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th 183 184 honors recognition and legacy edit friedman in 1976 george h nash a leading historian of american conservatism says that by the end of the 1960s he was probably the most highly regarded and influential conservative scholar in the country and one of the few with an international reputation 185 in 1971 friedman received the golden plate award of the american academy of achievement 186 187 friedman allowed the libertarian cato institute to use his name for its biennial milton friedman prize for advancing liberty beginning in 2001 a friedman prize was given to the late british economist peter bauer in 2002 peruvian economist hernando de soto in 2004 mart laar former estonian prime minister in 2006 and a young venezuelan student yon goicoechea in 2008 his wife rose sister of aaron director with whom he initiated the friedman foundation for educational choice served on the international selection committee 188 189 upon friedman s death harvard president lawrence summers called him the great liberator saying any honest democrat will admit that we are now all friedmanites he said friedman s great popular contribution was in convincing people of the importance of allowing free markets to operate 190 stephen moore a member of the editorial board of the wall street journal said in 2013 quoting the most revered champion of free market economics since adam smith has become a little like quoting the bible he adds there are sometimes multiple and conflicting interpretations 191 although post keynesian economist j k galbraith was a prominent critic of friedman and his ideology he observed that the age of john maynard keynes gave way to the age of milton friedman 103 1976 nobel memorial prize in economic sciences edit friedman was awarded the nobel memorial prize in economic sciences the sole recipient for 1976 for his achievements in the fields of consumption analysis monetary history and theory and for his demonstration of the complexity of stabilization policy 4 his appointment was controversial mainly for his association with military dictator augusto pinochet some economists such as institutional economist and 1974 nobel prize winner gunnar myrdal criticized friedman and myrdal s own 1974 nobel prize partner friedrich hayek for being reactionaries myrdal s criticism caused some economists to oppose the sveriges riksbank prize in economics sciences in memory of alfred nobel itself 192 193 hong kong edit friedman said if you want to see capitalism in action go to hong kong 194 he wrote in 1990 that the hong kong economy was perhaps the best example of a free market economy 195 one month before his death he wrote hong kong wrong what would cowperthwaite say in the wall street journal criticizing donald tsang chief executive of hong kong for abandoning positive non interventionism 196 tsang later said he was merely changing the slogan to big market small government where small government is defined as less than 20 of gdp in a debate between tsang and his rival alan leong before the 2007 hong kong chief executive election leong introduced the topic and jokingly accused tsang of angering friedman to death friedman had died only a year prior 197 chile edit further information miracle of chile and chicago boys during 1975 two years after the military coup that brought military dictator augusto pinochet to power and ended the government of salvador allende the economy of chile experienced a severe crisis 198 friedman and arnold harberger accepted an invitation of a private chilean foundation to visit chile and speak on principles of economic freedom 199 he spent seven days in chile giving a series of lectures at the pontifical catholic university of chile and the university of chile one of the lectures was entitled the fragility of freedom and according to friedman dealt with precisely the threat to freedom from a centralized military government 200 in a letter to pinochet of april 21 1975 friedman considered the key economic problems of chile are clearly inflation and the promotion of a healthy social market economy 201 he stated that there is only one way to end inflation by drastically reducing the rate of increase of the quantity of money and that cutting government spending is by far and away the most desirable way to reduce the fiscal deficit because it strengthens the private sector thereby laying the foundations for healthy economic growth 201 as to how rapidly inflation should be ended friedman felt that for chile where inflation is raging at 10 20 a month gradualism is not feasible it would involve so painful an operation over so long a period that the patient would not survive choosing a brief period of higher unemployment was the lesser evil and that the experience of germany of brazil of the post war adjustment in the u s all argue for shock treatment in the letter friedman recommended to deliver the shock approach with a package to eliminate the surprise and to relieve acute distress and for definiteness let me sketch the contents of a package proposal to be taken as illustrative although his knowledge of chile was too limited to enable him to be precise or comprehensive he listed a sample proposal of 8 monetary and fiscal measures including the removal of as many as obstacles as possible that now hinder the private market for example suspend the present law against discharging employees he closed stating such a shock program could end inflation in months his letter suggested that cutting spending to reduce the fiscal deficit would result in less transitional unemployment than raising taxes 202 203 204 sergio de castro a chilean chicago school graduate became the nation s minister of finance in 1975 204 during his six year tenure foreign investment increased restrictions were placed on striking and labor unions and gdp rose yearly 205 a foreign exchange program was created between the catholic university of chile and the university of chicago many other chicago school alumni were appointed government posts during and after pinochet s dictatorship others taught its economic doctrine at chilean universities they became known as the chicago boys 206 friedman defended his activity in chile on the grounds that in his opinion the adoption of free market policies not only improved the economic situation of chile but also contributed to the amelioration of pinochet s rule and to the eventual transition to a democratic government during 1990 that idea is included in capitalism and freedom in which he declared that economic freedom is not only desirable in itself but is also a necessary condition for political freedom in his 1980 documentary free to choose he said the following chile is not a politically free system and i do not condone the system but the people there are freer than the people in communist societies because government plays a smaller role the conditions of the people in the past few years has been getting better and not worse they would be still better to get rid of the junta and to be able to have a free democratic system 207 208 in 1984 friedman stated that he has never refrained from criticizing the political system in chile 200 in 1991 he said i have nothing good to say about the political regime that pinochet imposed it was a terrible political regime the real miracle of chile is not how well it has done economically the real miracle of chile is that a military junta was willing to go against its principles and support