Will Klaasmeyer
The late Milton Friedman is rightfully respected as one of the most influential economists of the 20th century, championing both free enterprise and limited government—principles that remain deeply relevant to today’s economic challenges.
In April 2020, then-candidate Joe Biden told Politico, “Milton Friedman isn’t running the show anymore,” suggesting his ideas no longer applied. But overlooking his insights has often come at a cost. Had Biden’s administration paid more attention, it might have anticipated the inflationary impact of massive COVID-era stimulus spending.
“Inflation in the United States is made in Washington and nowhere else,” Friedman once famously said, pointing to government-driven money supply as the root cause. That warning was ignored—and in the end, sound economics always has the last laugh.
Friedman’s thinking has also had a lasting impact on policymakers and economic thought around the world.
In 1989, Dr. Leszek Balcerowicz, Poland’s finance minister during the country’s first post-communist government, applied Friedman’s principles to confront hyperinflation and economic stagnation. His initiative sparked a free-market transformation, paving the way for a remarkable economic rebound that remains resilient today.
On an episode of Atlas Network’s Freedom Worldwide webinar, Balcerowicz described Poland’s story as a testament to the power of free markets and open competition in building a more prosperous and harmonious world—without which, he argues, “there is no economic progress or democracy.”
Likewise, Dr. Eamonn Butler, director of the Adam Smith Institute in the United Kingdom, explains how Friedman’s insights laid the foundation for dramatic global economic growth after the liberalization of markets in the early 1990s. The rise of free enterprise in developing countries like India, he notes, lifted much of the world’s population out of extreme poverty.
Despite these lessons, today’s leaders have drifted away from Friedman’s playbook, unwilling to translate his ideas into present-day policy. Rather than embracing free markets and fiscal restraint, governments have turned inward, favoring regulation, spending sprees, and relaxed monetary policy. In the United States, both parties share a responsibility for this shift.
From the outset, Friedman faced similar skepticism from intellectual elites and political leaders. Yet he remained committed to his belief that individuals—not governments—are best-positioned to drive prosperity, innovation, and justice through voluntary exchange and personal responsibility.
To strengthen the intellectual climate for these principles, Friedman stayed deeply engaged with the worldwide freedom movement, and encouraged its leaders—including Atlas Network’s founder, Sir Antony Fisher—to champion what he called “intellectual entrepreneurship.”
Atlas Network is privileged to have shared a longstanding friendship with Friedman throughout our formative years. In a letter dated May 8, 1980, Friedman praised Fisher’s role in helping launch a growing network of pro-freedom think tanks around the world. Fisher proudly shared that endorsement to underscore the promise our organization held.
This early support later evolved into public recognition. At Atlas Network’s 20th anniversary celebration in 2001, Friedman remarked, “We have the opportunity to create a freer world, and Atlas Network will play a foremost role in that effort.”
In his seminal book Capitalism and Freedom, Friedman offered advice about how major policy changes occur. The quotation is now widely recognized among think tank professionals for capturing the significance of their mission.
“Only a crisis—actual or perceived—produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around.” Friedman firmly believed that the world needed more intellectual entrepreneurs prepared to offer bold ideas rooted in individual liberty, limited government, and economic freedom.
Today, Atlas Network continues to carry Friedman’s legacy forward by supporting the development and success of more than 500 partner organizations in over 100 countries. Through training, grants, mentorships, and strategic networking, we help local leaders instill the ideas Friedman championed, expanding freedom one country and community at a time.
Explore More on Milton Friedman’s Legacy
Subscribe: Get the latest issue of Freedom’s Champion magazine, featuring insights and stories inspired by Friedman’s work and its impact on the worldwide freedom movement.
Watch: Milton Friedman: More Relevant Than Ever, Atlas Network’s Freedom Worldwide webinar featuring global perspectives on Friedman’s lasting influence.
Listen: Talking Liberty and Milton Friedman, a podcast episode from The Liberty Exchange hosted by the Cato Institute, featuring Atlas Network CEO Brad Lips on why Friedman’s ideas continue to matter.