 quotes: Milton Friedman on woke capitalism, racism, and equality
Jul 8, 2025 4:05 AM

Milton Friedman was born on July 31, 1912. His work in pioneering monetary theory at the University of Chicago would win him the Nobel Prize for Economic Sciences in 1976 and popularize a new school of free-market economics, “The Chicago School.” He went on to advise a host of political leaders around the world, including President Ronald Reagan and UK Prime Minister Margaret Thatcher. He also brought his views to a national audience, on public television, through two PBS miniseries based on his book Free to Choose, in 1980 and 1990. Here are 6 quotations from his copious works:

1. “Democratic socialism” is an oxymoron.

It is widely believed that politics and economics are separate and largely unconnected; that individual freedom is a political problem and material welfare an economic problem; and that any kind of political arrangements can bined with any kind of economic arrangements. The chief contemporary manifestation of this idea is the advocacy of ‘democratic socialism’ by many who condemn out of hand the restrictions on individual freedom imposed by ‘totalitarian socialism’ in Russia, and who are persuaded that it is possible for a country to adopt the essential features of Russian economic arrangements and yet to insure individual freedom through political arrangements. [My] thesis … is that such a view is a delusion, that there is an intimate connection between economics and politics, that only binations of political and economic arrangements are possible, and that in particular, a society which is socialist cannot also be democratic, in the sense of guaranteeing individual freedom.

Economic arrangements play a dual role in the promotion of a free society. On the one hand, freedom in economic arrangements is itself ponent of freedom broadly understood, so economic freedom is an end in itself. In the second place, economic freedom is also an indispensable means toward the achievement of political freedom.

(“Capitalism, Socialism, and Democracy: A Symposium.” Commentary. April 1978.)

2. Welfare programs harm the moral fiber of a nation.

[I]t is very hard to achieve good objectives through bad means. … [T]he [welfare] programs have a[n] insidious effect on the moral fiber of both the people who administer the programs and the people who are supposedly benefiting from it. For the people who administer it, it instills in them a feeling of almost Godlike power. For the people who are supposedly benefiting, it instills a feeling of childlike dependence. Their capacity for personal decision-making atrophies. The result is that the programs involved are a misuse of money. They do not achieve the objectives which it was their intention to achieve. But far more important than this, they tend to rot away the very fabric that holds a decent society together.

(Free to Choose [1980, TV series]. Episode four: “From Cradle to Grave.”)

3. Free enterprise es racism and bigotry.

The great virtue of a free market system is that it does not care what color people are; it does not care what their religion is; it only cares whether they can produce something you want to buy. It is the most effective system we have discovered to enable people who hate one another to deal with one another and help one another.

(“Why Government is the Problem.”)

4. Woke capitalism undermines a free society.

Few trends could so thoroughly undermine the very foundations of our free society as the acceptance by corporate officials of a social responsibility other than to make as much money for their stockholders as possible. This is a fundamentally subversive doctrine. If businessmen do have a social responsibility other than making maximum profits for stockholders, how are they to know what it is? Can self-selected private individuals decide what the social interest is? Can they decide how great a burden they are justified in placing on themselves or their stockholders to serve that social interest?

(Capitalism and Freedom: Fortieth Anniversary Edition.)

5. Prioritize freedom, not equality of e.

A society that puts equality—in the sense of equality of e—ahead of freedom will end up with neither equality nor freedom. The use of force to achieve equality will destroy freedom, and the force, introduced for good purposes, will end up in the hands of people who use it to promote their own interests.

On the other hand, a society that puts freedom first will, as a happy by-product, end up with both greater freedom and greater equality. Though a by-product of freedom, greater equality is not an accident. A free society releases the energies and abilities of people to pursue their own objectives. It prevents some people from arbitrarily suppressing others. It does not prevent some people from achieving positions of privilege, but so long as freedom is maintained, it prevents those positions of privilege from ing institutionalized; they are subject to continued attack by other able, ambitious people.

(Free to Choose: A Personal Statement.)

6. Friedman clearly read Lord Acton.

Freedom is a rare and delicate plant. Our minds tell us, and history confirms, that the great threat to freedom is the concentration of power. Government is necessary to preserve our freedom, it is an instrument through which we can exercise our freedom; yet by concentrating power in political hands, it is also a threat to freedom. Even though the men who wield this power initially be of good will and even though they be not corrupted by the power they exercise, the power will both attract and form men of a different stamp.

(Capitalism and Freedom: Fortieth Anniversary Edition.)

domain.)