a free market regime designed by principled believers in a free market in chile the drive for political freedom that was generated by economic freedom and the resulting economic success ultimately resulted in a referendum that introduced political democracy now at long last chile has all three things political freedom human freedom and economic freedom chile will continue to be an interesting experiment to watch to see whether it can keep all three or whether now that it has political freedom that political freedom will tend to be used to destroy or reduce economic freedom 209 he stressed that the lectures he gave in chile were the same lectures he later gave in china and other socialist states 210 he further stated i do not consider it as evil for an economist to render technical economic advice to the chilean government any more than i would regard it as evil for a physician to give technical medical advice to the chilean government to help end a medical plague 211 during the 2000 pbs documentary the commanding heights based on the book friedman continued to argue that free markets would undermine pinochet s political centralization and political control 212 213 and that criticism over his role in chile missed his main contention that freer markets resulted in freer people and that chile s unfree economy had caused pinochet s rise friedman advocated for free markets which undermined political centralization and political control 214 because of his involvement with the government of chile which was a dictatorship at the time of his visit there were international protests spanning from sweden to america when friedman was awarded the nobel memorial prize in 1976 friedman was accused of supporting the military dictatorship in chile because of the relation of economists of the university of chicago to pinochet and a seven day trip 215 he took to chile during march 1975 less than two years after the coup that ended with the death of president salvador allende friedman answered that he was never an advisor to the dictatorship but only gave some lectures and seminars on inflation and met with officials including augusto pinochet the head of the military dictatorship while in chile citation needed after a 1991 speech on drug legalization friedman answered a question on his involvement with the pinochet regime friedman said that he was never an advisor to pinochet also mentioned in his 1984 iceland interview but that a group of university of chicago students were involved in chile s economic reforms friedman credited these reforms with high levels of economic growth and with the establishment of democracy that has subsequently occurred in chile in october 1988 after returning from a lecture tour of china during which he had met with zhao ziyang general secretary of the chinese communist party friedman wrote to the stanford daily asking if he should anticipate a similar avalanche of protests for having been willing to give advice to so evil a government and if not why not iceland edit friedman visited iceland during the autumn of 1984 met with important icelanders and gave a lecture at the university of iceland on the tyranny of the status quo he participated in a lively television debate on august 31 1984 with socialist intellectuals including ólafur ragnar grímsson who later became president of iceland 216 when they complained that a fee was charged for attending his lecture at the university and that hitherto lectures by visiting scholars had been free of charge friedman replied that previous lectures had not been free of charge in a meaningful sense lectures always have related costs what mattered was whether attendees or non attendees covered those costs friedman thought that it was fairer that only those who attended paid in this discussion friedman also stated that he did not receive any money for delivering that lecture 217 estonia edit although friedman never visited estonia his book free to choose influenced estonia s then 32 year old prime minister mart laar who has claimed that it was the only book on economics he had read before taking office laar s reforms are often credited with responsibility for transforming estonia from an impoverished soviet republic to the baltic tiger a prime element of laar s program was introduction of the flat tax 218 laar won the 2006 milton friedman prize for advancing liberty awarded by the cato institute 219 united kingdom edit after 1950 friedman was frequently invited to lecture in britain by the 1970s his ideas had gained widespread attention in conservative circles for example he was a regular speaker at the institute of economic affairs iea a libertarian think tank conservative politician margaret thatcher closely followed iea programs and ideas and met friedman there in 1978 he also strongly influenced keith joseph who became thatcher s senior advisor on economic affairs as well as alan walters and patrick minford two other key advisers major newspapers including the daily telegraph the times and the financial times all promulgated friedman s monetarist ideas to british decision makers friedman s ideas strongly influenced thatcher and her allies when she became prime minister in 1979 220 221 galbraith strongly criticised the workability of the friedmanite formula for which he said britain has volunteered to be the guinea pig 222 united states edit after his death a number of obituaries and articles were written in friedman s honor citing him as one of the most important and influential economists of the post war era 223 224 225 226 milton friedman s somewhat controversial legacy 227 228 in america remains strong within the conservative movement 229 however some journalists and economists like noah smith and scott sumner have argued friedman s academic legacy has been buried under his political philosophy and misinterpreted by modern conservatives 230 231 232 criticism of published works edit see also friedman doctrine criticism friedman s exogenous money supply theory has been deeply criticized by british post keynesian economist nicholas kaldor in the 1970s while friedman and monetarist economists claimed that the money supply was exogenously created by a powerful central bank kaldor claimed that the money was created by second tier banks through the distribution of credits to households and companies in the post keynesian framework central banks simply refinance second tier banks on demand but are not in the core of monetary creation milton friedman and nicholas kaldor were involved in a fierce debate in 1969 70 in which the monetarist economist had the upper hand 233 in 1982 kaldor published a book entitled the scourge of monetarism deeply criticizing monetarist inspired policies econometrician david hendry criticized part of friedman s and anna schwartz s 1982 monetary trends 234 when asked about it during an interview with icelandic tv in 1984 235 friedman said that the criticism referred to a different problem from that which he and schwartz had tackled and hence was irrelevant 236 and pointed out the lack of consequential peer review amongst econometricians on hendry s work 237 in 2006 hendry said that friedman was guilty of serious errors of misunderstanding that meant the t ratios he reported for uk money demand were overstated by nearly 100 per cent and said that in a paper published in 1991 with neil ericsson 238 he had refuted almost every empirical claim made about uk money demand by friedman and schwartz 239 a 2004 paper upda...