Milton Friedman’s legacy shapes neoliberal economics worldwide

Milton Friedman, born on 31 July 1912 in Brooklyn, New York, was a U.S. economist whose work defined modern monetarism and the Chicago School of economics. Awarded the Nobel Prize in Economic Sciences in 1976, he championed free‑market policies, limited government intervention, and strict control of money supply.

His ideas guided the economic reforms of leaders such as U.S. President Ronald Reagan and U.K. Prime Minister Margaret Thatcher, and were adopted by international institutions including the IMF and World Bank. In Chile, the “Chicago Boys” applied his prescriptions after the 1973 coup, leading to extensive privatizations, fiscal cuts and deregulation under Augusto Pinochet’s regime. Critics argue that Friedman’s theories have contributed to rising inequality, weakened welfare states and recurring financial crises across many countries.

Friedman’s influence endures in contemporary policy debates, reflecting both the appeal of market‑based solutions and the controversy over their social consequences.