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From the writings of Adam Smith to the contemporary work of Milton Friedman, the tradition of “free-market” political economy has exerted significant influence and drawn extensive criticism. Evaluate its central claims in light of the critiques of two of the following: Keynes, Marx, Polanyi, or Lindblom. More specifically, using only the course readings and lectures: 1) First briefly state the core ideas of the “free-market” tradition, drawing on Smith and/or Friedman. Then answer the following questions: 2) What does each of the two critics you have selected take to be its central problems? 3) In your view, how valid are these critiques, and why? Indicate the source of quotations or other material from the readings by using the parenthetical in-text or footnote form of citation. Only use the pdfs for information, no external sources should be used.
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