Milton Friedman On Why Capitalism is Best

president obama are you listening hold on one second sweetie when you see around the globe the maldistribution of wealth the the desperate plight of millions of people in underdeveloped countries when you see so few haves and so many have-nots when you when you see the greed and the concentration of power with it aren't you ever did you ever have a moment of doubt about capitalism and whether Greed's a good idea to run on well first of all tell me is there some society you know that doesn't run on greed you think Russia doesn't run on greed you think China doesn't run on greed what is greed of course none of us are greedy it's only the other fellow who's greedy this the world runs on individuals pursuing their separate enters the great achievements of civilization have not come from government bureaus Einstein didn't construct his theory under order from a from a bureaucrat Henry Ford didn't revolutionize the automobile industry that way in the only cases in which the masses have escaped from the kind of grinding poverty you're talking about the only cases in recorded history or weather where they have had capitalism and largely free trade if you want to know where the masses are worse worse off worst off it's exactly from the kinds of societies that depart from that so that the record of history is absolutely crystal clear that there is no alternative way so far discovered of improving a lot of the ordinary people that can hold a candle to the productive activities that are unleashed by free enterprise so it seems to reward not virtue as much as ability to manipulate the syste and what does reward virtue you think the Communist commissar rewards virtue you think a Hitler rewards virtue you think excuse me if you'll pardon me do you think American presidents reward virtue do they choose their appointees on the basis of the virtue of the people appointed on the basis of their political clout is it really true that political self-interest is nobler somehow than economics you know I think you're taking a lot of things for granted and just tell me where in the world you find these angels who are going to organize society for us well I don't even trust you to do that

  1. I am from zimbabwe l wanna say Americans are the greatest no country in the world has ever been successful using cummunism or socialism. Mugabe devasted our country with that bankrupt ideology of communism. I love Americans and their intelligent system of capitalism

  2. Power itself, wether economic or social, relies on greed. All attempts at building communism by taking state power have failed to properly do their job. This is because individuals, when in a position if authority, will do whatever they can to keep said power, regardless of the consequences of their actions. Greed originates from power. Us humans are not naturally greedy. There is no system of greed or exploitation when a community of people work together toward a common good. Capitalism creates greed, the state creates greed, power structures themselves create greed.

  3. Milton Freidman is wrong to assert that every civilization runs on greed. It is the leftists, the socialists, and democrats who care and love other people. If the left was non-existent then the greed and competition of capitalism would destroy the earth and life on earth. The rich and powerful 1% control everyone else and are successful at brainwashing a large portion of the population. They attempt to gain as much as they can without any regard for their actions. They end up destroying everything in their path. They are addicted to money and power and their addiction is hurting everyone else. Yet, the capitalist system rewards them for it. Most countries in the world have a state capitalist system not a capitalist system. They have welfare states for the rich so when capitalism leads to an economic crisis every 3 to 7 years the welfare state bails out the rich and protects them from revolution and jail. The general population and working class always has to endure poverty, income inequality, hunger, overproduction, waste, pollution, and homelessness. If their weren't people that held leftist principles these problems would never get fixed and in fact the opposite would occur, they would get worse.

  4. The beauty of Capitalism is that it takes man's inerrant sinful tendency towards greed and uses them for good. In a free market Capitalist economy you are free to be as successful as you wish. If you want to become rich, you must provide a good or service that other people are willing to give you money for.

  5. The audience is spellbound by the lies of Friedman. ALL of his assumptions are false. The world only continues because of the peoples determination to cooperate. It is this that keeps the world going; not greed. In fact greed is a minority human concept and is really the philosophy of the ruling class NOT the working class who are only concerned with trying to survive rather than trying to get one over other people. Friedman has been very largely responsible for the extreme situation in the world today. His view of raw Capitalism has destroyed much of what was good over the last few decades, namely the Social Democratic welfare system that has protected the working and peasant classes from the ruthless exploitation of people and resources.

  6. All through our human history, no human ever gave something for nothing. You always trade something for something else. In a communism you are a slave, because your told what to do for nothing.

  7. One comment I have is, a capitalist society tends to disregard some of the effects of the free market. If it were not for regulations, then the capitalist society would completely exploit so many resources/workers in order to maximize profits.

    As far as when Milton Friedman mentions Henry Ford and Albert Einstein… there are also examples where big accomplishments were achieved with the help of government organizations throughout history.

    I believe there are pros and cons to a capitalist system. For example, competition definitely drives production, ideas, and innovations.

  8. I like some of the Miltons Friedmans words, and seen alot of longer interviews with him, but these videos are too short and take the depth of the topics out of its context. Therefore i think most of the videos and the statements made are inaccurate and somewhat vague.

