Milton Friedman: Prophet of Freedom or Architect of Inequality?

Milton Friedman [(pause)] a name synonymous with free markets and monetarism. But beyond the familiar soundbites, what is the real legacy of the Chicago School of Economics he championed? This deep dive explores the core ideas that promised economic liberty as the foundation for political freedom, [(pause)] examining Friedman's influential theory of monetarism and its challenge to Keynesian economics.

We confront the controversial "Chilean Experiment," [(pause)] where Chicago Boys implemented radical "shock therapy" under Pinochet's authoritarian regime, raising profound questions about the relationship between free markets and democracy. We then trace the real-world consequences of deregulation, [(pause)] linking Chicago School influence to major financial crises like the S&L meltdown and the 2008 global collapse. [(pause)]

Crucially, we analyze the dramatic rise in income inequality that coincided with the ascendancy of these ideas. Was it merely correlation, [(pause)] or did policies favoring capital, weakening labor, and deregulating finance directly contribute to the widening gap? Finally, we consider the enduring, almost zombie-like influence of these economic philosophies today, [(pause)] urging critical thought about the assumptions still shaping our world. Was Friedman's vision truly liberating, or did it sow the seeds of instability and division?

Join the discussion below – what are your thoughts on Friedman's legacy? [(pause)] Like, subscribe, and share if you find this perspective valuable.

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