«Milton Friedman: The last Conservative» - a book review

In "Milton Friedman: The Last Conservative," the author delves into the intricate life and profound legacy of one of the most influential economists of the 20th century. The man known for the «Shareholder first doctrine». 

Friedman, born in 1912 to working-class immigrants, rose from modest beginnings to become a leading figure in the field of economics. His academic prowess and rigorous approach to economic analysis earned him a Nobel Prize, cementing his importance in the discipline.

Friedman's advocacy for free markets, minimal government intervention, and a volunteer military distinguished him as a pivotal voice in economic thought. His theories reshaped global economic policies, particularly his concept of monetarism, which challenged the prevailing Keynesian model.

However, Friedman's staunch support for laissez-faire capitalism and his advisory role in Chile under Pinochet's regime sparked considerable controversy. Critics accused him of valuing market efficiency over human rights, a debate that persists in academic circles.

Today, Friedman's legacy remains a topic of heated discussion. While some laud his contributions to free-market economics, others critique his approaches to social policy and income distribution. Nonetheless, his impact on the field of economics is undeniable, influencing policy debates and the direction of economic thought well into the 21st century. "Milton Friedman: The Last Conservative" offers a comprehensive look at the man whose ideas continue to provoke and inspire, providing valuable insights into the complexities of modern economic theory.

As the shareholders have been defined as just one of many important stakeholders, Friedman’s doctrine has developed into a Stakeholder doctrine.