Compare and contrast Friedman and McNally on their respective conceptions of capitalism, individual freedom and the relation between. Use one of Thiong’o, Le Guin or Bellamy to illustrate your understanding of these opposing views.
Milton Friedman and McNally are the greatest economists with great influence to the society. Both advocates for freedom in the society with minimal or no government intervention and control but their difference comes along from their perspective. McNally who is a writer takes into account the matter of individualism basis and insist on the need and the importance of capitalism as a right of individual while on the other hand Friedman who is an economist gives a great deal to economic perspective by arguing that capitalism is an important aspect towards political freedom and societal welfare at large.
McNally recognizes capitalism as ‘social system based on the recognition of individuals rights, including properties, in which all property is privately owned.’ According to him, individual freedom is attained through the realization of rights. While Friedman definition of capitalism is ‘A working model of a private society organized through a voluntary exchange where a free private enterprise exchange economy what we have been calling competitive capitalism.’ From these two definitions, we can say that both Friedman and McNally share two key definitions; private acquisition of resources and individual freedom.
However, it is critical to note McNally and Fried perspective on their view about capitalism to be able to know where individual freedom and private ownership came from. McNally argument of capitalism from an individual perspective is that the most crucial survival tactic of an individual is through property ownership and that can only be performed by an individual. A set mind that acts rationally works on its own without external influence thus to guard individuals shrewdness, it is important to engage capitalist society to protect an individual from external forces that will cause a distraction.
Generally, McNally believed that through capitalism, ethical individualism is being promoted in the society. While with Friedman point of view, as he stated in his definition,’ freedom as a value in this sense has to do with the interrelations among people’ (Friedman, 1967). The quote shows that his main focus is on societal concepts. Primarily, Friedman views capitalism as a tool that aids in political freedom promotion as well as coordination of economic activities in a large population of people in a particular society. Actually, freedom attainment and private ownership help in separating political power from overruling economic power. Additionally, this freedom prevents power concentration on the authority because the distribution of economic power among people is more likely to cause power imbalance in the government.
However, it is important to note that McNally and Fried used different approaches towards the understanding of capitalism. Thus, as much as they are in agreement with some crucial aspect of capitalism, they differ in interpretation of these aspects. Majorly, their differences come due to the different understanding of property rights and ownership. Friedman regard to property is that, without property, there is no private ownership and that property protection is one of the few cases that only allow the government to intervene. McNally on the other understands that individualism and freedom can only be identified by being true to oneself.
In summary, both Friedman and McNally view of capitalism is based on individual freedom and private ownership but their features of capitalism differ from the fact that McNally sees capitalism as a way of individualism promotion while Friedman understanding is that capitalism is a means of coordinating socio-economical activities and protection of political freedom.
References
Friedman, M. (1962). Capitalism and Freedom. University of Chicago Press.
Rand, A. (1967). Capitalism: The Unknown Ideal. New American Library.
