Welcome to Econ Talk, part of the Library of Economics and Liberty.

I'm your host, Russ Roberts of George Mason University.

Today's podcast is the second half of my conversation with Milton Friedman.

A half century ago, in 1956, Milton Friedman gave a series of lectures

that eventually became the book Capitalism and Freedom,

published by the University of Chicago Press in 1962.

In this podcast, we talk about the ideas in that book

and what the future might hold for Capitalism and for Freedom.

Milton, let's turn to Capitalism and Freedom.

In the book, you lay out the principles of what you call liberalism.

Sometimes you call it liberalism, 19th century liberalism.

Sometimes you've called it classical liberalism.

And you advocate their limited role for government and the legal and monetary system

and maximal freedom and responsibility for the individual.

In particular, you argued for in that book,

which was published in 1962, but based on lectures,

I think, that you gave in the late 1950s.

1956.

So the ideas in that book are at least 50 years old this year in 2006.

And in 1956, and in the book in 1962,

you argued for a volunteer army, flexible exchange rates,

a monetary rule for stable prices, educational vouchers,

...