Friedman: Economic Freedom and Political Freedom

The importance of the concept freedom cannot be understated. Freedom is not a new phenomenon as it has been in existence for a long time. There are various types of freedom, which are often interrelated. Economic freedom is inextricably related to political freedom. For instance, economic freedom is intertwined with political freedom in the sense that leaders (chosen based on political freedoms) may determine economic policies. The concepts presented in Milton Friedman's work titled 'Capitalism and Freedom' show that political freedom is essential for the realization of economic freedom.

Political freedom and economic freedom are intertwined in that both serve as a function of each other. Friedman confirmed the existence of close connections between politics and economics: only defined combinations of economic and political arrangements are feasible. For instance, a socialist society does not guarantee individual freedom (Friedman 8). Political freedom largely constitutes a...
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