Related: “6 quotes: Milton Friedman on freedom and economics“

Comments
Welcome to mreligion comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
RELIGION & LIBERTY ONLINE
Rev. Sirico: Kevorkian’s ‘Terminal TV’
Writing in the Detroit Free Press, reporters Joe Swickard and Pat Anstett describe the life and June 3 passing of Jack Kevorkian. Long before he made a name for himself as a “assisted suicide advocate,” Kevorkian was known to the nurses at Pontiac General Hospital in Michigan as “Dr. Death” for his bizarre experiments. Death came naturally to the man who’d vowed he’d starve himself rather than submit to the state’s authority behind bars. “It’s not a matter of starving...
Samuel Gregg: Truth, Lies, and Euros
It is very easy to forget what is happening in other parts of the world especially when we are in the midst of our own financial crisis in the United States. Considering the economic challenges we are faced with, this may be a mistake as we can learn from other’s problems. Europe is experiencing economic woes that continue to worsen. In the American Spectator, Samuel Gregg explains: As Europe’s financial crisis worsens, it’s increasingly apparent that the economic woes of...
Jordan Ballor: Let Detroit’s farms flourish
Detroit has has been plagued by the economic downturn more than most cities, and has struggled to recover. However, sometimes gloomy economic conditions breed innovation. That is the focus of Jordan Ballor’s “Let Detroit’s farms flourish” which appeared in the Detroit News. Ballor explains that residents are putting vacant lots to use by urban farming: These areas of growth, in the form of munity programs and individual plots, represent a significant avenue for the revitalization of the city. The benefits...
Rev. Sirico: Not Whether to Help the Poor, But How
The budget proposed by House Republicans has lead to a heated debate; one key facet being whether funding should be cut for programs that benefit the poor and vulnerable. Critics claim the House Republicans’ proposed budget violates Catholic social teaching (click here to read the critics’ open letter to Speaker Boehner). Rev. Robert A. Sirico’s first response to Boehner’s critics appeared in NRO. In this mentary Rev. Sirico expands upon his first response and articulates how Catholics can disagree on...
Jim Wallis: From Sandalista to Champion of Big Government
Essential reading on Jim Wallis by long-time observer Mark Tooley of the Institute on Religion & Democracy: How does Wallis—the old Students for a Democratic Society agitator who touted the Vietcong in the 1970s and the Sandinistas in the 1980s, who denounced welfare reform in the 1990s as a betrayal of the poor, and whose funding by George Soros was exposed last year—enlist Catholic bishops and mainstream evangelicals in his endless political campaigns? “We’re frankly challenging leadership on both sides...
Rev. Sirico on the Catholic Charities Controversy in Illinois
A dispute has arisen in Illinois between Catholic Charities and the state government. As the National Catholic Register explains it, “Catholic Charities branches of three Illinois dioceses have filed a lawsuit against the state of Illinois in order to continue operating according to Catholic principles — by providing foster care and adoption services only to married couples or non-cohabitating singles.” In an interview, with the newspaper, Rev. Robert A. Sirico defends Catholic Charities in light of the principle of subsidiarity...
Orsini on “Principled Conservatism”
Long-time Acton Institute friend and Markets and Morality contributor Jean-Francois Orsini has a new book out. In Fight the Left (yes, it has a polemical edge!), Orsini argues that there are essentially two approaches to the world: liberalism and conservatism. His use of liberalism is decidedly contemporary (i.e., modern, not classical liberalism). His conservatism is sympathetic to the free market but, more importantly, it is “first principled,” meaning that he lays out the foundation on which conservatism must be based....
My Visit to The Barnabas Group
I recently had a unique opportunity to speak about unity in Christ’s mission. I was asked to present an address to The Barnabas Group (TBG) in San Diego (May 9) and Costa Mesa (May 10). The Costa Mesa site is in Orange County for those who do not know Southern California. My title for both meetings was: “The Unity Factor: One Lord, One Church, One Mission.” The Barnabas Group is one of the more unique missions and ministries I’ve encountered....
What’s the new “+1” button on Acton PowerBlog posts all about?
You may have noticed a new addition to the PowerBlog; the new +1 button joins the existing Facebook and Twitter buttons at the top of posts. +1 is a new initiative from Google that brings forth more relevant search results influenced by user feedback. Here is a snippet from the official Google launch: +1 is as simple on the rest of the web as it is on Google search. With a single click you can mend that raincoat, news article...
The Paper Pope
I have said it many times in the past, but now I have confirmation: According to the editors of the New York Times, the Pope is not permitted to make moral judgments because only the Editorial Board of the New York Times (all genuflect here) is permitted to pontificate: “Ms. Abramson, 57, said that as a born-and-raised New Yorker, she considered being named editor of The Times to be like “ascending to Valhalla.” “In my house growing up, The Times...
Related Classification
Copyright 2023-2025 - www.mreligion.com All Rights Reserved