Newmag has published one of the fundamental works of economics: Milton Friedman's book “Capitalism and Freedom” (trailer in Armenian)

Milton Friedman was a brilliant economist, Nobel laureate, one of the most influential ideology-creators of the 20th century. His ideas changed the world, his theses were considered revolutionary. He was a powerful preacher, charming, energetic and witty, who had a clear idea of the best way to influence politics and what opportunities arose in a time of crisis. He was convinced that if ideas were kept alive, the politically impossible would become inevitable.

“Capitalism and Freedom” was first published in 1962. One million copies were sold and translated into 18 languages. The book is Friedmann's Manifesto, often referred to as one of the most important books of the postwar years. Following the publication of the book, the direction of economic policy in the United States and around the world changed dramatically. Friedman's ideas, for example, have profoundly changed the way governments regulate economic conditions and respond to crises. His message is clear: capitalism is not just the driving force of prosperity. It gives people economic freedom. The book begins with criticism of President John F. Kennedy’s inaugural address. “Do not ask what your country can do for you, ask what you can do for your country.” According to Friedman, this sentence summed up all the mistakes that had taken place in his country. “Neither the first nor the second part of this statement expresses a relationship between a state and a citizen that is worthy of the ideals of a free man living in a free society.”

One particular chapter in the book dedicated to education is very remarkable. The largest source for the manual was a series of lectures given by Friedman in June 1956 at Wabash College in West India, where he was invited as a keynote speaker for a summer camp for young economics professors. The publication of the book marked the beginning of Friedman's transition from the scientific to the public sphere. His ideas gradually spread and were approved by Reagan, Nixon, Henry Mann, Margaret Thatcher.

“Capitalism and Freedom” gradually became a bestseller. The Friedman Vermont Summer House was built with the book's royalties, which was named “Capital” in honor of the book. The success of the event helped Friedman begin his second career as an intellectual and public figure. He became a columnist for Newsweek magazine, a welcome visitor to the White House. He is still quoted by the presidents, acknowledged by scholars, published in periodicals, included in the list of obligatory literature of universities.

This work also had a huge impact on the development of the Republic of Armenia. After the collapse of the Soviet Union, many of the ideas and principles involved in this work have been cornerstones of building an independent economy, building an independent financial system, regulating public-private relations, and setting the rules of the game.

Newmag translated and published Milton Friedman's book in Armenian on the initiative of one of the largest banks in Armenia, Ardshinbank. The book was translated by Liana Zakaryan and edited by Tatik Nalbandyan. The scientific editor of the book is Doctor of Economics, Professor, Academician of NAS RA Yuri Suvaryan.

The presentation of “Capitalism and  Freedom” will take place on December 10, at 12:00 in the Holiday Inn Hotel.