AN ETHICAL CRITIQUE OF MILTON FRIEDMAN'S DOCTRINE ON ECONOMICS AND FREEDOM

Milton Friedman was one of the most influential economists of the twentieth century. Many of the neo-liberal views that he advocated were adopted in the 1980's by Western countries such as Britain and the United States. This essay focuses on Friedman's views on politics, economics and freedom. The first section discusses his perspectives on the relation between capitalism and freedom, the nature of markets, his understanding of equality and of the social responsibility of business. The second section attempts to provide an ethical critique on Friedman's separation between economics and ethics, his concept of the market, his views on freedom and equality and the implications of his economic doctrine for human identity. The third section offers some key ethical principles that may help to reform modern capitalism.