Friedman

Freidman’s Capitalism
Freidman believed that capitalism was not necessarily the best system; however, he felt that it was the only one that would work sufficiently. He based this idea on his observation of other systems and the countries that used them. Because of capitalism’s success, other system’s failure, and the result on countries, Freidman was a supporter of capitalism.
All other government types would fail. However, capitalism would prove successful. As Sirivat explained to Freidman, “Communism fails, socialism fails, so now there is only capitalism. We don’t want to go back to the jungle, we all want a better standard of living, so you have to make capitalism work, because you don’t have a choice. We have to improve ourselves and follow the world rules…Only the competitive survive.” Freidman supported this statement. He felt strongly that when all else failed, only capitalism would prevail. Capitalism allowed for the improvement of the standard of living.
Friedman refers to the global economy consisting of free trade as the Golden Straitjacket. The Golden Straitjacket had to be fit to each country. The idea initially began in 1979 with Margaret Thatcher, and it was reinforced by Ronald Reagan. A country had to adjust itself so that it would fit into the Golden Straitjacket. The Golden Straitjacket fit in a “one size fits all” manner. Thus, it did not benefit everyone equally, and the society was pressured to maintain the economic institutions and improve its performance. Economic growth had to be promoted primarily through private industries. Also, a low rate of inflation was required while price stability was attained. Furthermore, it was desired that the state government shrink in size. The Golden Straitjacket of capitalism as a form of government emphasized the economy.
Some people however searched for a “Third Way”. Because of this, communism was tried by some countries. Some people believed that they had a solution that would manage the free market swings. This world that would be created would be more dependent on free bourgeois capitalists. The governments would serve the purpose of funding everything and distributing the funds accordingly to the workers based on needs and the workers would be expected to contribute their abilities. Some of these intellectuals were Mussolini, Lenin, Marx, and Engels. The alternative governments that were provided consisted on communism, socialism, and fascism.
China adjusted from being communist and a Chinese villager reflected on the experience to Friedman. This supported the concept of capitalism. While communist, China had loudspeakers everywhere during Mao’s rule. According to the villager, after Mao’s rule, the people took them down as they felt that they didn’t need them anymore. Through the loudspeakers, the messages would be conveyed. However, the message that they all received after was a focus on the individual and need of money and a job to support oneself.
Friedman also talked to a citizen of Thailand during the descent of capitalism. Without capitalism, a family that was once wealthy suffered of poverty. The family was reduced to simply selling sandwiches to attempt to make the necessary money to support them.
Thus, Friedman believed that capitalism was the most effective method of government. Through capitalism, he felt that capitalism would best provide for the economic welfare of the state or country. By analyzing the effects of various other forms of government and how they affected the citizens, Freidman was proved how capitalism was the most successful form of government.

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Friedman 7.2 of 10 on the basis of 3058 Review.