Presentation of Milton Friedman's book “Capitalism and Freedom” took place (video in Armenian, photos)

Economists and banking specialists are in the first rows of the hall. They will confess in a few minutes. They have not participated in such a lively presentation for a long time. The head of Newmag publishing house imagined that. 60 years after its publication, this book gives rise to political and economic debates, Artak Aleksanyan emphasizes.“This is a wonderful source of economics for conversations, arguments, debates. Yes, we live in free market relations, but in the post-Soviet area. Then we need to know what the market is. Prosperity in the post-Soviet space is not yet a universal aspiration; it is still considered civility. Money is not a means, it is not a goal. Wealth is questionable, career aspiration is reprehensible, business expansion is condemnable.”

 

“Capitalism and Freedom” is the second joint venture between Newmag Publishing and Ardshinbank. Artak Ananyan, Chairman of the Board of the Bank, considers the publication of economic books to be the educational direction of their company's corporate responsibility. “About a year ago, one of our colleagues noticed during a conversation that Friedman's book is not in Armenian; we took the initiative to present it to the Armenian reader. I am glad that today we can present the result of our cooperation with Newmag publishing house to the general public.” 

 

The sensational book contains the revolutionary thoughts of a Jewish-Hungarian immigrant-American writer. The author proposed a new formula for political and economic freedoms in the 1960s. According to Ardshinbank CFO Davit Sargsyan, private initiative at the heart of the country's economy is the right motivation, so despite the many challenges, they continue to grow. “Time has proved that the established economic system is stronger and more progressive than one could imagine.”

 

The fundamental work of “Capitalism and Freedom” had a profound effect on political science and economics in the 20th century. Contemporaries did not understand the author. His ideas would be accepted decades later, before that he was called an extremist, adds the scientific editor of the book, Doctor of Economics Yuri Suvaryan. “His ideas were reflected in textbooks and became a state policy. His predictions are still true today. One should get acquainted with Friedman's theory.”

                       

Before reaching the printing house, the book was read by the former rector of the University of Economics, Doctor of Economics Yuri Suvaryan. According to him, the book is translated with financial accuracy and popular economic style, as the author himself did. Translator Liana Zakaryan is not an economist by profession, but thanks to the book she discovered Friedman's important theories. “The book publicly explains the complex economic phenomena. Milton clearly explains what capitalism is: a voluntary exchange of goods.”

Economic freedom is part of political freedom. Politics is not a sufficient condition for the economy. According to the editor of the Armenian translation Tatevik Nalbandyan, the author shows the advantages of capitalism and predicts the inevitable collapse of socialism. “For example, What to do to prevent the government from becoming a threatening Frankenstein, this is a difficult question that is the subject of debate among experts.”

  

Minister of High Technologies Vahagn Khachatryan regrets that this book was not translated in his time. He referred to a powerful thought by Milton Friedman. The government, especially the current government of which it is a member, should not think that it can solve all the issues. “One could dream of having such a book years ago. This is fundamental work. It was a big omission that we could not read such books. His theses were distorted. Now we can appreciate what is there.”

Friedman's book has been translated into 18 languages and published in one million copies. This professional work in the language of economics has had a great impact on the economic growth of many countries, including Armenia. Former RA Deputy Prime Minister Vache Gabrielyan assures that the manual is up-to-date. “It was the first publication of the book in 1962, but only in the 1980s did people get to know Friedman, start asking questions, and reflecting on his theses.”

Friedman's ideas, for example, have profoundly changed the way governments regulate economic conditions and respond to crises. Future economists should be acquainted with this fundamental work in student classrooms, YSU Dean of the Faculty of Economics Hayk Sargsyan is convinced. “We must give a good education to Friedman and convey the views of others. But we must also be in clear discourse tomorrow about the loss of economic freedom and sovereignty.”

The market must be free. And this is where the heated discussion of Friedman's ideas began: what role the state should play, what it should do and not do to develop the economy. Newmag promised to translate and present other economic bestsellers to the Armenian reader.