  9. Oh yes because it's soooo hard to get a job doing something. It's just too hard to actually find a market doing something profitable and desirable. Why not simply steal from those who have worked and built and are successful because wealth needs to 'spread'

    your argument is asinine sir. there are ways to make money, some of them not as fast as crime no but there is a way to do it honestly and without receiving a goddamn handout. It requires pride, and dedication but liberals don't want that…

  10. Actually, I argue that. The only way an intelligent individual who is born into this climate and not an upper-class (I hate using that phrase) family can make any money is to turn to crime. They wanted u not to have job? We'll make our own one…robbing from them. And don't you dare say we aren't justified.

  11. In the UK, where there is a Conservative government, employment is, so they say, up by 18,000 jobs, yet the use of food banks has tripled due to the government slashing benefits and upping taxes for the poor. Yeah, "capitalism is great" my arse.

  12. On the other hand, people who choose to work and choose to have lives cannot do so because the capitalists pinch all their money, like Oral Roberts does. And the USSR was first into space. Probably because it used low-tech equipment. And Yuri Gagarin survived.

  13. free enterprise doesnt exist.just as much as ideal socialism.
    and just because people are greedy doesnt mean thats the way it should be

  14. Hitler, Mao, & Stalin loved using GOVERNMENT to protect consumers & used government to make sound economic growth. They all used the excuse that they "cared for the people."

  15. You are a FUCKING IDIOT. The government with Dodd-Frank forced banks to make risking loans which Freddie & Fannie back through government IOUs. What you liberal dumbass call social engineering. The government caused the 2008 crisis. You think the government(IRS) cares about it citizens? You think teachers UNIONs care about kids? You are a FUCKING IDIOT.

  16. Finally, a video which is pro-capitalism. It seems people have lost track of what capitalism actually is. The banking crisis and the subsequent bailout for instance are entirely socialist results: Private enterprises (banks) were forced through the community reinvestment act and other forms of government intervention to lend to people who were not credit-worthy.
    Sure, some (investment) banks went over the top. But instead of letting them fail (= capitalism) they were bailed out (= socialism).

  17. No sir. It makes person better because he provides society with services of equal or higher value than the money he earns. Homeless person doesn't provide anybody with anything.

  18. It takes a certain type of person to succeed in a capitalist society. Sadly so few make the cut and even fewer that make the cut can keep their integrity.

  19. Please tell me besides America from 1776 until 1913 where free market capitalism has been unleashed?? Heres a clue, i hasn;t..Actually, Hong Kong is by far the most free market capitalistic out there today….They are doing okay Id say.

  20. nope. you are wrong. im talking real free markets without any regulation. just as an example look at argentina and the difference between its successful socialist state and when it was forced into free market economy.

  21. In theory Socialism would probably be one of the best forms of government in modern society, while in reality it will fail right from the beginning due to very simple factors of human characteristics of wisdom, stupidity and laziness. – slivovich

  22. GENETIC & SOCIAL LOTTERY? You are a fucking dumbass rascists. You succeed because you work hard. A Mexican that comes over & works below minimum wage($5/hr) for his uncles landscaping company gets skills & in 2/3 years starts his own landscaping business making 6 figures. While your redneck piece of shit, or HAVARD MBA democratic moron cannot find a job because they want to be paid 6 figures cause they have a sociology degree or UNION redneck screwing on a bolt wanting $90/hr.

  23. That poor Mexican that works so hard to start his landscaping business pays for your taxes so they can fund all the stupid STATE DEMOCRATIC BUREAUCRATIC SOCIAL WELFARE programs & the bureaucracy that comes with it. Rather than hire a new worker, he has to pay 50% of his income to pay for stupid cubicle hamster social worker, DMV bureaucratic, paper pusher worthless piece of shit like you handing out welfare checks.

  24. Nobody owes you a job you dumbass. I came from a 3rd world country & was incarcerated in a RUSSIAN/CHINESE concentration camp for 4 years before coming here to the U.S. I am a 1st generation Asian American that came over here with nothing but the clothes on my back. The poverty you talk about are caused by the communist idiots that perpetuate these propaganda ideas throughout SouthEast Asia in the 60's/70's. Communism & Socialism works well in 3rd world countries due to uneducated population.

  25. …and also preserves a modicum of a standard of living for the poor who are born doomed to poverty for life (no money, no friends, no connections). Mr. UCSDEngineerDoctor, I'd assume that you were born to a relatively well off family, and are going to become well off yourself. Does this make you better than the homeless person on the street that just lost their home? Do you, Mr. EngineerDoctor, have a fucking God given right to a better life just because you won the genetic and social lottery?

  26. You have it so far backwards. The only way to be a successful capitalist is to provide others with a good or service they want for that price. You are enriching society, and providing jobs, etc…along the way. Please tell me all these societies that have experimented with free market capitalism besides the United States and Hong Kong?? Both huge successes by the way….Historically, all socialist societies have been filled with bloodshed and extreme poverty.

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