After retiring from the University of Chicago in 1977, and becoming Emeritus professor in economics in 1983, Friedman served as an advisor to Republican U.S. president Ronald Reagan and Conservative British prime minister Margaret Thatcher. His political philosophy extolled the virtues of a free market economic system with minimal government intervention in social matters. In his 1962 book Capitalism and Freedom, Friedman advocated policies such as a volunteer military, freely floating exchange rates, abolition of medical licenses, a negative income tax, school vouchers,"Milton Friedman (1912–2006)" . Econlib.org. Retrieved on September 6, 2017. and opposition to the war on drugs and support for drug liberalization policies. His support for school choice led him to found the Friedman Foundation for Educational Choice, later renamed EdChoice.
After retiring from the University of Chicago in 1977, and becoming Emeritus professor in economics in 1983, Friedman served as an advisor to Republican U.S. president Ronald Reagan and Conservative British prime minister Margaret Thatcher. His political philosophy extolled the virtues of a free market economic system with minimal government intervention in social matters. In his 1962 book Capitalism and Freedom Friedman advocated policies s,uch as a volunteer military, freely floating exchange rates, abolition of medical licenses, a negative income tax school vouchers,"Milton Friedman (1912–2006)" . Econlib.org. Retrieved on September 6, 2017. and opposition to the war on drugs and support for drug liberalization policies. His support for school choice led him to found the Friedman Foundation for Edu,cational Choice, later renamed EdChoice.