The general format was that of Milton Friedman visiting and narrating a number of success and failure stories in history, which he attributes to free-market capitalism or the lack thereof (e.g., Hong Kong is commended for its free markets, while India is excoriated for relying on centralized planning especially for its protection of its traditional textile industry).

Following the primary show, Friedman would engage in discussion moderated by Robert McKenzie with a number of selected debaters drawn from trade unions, academy and the business community, such as Donald Rumsfeld (then of G.D. Searle & Company) and Frances Fox Piven of City University of New York.

They argue that even countries with command economies, including the Soviet Union and Yugoslavia, have been forced to adopt limited market mechanisms in order to operate.

They criticize labor unions for raising prices and lowering demand by enforcing high wage levels, and for contributing to unemployment by limiting jobs.

They argue that inflation is caused by excessive government spending, the Federal Reserve's attempts to control interest rates, and full employment policy.

They call for tighter control of Fed money supply despite the fact that it will result in a temporary period of high unemployment and low growth due to the interruption of the wage-price spiral.

In the final chapter, they take note of recent current events that seem to suggest a return to free-market principles in academic thought and public opinion, and argue in favor of an "economic Bill of Rights" to cement the changes.