• Friedman is a free market capitalist.
• Definition of liberal as described by Friedman has changed over time.
• Friedman explains that the term liberal formerly was associated with free markets, and now it is associated with government assistance.
Chapter 1, The Relation between Economic Freedom and Political Freedom
• Friedman asserts that economic freedom is necessary for political freedom.
• Economic freedom, as described by Friedman, is the ability for individuals to make decisions for themselves and enter into contracts voluntarily.
• Friedman believes that government is needed for the "rules of the game" and to interpret and enforce the rules.
Chapter 2, The Role of Government in a Free Society
• Friedman explains there is a limited time and place for government intervention in a free society.
• Friedman believes that government should establish the rules and then be an "umpire" to interpret the rules.
Chapter 3, The Control of Money
• The Federal Reserve Act...
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