The aim of this paper is to analyze thoughts of Milton Friedman that he published in his famous book Capitalism and Freedom in 1962 and apply Friedman’s theories on the contemporary issues of the modern world. The author has decided to review this book, as there was 60th anniversary of the book in 2022. The author of the paper has chosen topics, which he considers the most crucial and current; consequently, following topics are analyzed in the paper: the relation between economic freedom and political freedom, the role of government in a free society, the control of money, fiscal policy, the role of government in education and discrimination. The author uses the same research method as Milton Friedman did – the use of practical examples. The results of the analysis show that current western society is much more regulated than it was in the past and a level of freedom is significantly lesser than in the 1960s. The ideas of Milton Friedman would be probably encountered with disregard and disbeliefs by current leftist society.