Free to choose

I have recently watched the late Milton Friedman's classical TV series "Free to choose". I enjoyed it. Friedman discusses basic but important subjects. Although there were no real news for me there, I consider Friedman a good teacher, and he gives convincing examples of his theories in action, in the US, Hong Kong, Japan, the UK, and eastern Europe. He shows the importance of incentives, and what happens when they are allowed to work through a free market, and also what happens when they are not allowed to work, because of government regulations of the market. One point I really liked was that the so-called third way, between capitalism and socialism, could only work (i.e. not lead to misery in the short run) in countries that had first experienced laissez-faire or almost laissez-faire capitalism, and he gives us the examples of the UK and Sweden. No country has ever been able to go from state socialism (central planning) to the third way. Being a Swede, I second that opinion.

I strongly recommend "Free to choose". Not only did I enjoy the shows, I also enjoyed the introductions by Arnold Schwarzenegger, Ronald Reagan, Steve Allen and David Friedman, and I enjoyed the discussions where Milton Friedman discussed with those who agreed with him, e.g. Gary Becker and Thomas Sowell, and with those who did not agree with him, e.g. James Gailbraith.

Watch it!